{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b98-08d95731b035", "slug": "4dea9707af58", "title": "AtriCure, Inc. (ATRC)", "subtitle": "Kerrisdale Capital · 2020-09", "author": "Kerrisdale Capital", "date": "2020-09-01 00:00:00", "pageCount": 34, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "AtriCure, Inc.", "targetTicker": "ATRC", "document": { "id": "019dd923-622c-750b-8b98-08d95731b035", "slug": "4dea9707af58", "title": "AtriCure, Inc. (ATRC)", "rawTitle": "AtriCure Inc. ATRC", "authorId": "53_Kerrisdale_Capital", "authorName": "Kerrisdale Capital", "authorDisplay": "Kerrisdale Capital", "kind": { "slug": "research-note", "label": "Research note" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "2020-09-AtriCure-Inc.-ATRC.pdf", "sourceUrl": null, "sourceDate": "2020-09-15 00:00:00", "presentationDate": "2020-09-01 00:00:00", "ingestedAt": "2026-04-22 20:29:12+00", "status": "ready", "pageCount": 34, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "AtriCure, Inc.", "targetTicker": "ATRC", "metadata": { "local_root": "/tmp/legacy-images/4dea9707af58", "activist_firm": "Kerrisdale Capital", "origin_corpus": "contrarian", "extraction_seconds": 163.2428641319275 } }, "coverage": { "pageCount": 34, "pagesIndexed": 34, "pagesWithImages": 34, "pagesWithMetadata": 34, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 216, "chartCount": 0, "metricSlides": 0, "toolMatches": 3, "documentToolMatches": 2, "frameworkMatches": 8, "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": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "evidence": "The document presents a clear struggle against an established company (AtriCure) and a new emerging threat (PFA technology)", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:59:20.704708+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 1, "name": "The Monster", "beatId": "49b35616-8bdd-4f05-b34e-76b4fa89dc74", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The problem for AtriCure and Convergent is presented", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 6, "name": "The Struggle", "beatId": "4e62a9ca-4c36-4797-a49e-21bad253e137", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "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": 0.8 }, { "to": 31, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 27, "name": "The Victory", "beatId": "b2363734-56f3-46ff-abfb-d7590b7e6299", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The conclusion presents a clear victory for the thesis that AtriCure's growth is set to short-circuit", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 5, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null, "categoryName": "Logical Reasoning", "categorySlug": "logical-reasoning" }, "matchId": "ddc2fc5b-a109-4c3d-a59c-6071803a7a20", "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "position": 0, "objective": "To identify patterns in AtriCure's business model and market prospects that indicate a flawed strategy", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:20.870863+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 31, "from": 25, "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": "3723b781-712f-4a89-8ac6-a6365db45803", "evidence": "The document presents a clear warning to investors about the risks of not acting", "position": 1, "objective": "To highlight the cost of inaction for investors who fail to recognize the threat of emerging technologies to AtriCure's business", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:59:20.910989+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "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": "d68e269c-1e94-4509-bb8c-c349eba73fb9", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.005477+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": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "819cf2d0-ab47-4450-9b1d-18deb9839e93", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.005477+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "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": "1cbe6b85-2690-4173-be36-7b56a5fbc3dc", "evidence": "This slide is titled 'VI. Conclusion' and contains a call to action regarding the implications for AtriCure.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:59:46.730454+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "c47f1579-c4e8-4e97-9f6b-d32865956910", "evidence": "The slide leads with a bold, negative thesis statement followed by supporting arguments.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:25.535+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "thesis-driven-structure" }, { "matchId": "3d230609-361e-441d-a27d-2d68497c1a7e", "evidence": "The slide explicitly accuses the company of being 'disingenuous' and 'intentionally misleading investors' regarding market size.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:45:27.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "fraud-exposure" }, { "matchId": "17b4a616-b85e-47f4-be66-bf06025798a8", "evidence": "The slide explicitly critiques the validity of a competitor's clinical trial results to undermine their marketing claims.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:33.086+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "preempt_rebuttal" }, { "matchId": "52cada6a-0660-4f17-8d48-6b9364c30b2a", "evidence": "The slide presents a CEO quote followed by a critical analysis of the company's market prospects.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:29.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "0fedd2ff-07b1-46d5-99bf-cda77be5cded", "evidence": "The slide explicitly argues that the company is being 'willfully disingenuous' regarding its market data.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:32.939+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "fraud-exposure" }, { "matchId": "14127e37-4bd7-4f94-972c-d90f38bfdefa", "evidence": "Systematic comparison of company claims against independent clinical data to show inconsistency.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:28.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "fraud-exposure" }, { "matchId": "66a9c065-b6fe-467b-b77b-90af76d7f677", "evidence": "The slide explicitly accuses the company of 'deceptive interpretation of the data' and 'conveniently omitting' facts.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:30.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "fraud-exposure" }, { "matchId": "2ba28cc4-62b9-4104-9f61-9e547d30d4a8", "evidence": "The slide explicitly contrasts clinical data (6.9% prevalence) against a company's claim (25-30% prevalence) to undermine their market thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:30.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "fraud-exposure" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "analytical", "notes": "Short report (not a deck) in prose research-note format with embedded anatomical diagrams and a capitalization table. Core argument blends technological-obsolescence thesis (PFA, AcQMap) with TAM-misrepresentation accusation ('AtriCure has been disingenuous about the addressable market'). No individual author credited. No explicit price target, just EV/revenue framing. Campaign phase coded as initial_thesis — first Kerrisdale short on ATRC. thesis_types uses fraud_exposure for the TAM-misleading accusations and multiple_rerating for the overvaluation case; not a classic accounting-fraud report.", "kpisCited": [ { "detail": "7.5x (enterprise value $1,723m on $231m 2019 revenue)", "metric": "EV / 2019 revenue" }, { "detail": "$1,888m fully diluted", "metric": "Market capitalization" }, { "detail": "-10% in 2019, -18% TTM; negative for years despite double-digit growth", "metric": "EBITDA margin" }, { "detail": "73.8% in 2019 vs 71.2% in 2012 — no meaningful leverage", "metric": "Gross margin" }, { "detail": "Increased from 64.3% (2012) to 70.3% (2019)", "metric": "SG&A as % of revenue" }, { "detail": "17.9% (2019) vs 17.3% (2012) — flat", "metric": "R&D as % of revenue" }, { "detail": "18.5% overall; domestic open-heart ablation 13.5%", "metric": "Revenue CAGR 2012-2019" }, { "detail": "~75-80% by 2018 per STS data, vs 20-25% claimed by AtriCure", "metric": "Concomitant ablation penetration" }, { "detail": "~85k patients claimed; actual ~30k (only ~10% of open-heart patients have preop AF)", "metric": "Addressable surgical ablation TAM" }, { "detail": "68% Convergent arm vs 50% catheter control (flawed design — control got PVI only)", "metric": "CONVERGE trial 12-month AF-free rate" }, { "detail": "61% free from AF/AT/AFL after initial procedure, 49% after one — comparable to Convergent 68%", "metric": "STAR AF II catheter efficacy" }, { "detail": "84% at one year in Farapulse paroxysmal AF trial", "metric": "PFA Kaplan-Meier AF-free rate" }, { "detail": "Open Ablation + AtriClip = 80% of 2019 revenue, sold into saturated market", "metric": "Segment revenue mix" }, { "detail": "15% annual rep growth vs 20% domestic revenue CAGR — no sales leverage", "metric": "Sales rep growth" } ], "closingAsk": null, "extraction": { "at": "2026-04-22 20:29:12+00", "model": "unknown-legacy", "runId": null, "seconds": 163.24286, "promptVersion": null }, "scqaReward": "At 7.5x forward revenue, ATRC trades at a decade-high multiple despite structural unprofitability; as growth stalls and the disruption thesis materializes, the multiple should compress sharply toward peers.", "thesisTypes": [ "fraud_exposure", "multiple_rerating" ], "top3Reasons": [ "Core surgical ablation market is ~80% penetrated, not the 20-25% AtriCure claims", "Convergent will fail because electrophysiologists can perform the same ablation alone by catheter", "Pulsed field ablation and real-time mapping will obsolete surgical ablation entirely" ], "scqaSituation": "AtriCure is a $1.9bn medical device maker whose surgical ablation equipment treats atrial fibrillation, with 80% of revenue tied to concomitant procedures performed during open-heart surgery.", "thesisSummary": "AtriCure is a $1.9bn medical device company whose revenue depends on surgical cardiac ablation for atrial fibrillation, with roughly 80% of sales tied to open-heart concomitant procedures. Kerrisdale argues the core market is already ~80% penetrated — not the 20-25% management repeats — leaving little organic growth, and that AtriCure has been disingenuous about TAM for a decade. The bull case rests on Convergent, a hybrid minimally invasive procedure, but electrophysiologists won't refer patients for something they can already perform alone via outpatient catheter ablation. Worse, pulsed field ablation from Farapulse, Medtronic, Abbott and Affera, plus Acutus's real-time AcQMap mapping, are making catheter ablation dramatically safer and faster, threatening to obsolete both Convergent and AtriCure's concomitant surgical business. At 7.5x revenue with structural unprofitability, the multiple should compress sharply.", "primaryDemands": [], "scqaResolution": "Kerrisdale is short ATRC, betting Convergent fails commercially because EPs refuse referrals, while PFA and Acutus's AcQMap cannibalize both the stand-alone and concomitant surgical ablation markets.", "thesisOneLiner": "AtriCure's 7.5x revenue valuation assumes stand-alone Convergent succeeds, but electrophysiologists won't refer, and PFA plus real-time mapping will obsolete surgical ablation.", "precedentsCited": [ "RESTORE-SR II (AtriCure's prior failed minimally invasive trial)", "DEEP AF trial (AtriCure's prior failed hybrid procedure)", "STAR AF II catheter ablation trial" ], "scqaComplication": "The concomitant market is ~80% penetrated, not 20-25% as management claims, and new catheter technologies — PFA and real-time mapping — are making minimally invasive surgical ablation obsolete just as AtriCure bets growth on Convergent.", "narrativeInterest": 4, "notableSlidePages": [ 1, 9, 12, 15, 31 ], "peerCompaniesCited": [ "Medtronic", "Abbott", "Johnson & Johnson", "Farapulse", "Affera", "Acutus Medical", "nContact Surgical" ], "valuationFrameworks": [ "multiple_comparison" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "This is a classic short-seller research note cover page.", "function": "summarize", "imagePath": "https://imgproxy.kitesheet.com/Bij2o7BI6why3vR8oG8EK3pQlRPEa_usKmZJz1_zh6g/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80ZGVhOTcwN2FmNTgvcDAwMS5wbmc", "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": 74, "componentCount": 9, "textChars": 1407, "nDataPoints": 4, "notes": "This is a classic short-seller research note cover page.", "elementsJson": [ "paragraph", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:24.722+00", "seconds": 2.878, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/1", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "AtriCure's valuation implies that the company's outlook is brighter than at any point in the last decade. But with the company's core surgical ablation market almost completely saturated, and the relentless improvements in catheter ablation technology accelerating, AtriCure is facing both rapidly decelerating revenue growth and the threat of technological obsolescence, simultaneously.", "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 23:05:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b905-6e468f7fb07c", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.88 }, "kind": "disclaimer", "text": "Disclaimer: As of the publication date of this report, Kerrisdale Capital Management, LLC and its affiliates (collectively, “Kerrisdale”), have short positions in the stock of AtriCure, Inc.", "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 20:45:24.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18f1d81e-dd97-4b53-ba71-f31477a5bd15", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.69 }, "kind": "paragraph", "text": "Meanwhile, new technologies, particularly pulsed field ablation (PFA) and real-time electrical mapping, are set to dramatically advance catheter ablation.", "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 20:45:24.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9658843d-57d1-4003-af18-274053263865", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.26 }, "kind": "paragraph", "text": "At the root of AtriCure's impending difficulties is the company's reliance on surgical cardiac ablation procedures, which underlie roughly 80% of the company's revenue.", "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 20:45:24.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f09df02-6c77-4c07-8c2f-0ccaa1967c88", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.53 }, "kind": "paragraph", "text": "But Convergent will fail because it doesn't consider the role of electrophysiologists at the center of AF treatment.", "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 20:45:24.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5916c4b-fcb5-492c-b647-962acf63ede3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.17 }, "kind": "paragraph", "text": "We are short shares of AtriCure, a $1.9bn medical device company that manufactures and sells ablation equipment used in the surgical treatment of atrial fibrillation (AF).", "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 20:45:24.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "caf59421-f554-4e46-a8d3-bf0711de9602", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.42 }, "kind": "paragraph", "text": "With the plateauing of surgical ablation growth in clear sight, AtriCure has been making a strong push for its “minimally invasive” Convergent procedure.", "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 20:45:24.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc458d0d-07b5-40ca-804d-4de4d03eba78", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.2, "y": 0.13 }, "kind": "title", "text": "AtriCure Revenue Growth is Set to Short-Circuit", "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 20:45:24.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1d42273-7d6d-46a9-8c93-3b8d459aa802", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.35, "y": 0.1 }, "kind": "title", "text": "AtriCure, Inc. (ATRC)", "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 20:45:24.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3fd1b757-897c-449a-876c-748c5ebde776", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "The Monster", "beatId": "49b35616-8bdd-4f05-b34e-76b4fa89dc74", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The problem for AtriCure and Convergent is presented", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/tLNqpDalECB5NYkr03BK9VDChpC4MGoM-7UeIIf86B0/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80ZGVhOTcwN2FmNTgvcDAwMS5wbmc", "imagePathAlt": "https://imgproxy.kitesheet.com/Gk-d0M5pLTm7j-bEauLLcDItv_DhuM3mmbwJzeJ078U/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80ZGVhOTcwN2FmNTgvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/VnnQUcNodYCpG1-kup1gCyJMB8jmumRSYZI5XV1rpxk/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80ZGVhOTcwN2FmNTgvcDAwMS5qcGc" }, { "page": 2, "type": "setup", "function": "front_matter", "rawType": "table_of_contents", "block": null, "metadata": { "slideType": "table_of_contents", "slideTypeCanon": { "name": "Table of contents", "slug": "table_of_contents", "status": "active", "canonId": "019de52d-0643-721b-9b85-69676bb85cf8", "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": 19, "componentCount": 2, "textChars": 859, "nDataPoints": 0, "notes": null, "elementsJson": [ "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:24.902+00", "seconds": 2.801, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/2", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-2", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": { "h": 0.465, "w": 0.725, "x": 0.137, "y": 0.169 }, "kind": "list", "text": "I. INVESTMENT HIGHLIGHTS...3\nII. COMPANY OVERVIEW...9\nIII. THE ILL-CONCEIVED CONVERGENT PROCEDURE WILL FAIL TO GAIN ANY TRACTION AGAINST CATHETER ABLATION IN PERSISTENT AF...13\nIV. THE ADDRESSABLE MARKET FOR ATRICURE'S CORE SURGICAL ABLATION BUSINESS IS SMALL AND SATURATED, WITH MEAGER GROWTH PROSPECTS...19\nDespite a decade of growth and market penetration, and little direct competition, AtriCure remains unprofitable...23\nV. NEW TECHNOLOGIES ARE REVOLUTIONIZING CARDIAC ABLATION TO THE DETRIMENT OF ATRICURE...25\nPulsed Field Ablation (PFA) is a revolution in the safety and speed of catheter ablation, and will render a lot of surgical ablation obsolete...27\nReal-time mapping devices, such as those from Acutus, will change the ablation treatment paradigm to the detriment of AtriCure...29\nVI. CONCLUSION...31\nFULL LEGAL DISCLAIMER...33", "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": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:24.902+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "102900a0-44c4-4b9d-963f-f5d84c61d80f", "parentComponentId": null }, { "bbox": { "h": 0.022, "w": 0.228, "x": 0.156, "y": 0.138 }, "kind": "title", "text": "Table of Contents", "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 20:45:24.902+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1aae8f75-22d7-4e65-81fb-88a26f72a5fb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "The Monster", "beatId": "49b35616-8bdd-4f05-b34e-76b4fa89dc74", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The problem for AtriCure and Convergent is presented", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 3, "type": "tension", "title": "The slide uses a strong thesis-driven opening statement typical of short-seller research reports.", "function": "frame_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": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "dense", "densityScore": 63, "componentCount": 8, "textChars": 1290, "nDataPoints": 1, "notes": "The slide uses a strong thesis-driven opening statement typical of short-seller research reports.", "elementsJson": [ "headline_text", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:25.535+00", "seconds": 3.236, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/3", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "AtriCure will fail in its attempt to expand the surgical ablation market through the promotion of the Convergent procedure.", "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 23:05:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b904-a2876b79c87b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.118, "y": 0.49 }, "kind": "paragraph", "text": "The problem with surgical ablation though is the surgery. From a risk/benefit standpoint, it's difficult for an EP to recommend cutting open a person's chest in order to fix a chronic condition.", "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 20:45:25.535+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b9233fe-34a2-4c07-a381-0c815f048ceb", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.118, "y": 0.36 }, "kind": "paragraph", "text": "AtriCure has long understood that this growth deceleration would eventually arrive, and it has long attempted to preempt it with a simple strategy: turn surgical ablation into a stand-alone procedure.", "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 20:45:25.535+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55c21f57-625e-4b65-bb53-83bb2cac3511", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.118, "y": 0.18 }, "kind": "paragraph", "text": "AtriCure dominates the market for surgical ablation equipment used to treat atrial fibrillation (AF). Surgical ablation is generally performed by cardiac surgeons as an add-on to open-heart surgery at the end of the procedure.", "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 20:45:25.535+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e3f16c2-0006-4729-bf03-58b37b1c30fc", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.118, "y": 0.76 }, "kind": "paragraph", "text": "Convergent, the minimally invasive procedure currently being touted by AtriCure, has avoided the safety issues that have plagued the company's previous attempts. But like those failed procedures, its minimally invasive nature poses significant limitations.", "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 20:45:25.535+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9143fc81-f4b5-4ea0-9e32-e27fc7abb1c5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.76, "x": 0.118, "y": 0.87 }, "kind": "source-note", "text": "1 This estimate is based on the total number of catheter ablations performed in the US annually, which AtriCure estimates at approximately 150k.", "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 20:45:25.535+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "079f0fa3-7b4d-4f1e-bbe5-d550650da37d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.76, "x": 0.118, "y": 0.135 }, "kind": "title", "text": "AtriCure will fail in its attempt to expand the surgical ablation market through the promotion of the Convergent procedure.", "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 20:45:25.535+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19656f27-6cfd-4493-83c0-53a0dd1e8bcc", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.135, "y": 0.095 }, "kind": "title", "text": "I. Investment Highlights", "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 20:45:25.535+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e9e3c41e-7666-4e85-b4ff-257bd1d94b6d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c47f1579-c4e8-4e97-9f6b-d32865956910", "evidence": "The slide leads with a bold, negative thesis statement followed by supporting arguments.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:25.535+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "thesis-driven-structure" } ], "arcBeats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "The Monster", "beatId": "49b35616-8bdd-4f05-b34e-76b4fa89dc74", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The problem for AtriCure and Convergent is presented", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 4, "type": "tension", "title": "The slide uses a narrative structure to discredit the CONVERGE IDE trial results by highlighting procedural flaws and superior alternatives.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 5, "textChars": 3478, "nDataPoints": 2, "notes": "The slide uses a narrative structure to discredit the CONVERGE IDE trial results by highlighting procedural flaws and superior alternatives.", "elementsJson": [ "paragraph" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:26.919+00", "seconds": 3.924, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/4", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Considering that EPs are supremely confident in their ability to isolate both cardiac structures, we expect Convergent to be a massive commercial failure, ending up exactly like AtriCure’s previous attempts to popularize stand-alone surgical ablation.", "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 23:05:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b905-5d544a2ef568", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "of a small abdominal incision through which a tubular ablation device is inserted. The small incision means the device can only access a small section of cardiac tissue for ablation – the posterior left atrial wall – leaving the pulmonary veins, which are the most frequent trigger of AF, untouched. As a result, Convergent requires a second procedure – a standard endocardial catheter ablation, performed by an EP, to isolate the pulmonary veins, which are the most frequent trigger source of AF.", "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 20:45:26.919+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "370d5d7a-e15f-4e71-a4ba-b042c81ef64a", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.78, "x": 0.11, "y": 0.41 }, "kind": "paragraph", "text": "The problem for AtriCure and Convergent, is that the ability to conduct complete posterior-wall isolation (PWI) as part of a standard catheter ablation has advanced dramatically in recent years. That’s why the results of the recent CONVERGE IDE trial – hailed as some sort of conclusive victory for hybrid ablation procedures by AtriCure and its investors – are totally irrelevant, and even misleading. In the trial, two groups of patients with persistent AF were treated with ablation: the experimental arm underwent the Convergent procedures while the control arm underwent a catheter ablation that included only a PVI. Not shockingly, a larger percentage of the experimental group (68%) were free from AF 12 months post-procedure than the control group (50%). But the superiority of more extensive ablation – a combination of PVI and PWI compared to PVI-only – was never in doubt. That combination, though, can be accomplished more safely, and just as effectively, in a single catheter ablation procedure than in two ablation procedures, the first of which is a minimally invasive surgery.", "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 20:45:26.919+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3da2e89a-5159-41f1-8ded-2c4fe86d0255", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.25 }, "kind": "paragraph", "text": "This “hybrid” approach to stand-alone ablation – combining a minimally invasive epicardial ablation with a standard endocardial catheter ablation – made some sense when the concept was first introduced about ten years ago. Pulmonary vein isolation (PVI) via catheter ablation was just being perfected, and it wasn’t effective in most patients suffering from persistent AF, in which other areas of the heart besides the pulmonary veins also triggered arrhythmias. The addition of a minimally invasive procedure to ablate some of those other sources – as Convergent does with the posterior wall – would improve the efficacy of ablation for these patients.", "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 20:45:26.919+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3edd1bb7-7ed8-4cd0-803a-487e3d8ef4fc", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.78, "x": 0.11, "y": 0.72 }, "kind": "paragraph", "text": "Study after study has shown that a catheter procedure that isolates both the PVI and PWI can durably control AF as well as, or better than, the Convergent procedures did in the CONVERGE experimental group. None of this is lost on electrophysiologists. Every single EP we spoke with – and even some of the surgeons – was quick to point out the CONVERGE design flaws, and asserted their ability to perform a dual PVI/PWI ablation solely with a catheter in an outpatient procedure, sparing the patient a hole in the abdomen, a night in the hospital, and a longer recovery time. This doesn’t bode well for the uptake of Convergent – surgeons can only perform the procedure if they get a referral from...the patient’s electrophysiologist. Considering that EPs are supremely confident in their ability to isolate both cardiac structures, we expect Convergent to be a massive commercial failure, ending up exactly like AtriCure’s previous attempts to popularize stand-alone surgical ablation.", "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 20:45:26.919+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57e70f52-3dde-4824-8141-c11787dcb56a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "The Monster", "beatId": "49b35616-8bdd-4f05-b34e-76b4fa89dc74", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The problem for AtriCure and Convergent is presented", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 5, "type": "tension", "title": "Short-seller research note page.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "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": "balanced", "densityScore": 49, "componentCount": 6, "textChars": 1209, "nDataPoints": 8, "notes": "Short-seller research note page.", "elementsJson": [ "paragraph", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:27.144+00", "seconds": 3.916, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/5", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "AtriCure's contentions regarding the addressable patient population and penetration rates are so inflated, it's hard to believe the company is not intentionally misleading investors.", "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 23:05:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b905-0432bf327c0d", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.8, "x": 0.1, "y": 0.45 }, "kind": "list", "text": "STS data shows only ~10% of patients undergoing open-heart surgery are candidates for ablation, a third of what AtriCure claims. 50-60% of these patients already undergo ablations, far higher than the 20-25% AtriCure claims. By 2018, penetration reached 75%.", "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 20:45:27.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "102573f2-3868-40a0-9ea2-83e6a92ad097", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.15 }, "kind": "paragraph", "text": "AtriCure has long claimed that the total addressable market (TAM) for its core concomitant surgical ablation devices is about 85k patients annually, based on 300k open-heart surgeries.", "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 20:45:27.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "009755c6-dcff-4a0a-84f9-7aada113701f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.26 }, "kind": "paragraph", "text": "But AtriCure's contentions regarding the addressable patient population and penetration rates are so inflated, it's hard to believe the company is not intentionally misleading investors.", "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 20:45:27.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "169954bd-81c6-4526-a8ac-b2e2757579cb", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.71 }, "kind": "paragraph", "text": "In 2017, the STS issued a Class I recommendation for concomitant surgical ablation, further increasing penetration rates and confirming that it is rare for a patient with preoperative AF to undergo surgery without a concomitant ablation.", "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 20:45:27.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cfb48c4e-fddc-426a-b732-7b44d5fccbcc", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.09 }, "kind": "title", "text": "AtriCure has been disingenuous about the addressable market for its surgical ablation products. The truth is that the market is small and already well-penetrated.", "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 20:45:27.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ede311d-6986-48e7-beb8-75437ab6fc1b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "3d230609-361e-441d-a27d-2d68497c1a7e", "evidence": "The slide explicitly accuses the company of being 'disingenuous' and 'intentionally misleading investors' regarding market size.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:45:27.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "The Monster", "beatId": "49b35616-8bdd-4f05-b34e-76b4fa89dc74", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The problem for AtriCure and Convergent is presented", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 5, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "ddc2fc5b-a109-4c3d-a59c-6071803a7a20", "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "position": 0, "objective": "To identify patterns in AtriCure's business model and market prospects that indicate a flawed strategy", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:20.870863+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 6, "type": "tension", "title": "This is a short-seller research note criticizing AtriCure's growth prospects and market positioning.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "balanced", "densityScore": 39, "componentCount": 5, "textChars": 1157, "nDataPoints": 2, "notes": "This is a short-seller research note criticizing AtriCure's growth prospects and market positioning.", "elementsJson": [ "paragraph" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:25.994+00", "seconds": 2.738, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/6", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-6", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Two recently introduced technologies are set to enhance the safety and efficacy of catheter ablation so dramatically, they will almost certainly destroy any remaining rationale for minimally invasive surgical ablation of the kind that AtriCure has incessantly tried - and failed - to promote.", "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 23:05:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b904-c81fd52bde85", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Debates surrounding TAM size might be irrelevant for a company attacking a new market, but for AtriCure, the data indicates that the surgical ablation market is much smaller than the company's claims, and almost fully penetrated at that.", "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 20:45:25.994+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d1145b9-d6c0-4d4c-83f8-bb4fd6d548fb", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.79 }, "kind": "paragraph", "text": "The first is pulsed field ablation (PFA). PFA uses a technique called electroporation, in which electric pulses are applied to the cardiac tissue, permanently damaging the tissue through the structural destabilization of cell membranes.", "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 20:45:25.994+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64babaef-c451-4bfe-858c-513129de0e12", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.24 }, "kind": "paragraph", "text": "An array of new technologies is changing the way catheter ablation procedures are performed, making them more effective, fast, and safe. AtriCure's devices stand to lose out.", "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 20:45:25.994+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebea793e-198a-4495-b699-f1f653f2a8d6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.68 }, "kind": "paragraph", "text": "Two recently introduced technologies are set to enhance the safety and efficacy of catheter ablation so dramatically, they will almost certainly destroy any remaining rationale for minimally invasive surgical ablation.", "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 20:45:25.994+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f08186d3-e134-4071-b9f8-a6e359178a12", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "4e62a9ca-4c36-4797-a49e-21bad253e137", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "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": 0.8 } ], "loops": [ { "to": 20, "from": 5, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "ddc2fc5b-a109-4c3d-a59c-6071803a7a20", "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "position": 0, "objective": "To identify patterns in AtriCure's business model and market prospects that indicate a flawed strategy", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:20.870863+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 7, "type": "setup", "title": "Research note discussing the technical advantages of PFA over RF/cryoablation and the diagnostic superiority of AcQMap over traditional mapping.", "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": "balanced", "densityScore": 41, "componentCount": 6, "textChars": 1170, "nDataPoints": 0, "notes": "Research note discussing the technical advantages of PFA over RF/cryoablation and the diagnostic superiority of AcQMap over traditional mapping.", "elementsJson": [ "paragraph", "bullet_list" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:26.616+00", "seconds": 3.141, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/7", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-7", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We expect the first generation of these devices to hit EP labs within the next 3-4 years, dealing the final blow to any rationale for broad adoption of hybrid/minimally-invasive surgical ablation approaches.", "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 23:05:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b904-da5da61b3b8c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "The electroporation is tissue-specific – the pulsed electric fields can be calibrated so that they only impact the cardiac tissue, leaving the esophagus, proximal nerve cells, and any vasculature totally untouched.", "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 20:45:26.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "43b7285a-aa24-4069-8ccd-717944828412", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.8, "x": 0.11, "y": 0.26 }, "kind": "paragraph", "text": "PFA has already been studied in a large number of trials, and continues to quickly gain credibility. We expect the first generation of these devices to hit EP labs within the next 3-4 years.", "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 20:45:26.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "71df2a46-8af8-4e50-8ff2-6bb9f211c684", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.8, "x": 0.11, "y": 0.46 }, "kind": "paragraph", "text": "The other technology we believe will challenge the logic for minimally invasive surgical ablation is Acutus Medical's AcQMap system. Acutus' system is contactless and can generate a usable map of single points in time in less than 3 minutes.", "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 20:45:26.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a9086c1b-336e-4e23-a692-be9dcee0a374", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.11, "y": 0.75 }, "kind": "paragraph", "text": "Acutus's technology is already commercialized, and PFA is headed there shortly. While we expect the uptake on AtriCure's Convergent procedure and the associated devices will be", "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 20:45:26.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ceae1ec7-2a62-4009-b95e-607f56d2c95f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.8, "x": 0.11, "y": 0.18 }, "kind": "paragraph", "text": "Rapidity – electroporation allows for the creation of tissue-destroying lesions to large areas of the myocardium, essentially instantaneously.", "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 20:45:26.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee699162-3ab2-4939-a848-135e1d7a0b5f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "4e62a9ca-4c36-4797-a49e-21bad253e137", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "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": 0.8 } ], "loops": [ { "to": 20, "from": 5, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "ddc2fc5b-a109-4c3d-a59c-6071803a7a20", "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "position": 0, "objective": "To identify patterns in AtriCure's business model and market prospects that indicate a flawed strategy", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:20.870863+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 8, "type": "tension", "title": "The slide uses a short-seller thesis structure to argue that revenue growth has failed to translate into profitability or operating leverage.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 8, "textChars": 2791, "nDataPoints": 8, "notes": "The slide uses a short-seller thesis structure to argue that revenue growth has failed to translate into profitability or operating leverage.", "elementsJson": [ "paragraph", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:32.463+00", "seconds": 8.989, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/8", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-8", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "AtriCure is structurally unprofitable, even after having grown at a double digit rate for a 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 23:05:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b904-ee82ad72994a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.11, "y": 0.34 }, "kind": "list", "text": "Gross margins are not meaningfully different: 73.8% in 2019 vs 71.2% in 2012\nThe rate of R&D spend has remained constant at 17.9% vs 17.3% over that time\nThe rate of SG&A spend as a percentage of revenue has in fact increased from 64.3% in 2012 to 70.3% in 2019.", "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 20:45:32.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4d9bf82-ce34-495a-ac57-1216586abcde", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "operating leverage", "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 23:05:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b904-f1c31fd2dd0b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.11, "y": 0.44 }, "kind": "paragraph", "text": "It's difficult to understand how a company that has achieved close to maximum penetration of its core products has so poorly managed to translate that into profit, or even positive EBITDA, or even exhibit some degree of leverage. The number of AtriCure domestic sales reps has grown 15% annually since 2012, compared to a 20% CAGR for domestic revenues, so even from the narrow vantage point of sales expenses the company hasn't generated almost any operating leverage once adjusting for moderate increases in compensation and ASPs. Research and development expenses have also remained elevated as a percentage of revenue, given the degree of competition and technological advance that have characterized cardiac ablation.", "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 20:45:32.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d829d4e-ee75-4ec5-b924-2585bd9e79ed", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.11, "y": 0.61 }, "kind": "paragraph", "text": "AtriCure is a relatively small player operating a structurally unprofitable business that's positioned to be overwhelmed by the near-term changes in ablation practice. Even if it could grow in the future like it did in the past, it's unlikely that shareholders would benefit – its overall 18.5% annual revenue growth rate since 2012 looks pedestrian in the context of the 15.7% growth in the share count over that time. But AtriCure can't continue to grow at that pace – we expect that its core business will imminently hit the proverbial wall, and that its hope for growth is sure to fail. At 7.5x 2019 revenues, investors are paying way too high a price for a company with growth prospects this poor.", "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 20:45:32.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5c2abef-1c45-4162-9e1e-d6f1ec8a54df", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.11, "y": 0.21 }, "kind": "paragraph", "text": "Since 2012, AtriCure's total revenue has more than tripled, with its domestic open-heart ablation business growing at a 13.5% CAGR, and its domestic AtriClip business having grown by a factor of 10. The growth has been a reflection of the swift adoption of concomitant surgical ablation on the part of cardiac surgeons, and the even swifter adoption of the AtriClip as the almost-automatic choice for surgeons to clip the left atrial appendage in patients undergoing a concomitant ablation. Strangely though, almost every metric on the company's income statement has shown nothing in the way of operating leverage:", "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 20:45:32.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a7351485-a503-4534-a8b3-1cfecd3f8f9f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.8, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "incredibly disappointing for investors, whatever modicum of success that AtriCure might achieve initially with its minimally invasive devices will be completely extinguished by the rapid improvements in efficacy, safety, and speed being achieved in the electrophysiology lab.", "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 20:45:32.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f705e9bf-5158-4ef9-b7f0-a3100da935f1", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.11, "y": 0.16 }, "kind": "title", "text": "AtriCure is structurally unprofitable, even after having grown at a double digit rate for 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": "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 20:45:32.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b45deef0-5e34-40d5-8cbf-c4c95201547b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "4e62a9ca-4c36-4797-a49e-21bad253e137", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "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": 0.8 } ], "loops": [ { "to": 20, "from": 5, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "ddc2fc5b-a109-4c3d-a59c-6071803a7a20", "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "position": 0, "objective": "To identify patterns in AtriCure's business model and market prospects that indicate a flawed strategy", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:20.870863+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 9, "type": "setup", "title": "Includes capitalization table, financial results table, and medical background on AF.", "function": "establish_context", "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": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "balanced", "densityScore": 47, "componentCount": 7, "textChars": 688, "nDataPoints": 24, "notes": "Includes capitalization table, financial results table, and medical background on AF.", "elementsJson": [ "headline_text", "data_table", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:26.316+00", "seconds": 2.787, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/9", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-9", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "metric", "text": "EV/revenue (trailing): 8.1x", "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 23:05:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b904-b74ba8580136", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.78, "x": 0.11, "y": 0.82 }, "kind": "paragraph", "text": "AF is generally treated with recommendations for lifestyle changes (diet, exercise, etc.) and medication, the latter of which is targeted at either reining in the rapid heart rate or the irregular rhythm.", "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 20:45:26.316+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "01544919-d5ea-4562-aae1-5fcaae7f64e8", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.43 }, "kind": "paragraph", "text": "Atrial fibrillation (AF) is a relatively common arrhythmia (irregular heart rhythm) that causes rapid heart rate and is associated with increased risk of heart failure, dementia, and stroke.", "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 20:45:26.316+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9267cf94-cc45-4000-b72a-38205c91026e", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.78, "x": 0.11, "y": 0.61 }, "kind": "paragraph", "text": "The classifications – paroxysmal vs. persistent vs. longstanding-persistent – are not mutually exclusive: patients can suffer episodes of more than one kind.", "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 20:45:26.316+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a9be9c94-5dfe-42c4-ab2e-64b146661f61", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.11, "y": 0.39 }, "kind": "source-note", "text": "Source: company filings, Kerrisdale 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 20:45:26.316+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db6a5312-f29b-4a93-b583-4cd61519b7a8", "parentComponentId": null }, { "bbox": { "h": 0.27, "w": 0.78, "x": 0.11, "y": 0.14 }, "kind": "table", "text": "AtriCure: Capitalization and Financial Results", "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 20:45:26.316+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "089f5e2e-0da8-435a-8ee0-d8f892a8ebe3", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.13, "y": 0.09 }, "kind": "title", "text": "II. Company Overview", "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 20:45:26.316+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c69d90f-50d7-487a-964b-0b8a124d9ba2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "4e62a9ca-4c36-4797-a49e-21bad253e137", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "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": 0.8 } ], "loops": [ { "to": 20, "from": 5, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "ddc2fc5b-a109-4c3d-a59c-6071803a7a20", "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "position": 0, "objective": "To identify patterns in AtriCure's business model and market prospects that indicate a flawed strategy", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:20.870863+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 10, "type": "appendix", "title": "The slide explains the clinical rationale for AtriCure's products (ablation and AtriClip) by detailing the anatomy of the left atrial appendage and its role in ", "function": "establish_context", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "balanced", "densityScore": 30, "componentCount": 5, "textChars": 730, "nDataPoints": 3, "notes": "The slide explains the clinical rationale for AtriCure's products (ablation and AtriClip) by detailing the anatomy of the left atrial appendage and its role in stroke risk.", "elementsJson": [ "paragraph", "photo", "footnote" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:28:21.007+00", "seconds": 2.886, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/10", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-10", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "AtriCure's open-heart ablation devices and its AtriClip together amounted to about 80% of total 2019 revenues, highlighting the company's current dependence on procedures performed concomitantly with open-heart surgery.", "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 23:05:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b905-303f083a72dc", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.87 }, "kind": "disclaimer", "text": "2 For an exhaustive description of the Cox-Maze IV procedure, see Robertson J et al, Illustrated techniques for performing the Cox-Maze IV procedure through a right mini-thoracotomy", "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 21:28:21.007+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a71b81fc-d378-4fbb-b60f-4f240131ea23", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.6, "x": 0.2, "y": 0.45 }, "kind": "image", "text": "Posterior view of the heart diagram", "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": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:28:21.007+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5932015-683a-4d80-965d-130a18584fbb", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "and sewed them back together, aiming to create scar tissue that would block the abnormal electrical impulses causing AF... AtriCure's core business has historically been the design and sale of the RF and cryo devices used by surgeons performing CM-IV...", "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 21:28:21.007+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa2f36a8-e4e2-4707-8992-01a4eac2dfa7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.2, "y": 0.82 }, "kind": "source-note", "text": "Source: Medical Gallery of Blausen Medical", "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 21:28:21.007+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b8bfa93-cf2b-4519-b776-51bb470fceb5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "4e62a9ca-4c36-4797-a49e-21bad253e137", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "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": 0.8 } ], "loops": [ { "to": 20, "from": 5, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "ddc2fc5b-a109-4c3d-a59c-6071803a7a20", "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "position": 0, "objective": "To identify patterns in AtriCure's business model and market prospects that indicate a flawed strategy", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:20.870863+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 11, "type": "tension", "title": "Includes footnotes referencing medical literature on atrial fibrillation treatments.", "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": 7, "textChars": 1535, "nDataPoints": 0, "notes": "Includes footnotes referencing medical literature on atrial fibrillation treatments.", "elementsJson": [ "paragraph", "process_diagram", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:27.301+00", "seconds": 3.03, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/11", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-11", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": { "h": 0.22, "w": 0.64, "x": 0.18, "y": 0.33 }, "kind": "diagram", "text": "Evolution of pulmonary vein isolation (PVI) via ablation", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Process flow", "slug": "process", "status": "active", "canonId": "019de52d-039c-718f-ad3a-efe9c4b3c838", "version": 1, "description": null }, "framework": null }, "subkind": "process", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:27.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb52a874-5863-4584-b5e2-3381cc18f35c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Of course, only a small proportion of patients suffering from AF undergo open-heart surgery, and full-blown surgical ablation is too risky and invasive to perform on a stand-alone basis.", "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 20:45:27.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ed5a487-b38b-4d6b-ad2d-cbf3b1328024", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.65 }, "kind": "paragraph", "text": "The problem with PVI, though, was that it only targeted AF triggers adjacent to the pulmonary veins. In a small number of patients with paroxysmal AF, and in a larger number of patients with more persistent forms of AF, PVI was not effective.", "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 20:45:27.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e465c191-9d83-4321-b8be-8718141276fc", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "For a broad discussion of electrical cardioversion in atrial fibrillation, see Sucu M et al, Electrical Cardioversion. For an analysis of the success rate of cardioversion in patients with AF, see e.g., Hellman, T et al, Prediction of ineffective elective cardioversion of atrial fibrillation: a retrospective multi-center patient cohort study. — Footnote 3", "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 23:06:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b906-2a5a4edf41e9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.87 }, "kind": "source-note", "text": "Haissaguerre, M et al Spontaneous Initiation of Atrial Fibrillation by Ectopic Beats Originating in the Pulmonary Veins", "attrs": { "numbered": true }, "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 20:45:27.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "037090a3-8675-4670-b64d-2344d1ff79f4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.79 }, "kind": "source-note", "text": "For a broad discussion of electrical cardioversion in atrial fibrillation, see Sucu M et al, Electrical Cardioversion. For an analysis of the success rate of cardioversion in patients with AF, see e.g., Hellman, T et al, Prediction of ineffective elective cardioversion of atrial fibrillation: a retrospective multi-center patient cohort study.", "attrs": { "numbered": true }, "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 20:45:27.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e88e3f20-198e-4236-a5fc-10a4239deaee", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.62, "x": 0.19, "y": 0.51 }, "kind": "subtitle", "text": "The shaded areas depict the locations in the endocardium that would be ablated, with the initial PVI procedure ablating the 4 pulmonary veins separately closer to the veins, while the evolved procedure performed two wide ablations.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:27.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b17186f-bb5a-4c25-a24e-d7bb960e9c6f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "4e62a9ca-4c36-4797-a49e-21bad253e137", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "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": 0.8 } ], "loops": [ { "to": 20, "from": 5, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "ddc2fc5b-a109-4c3d-a59c-6071803a7a20", "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "position": 0, "objective": "To identify patterns in AtriCure's business model and market prospects that indicate a flawed strategy", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:20.870863+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 12, "type": "setup", "title": "The slide uses anatomical diagrams to illustrate the difference in ablation coverage between the two study arms.", "function": "compare_peers", "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": "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": 7, "textChars": 809, "nDataPoints": 2, "notes": "The slide uses anatomical diagrams to illustrate the difference in ablation coverage between the two study arms.", "elementsJson": [ "paragraph", "photo", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:28.184+00", "seconds": 3.645, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/12", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-12", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "After a year, a higher proportion of patients in the Convergent arm (68%) compared to the control arm (50%) were totally free from any atrial arrhythmia.", "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 23:05:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b905-19c589be1405", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.7, "x": 0.15, "y": 0.4 }, "kind": "image", "text": "Anatomical diagrams showing lesion sets", "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": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:28.184+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c750ec56-7673-4ef9-b657-900273ae520c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.2, "x": 0.4, "y": 0.67 }, "kind": "legend", "text": "Endocardial lesions (red), Epicardial lesions (blue)", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:28.184+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "981a004d-2a0c-4c17-bcf3-4c1383fd4f84", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.11, "y": 0.165 }, "kind": "paragraph", "text": "Evidence for the posterior wall's role in triggering AF has recently been strengthened by the CONVERGE clinical trial run by AtriCure. ... After a year, a higher proportion of patients in the Convergent arm (68%) compared to the control arm (50%) were totally free from any atrial arrhythmia.", "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 20:45:28.184+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fdbea81-37bd-42af-92ac-32d5200d9f4c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.12, "y": 0.8 }, "kind": "source-note", "text": "Source: AtriCure investor presentation, Kerrisdale 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 20:45:28.184+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fbd5b83-8a1a-4b3e-91fa-84928af8de13", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.71 }, "kind": "subtitle", "text": "On the left is a depiction of the Convergent Procedure lesion sets... On the right is a depiction of the modified PVI performed on the control group.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:28.184+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1fcf2af2-941e-4c94-b308-dec6fee9878d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.75, "x": 0.125, "y": 0.365 }, "kind": "title", "text": "Comparison of the CONVERGE Convergent and control group ablations", "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 20:45:28.184+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c5304bb-e852-4ca6-b26e-dfbf7f915a68", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "4e62a9ca-4c36-4797-a49e-21bad253e137", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "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": 0.8 } ], "loops": [ { "to": 20, "from": 5, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "ddc2fc5b-a109-4c3d-a59c-6071803a7a20", "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "position": 0, "objective": "To identify patterns in AtriCure's business model and market prospects that indicate a flawed strategy", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:20.870863+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 13, "type": "tension", "title": "This is a research note from Kerrisdale Capital criticizing AtriCure's strategic pivot to hybrid procedures.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "balanced", "densityScore": 37, "componentCount": 6, "textChars": 1025, "nDataPoints": 0, "notes": "This is a research note from Kerrisdale Capital criticizing AtriCure's strategic pivot to hybrid procedures.", "elementsJson": [ "paragraph", "headline_text", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:28.189+00", "seconds": 3.597, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/13", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-13", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The ill-conceived Convergent procedure will fail to gain any traction against catheter ablation in persistent AF", "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 23:05:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b905-4abe99d387ad", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.12, "y": 0.642 }, "kind": "paragraph", "text": "Since 2005, with the initiation of the RESTORE-SR II trial, AtriCure has tried to develop a minimally invasive surgical ablation procedure... Over time though, AtriCure abandoned the idea of a pure stand-alone ablation in favor of a \"hybrid\" approach.", "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 20:45:28.189+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3943ceed-67ad-4588-b995-8ad6c21d4ff6", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.12, "y": 0.458 }, "kind": "paragraph", "text": "It was always understood by AtriCure's management team that limiting surgical ablation primarily to patients who were undergoing open-heart surgery would severely restrict the company's addressable market.", "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 20:45:28.189+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42c10c5f-c06d-432c-8347-788b5e7bf11e", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.76, "x": 0.12, "y": 0.108 }, "kind": "paragraph", "text": "There are two ways to interpret the CONVERGE results. AtriCure's interpretation is that the \"hybrid\" Convergent procedure(s)... is superior to performing a catheter ablation alone. That's not what we heard from the electrophysiologists...", "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 20:45:28.189+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8da5feba-ed2b-488a-a55f-e64d49319cf8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.858 }, "kind": "source-note", "text": "7 That is the clear implication of the description and outcome measures of the RESTORE-SR IIB trial...", "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 20:45:28.189+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35bcd43e-e74d-4390-9568-dfcd1d0168c4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.385 }, "kind": "title", "text": "III. The ill-conceived Convergent procedure will fail to gain any traction against catheter ablation in persistent AF", "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 20:45:28.189+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2a3dac0-35a4-4bd6-924f-d6017641a5eb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "4e62a9ca-4c36-4797-a49e-21bad253e137", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "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": 0.8 } ], "loops": [ { "to": 20, "from": 5, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "ddc2fc5b-a109-4c3d-a59c-6071803a7a20", "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "position": 0, "objective": "To identify patterns in AtriCure's business model and market prospects that indicate a flawed strategy", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:20.870863+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 14, "type": "analysis", "title": "The slide uses a narrative structure to expose the failure of clinical trials and the resulting strategic shift.", "function": "diagnose_problem", "rawType": "research-note", "block": null, "metadata": { "slideType": "research-note", "slideTypeCanon": null, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 6, "textChars": 964, "nDataPoints": 4, "notes": "The slide uses a narrative structure to expose the failure of clinical trials and the resulting strategic shift.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:28.261+00", "seconds": 3.549, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/14", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-14", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Several attempts by AtriCure at innovating a hybrid procedure have so far failed.", "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 23:05:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b905-7f2511a752d3", "parentComponentId": null }, { "bbox": { "h": 0.215, "w": 0.77, "x": 0.118, "y": 0.525 }, "kind": "paragraph", "text": "In its second attempt, AtriCure enrolled patients for the same hybrid procedure... 6 of the 25 enrolled patients suffering from a “serious device or procedure-related adverse event,” and 12 patients suffering from serious adverse events...", "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 20:45:28.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "03c9a1d7-cec2-45e3-b665-b71bf15723a8", "parentComponentId": null }, { "bbox": { "h": 0.215, "w": 0.77, "x": 0.118, "y": 0.305 }, "kind": "paragraph", "text": "Several attempts by AtriCure at innovating a hybrid procedure have so far failed. In 2010, the company launched the DEEP AF trial... 7 of the 24 enrolled patients experienced primary adverse events...", "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 20:45:28.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16b79fa7-f792-4fda-8b5b-73ada22d899f", "parentComponentId": null }, { "bbox": { "h": 0.155, "w": 0.77, "x": 0.118, "y": 0.745 }, "kind": "paragraph", "text": "In the wake of the failures of the DEEP trials... AtriCure adjusted its hybrid strategy and in 2015 acquired nContact Surgical, which had developed the Convergent procedure...", "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 20:45:28.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b9c2a6a-eccc-4767-8868-8148d8f723b8", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.77, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "The shift to hybrid ablation was an implicit admission on behalf of AtriCure of two critical points we believe are once again relevant in assessing the Convergent procedures.", "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 20:45:28.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa8fb633-16a7-409d-81b5-cc145fd932dc", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.77, "x": 0.118, "y": 0.905 }, "kind": "source-note", "text": "8 The full results of the trial can be found in the “Results” tab of the clinical trial record.", "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 20:45:28.261+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6bebfef3-492b-49ab-b46f-0c2c9e8f9dc1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "4e62a9ca-4c36-4797-a49e-21bad253e137", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "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": 0.8 } ], "loops": [ { "to": 20, "from": 5, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "ddc2fc5b-a109-4c3d-a59c-6071803a7a20", "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "position": 0, "objective": "To identify patterns in AtriCure's business model and market prospects that indicate a flawed strategy", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:20.870863+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 15, "type": "setup", "title": "Critique of AtriCure's CONVERGE trial, specifically challenging the control group comparability.", "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": 78, "componentCount": 9, "textChars": 1687, "nDataPoints": 6, "notes": "Critique of AtriCure's CONVERGE trial, specifically challenging the control group comparability.", "elementsJson": [ "paragraph", "bullet_list", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:33.086+00", "seconds": 8.194, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/15", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-15", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.67 }, "kind": "callout", "text": "The major flaw in the trial design is that the catheter ablation control group just isn’t comparable to the Convergent group.", "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 20:45:33.086+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95844061-16db-4fa1-aa30-82d033eae5f5", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "But a detailed examination of the trial design and the results suggests that Convergent will end up at the same impasse as AtriCure's prior minimally invasive endeavors – an overly complicated procedure offering few incremental benefits for the incremental cost.", "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 23:05:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b905-911029ac7f98", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.21 }, "kind": "list", "text": "The Hybrid Convergent Arm (102 patients); The Endocardial Catheter Ablation arm (51 patients).", "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 20:45:33.086+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ff107a7-6006-45b1-ad83-cb81bd550848", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.45 }, "kind": "list", "text": "In the Convergent arm, 67.7% of patients were free from AF/AFL/AT at 12 months, while in the Endocardial Catheter Ablation arm, that proportion was only 50%. Through 30 days post-procedure, the Hybrid Convergent arm had 7.8% severe adverse events.", "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 20:45:33.086+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c488c3e4-e117-4063-8653-acdb3494f4cc", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.13 }, "kind": "paragraph", "text": "At the time of the acquisition, nContact had already initiated a randomized controlled trial – CONVERGE – which sought to compare the efficacy of the Convergent hybrid procedure to that of PVI by catheter ablation.", "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 20:45:33.086+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29e73b61-9897-4639-b3f1-a782b60b9847", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.78, "x": 0.11, "y": 0.56 }, "kind": "paragraph", "text": "Having seemingly demonstrated an “acceptable safety profile and superior effectiveness... AtriCure’s contention is that CONVERGE is definitive proof... But a detailed examination... suggests that Convergent will end up at the same impasse.", "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 20:45:33.086+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3720ffa9-6456-41b8-bfcb-fe5c3998438e", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.31 }, "kind": "paragraph", "text": "The primary effectiveness endpoint was freedom from AF, atrial tachycardia (AT), and atrial flutter (AFL) as measured by a 24-hour Holter monitor 12 months after the procedure.", "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 20:45:33.086+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47f7cc45-8161-4460-8194-96ebe6020f68", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "In the Convergent arm, 67.7% of patients were free from AF/AFL/AT at 12 months, while in the Endocardial Catheter Ablation arm, that proportion was only 50%.", "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 23:05:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b905-965b97959f34", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.74 }, "kind": "source-note", "text": "A detailed discussion of the DEEP procedure is undertaken by Jared Beller and colleagues in Beller, J, et al, Minimally Invasive Atrial Fibrillation Surgery: Hybrid Approach", "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 20:45:33.086+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0095dc68-5c8e-49ce-83d8-685eaa50b656", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "17b4a616-b85e-47f4-be66-bf06025798a8", "evidence": "The slide explicitly critiques the validity of a competitor's clinical trial results to undermine their marketing claims.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:33.086+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "preempt_rebuttal" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "4e62a9ca-4c36-4797-a49e-21bad253e137", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "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": 0.8 } ], "loops": [ { "to": 20, "from": 5, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "ddc2fc5b-a109-4c3d-a59c-6071803a7a20", "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "position": 0, "objective": "To identify patterns in AtriCure's business model and market prospects that indicate a flawed strategy", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:20.870863+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 16, "type": "setup", "title": "The slide uses clinical study data to challenge the validity of the Convergent trial's control group by showing superior outcomes for modern catheter-based PW a", "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": "dense", "densityScore": 67, "componentCount": 7, "textChars": 2260, "nDataPoints": 6, "notes": "The slide uses clinical study data to challenge the validity of the Convergent trial's control group by showing superior outcomes for modern catheter-based PW ablation.", "elementsJson": [ "paragraph", "bullet_list", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:28.931+00", "seconds": 3.834, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/16", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-16", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Of the group that underwent PVI and PW ablation, 65% were free of AF/AT/AFL at 12 months compared to only 20% of the group that underwent PVI alone.", "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 23:06:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b906-0e6048a6af06", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.77, "x": 0.118, "y": 0.66 }, "kind": "list", "text": "The most recent, largest, and significant study of PW ablation via catheter in patients with persistent AF was conducted between October 2014 and February 2017. In 390 consecutive patients in multiple centers, the first 222 received a PVI and PW ablation, while the next 168 received only a PVI. At 12 months, 70% of the group undergoing a single-procedure PVI and PW ablation were free from all atrial arrhythmias compared to 42% in the", "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 20:45:28.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a61d90bf-756d-4b99-b5da-455be68341cd", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.77, "x": 0.118, "y": 0.295 }, "kind": "list", "text": "In a prospective (but admittedly non-randomized) study published in January of 2016, Bai and colleagues split 52 consecutive patients with persistent AF into a group of 20 that underwent a PVI alone, and a group of 32 that had an additional ablation of the posterior wall. Of the group that underwent PVI and PW ablation, 65% were free of AF/AT/AFL at 12 months compared to only 20% of the group that underwent PVI alone.", "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 20:45:28.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "afcb26a9-d899-4572-9870-88b156a7d69c", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.77, "x": 0.118, "y": 0.48 }, "kind": "list", "text": "A prospective randomized study conducted in South Korea between 2011 and 2012 compared two groups of 60 persistent AF patients undergoing catheter ablation. 83% (50/60) of the box lesion group were free from AF at 12 months compared to only 63% (38/60) of the PVI-only group.", "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 20:45:28.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2133fd7-ad46-4deb-a388-4d2d1ffcee8d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.77, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "which creates a lesion along the roof of the posterior wall connecting the pulmonary veins on each side - see the diagram on page 12), whereas the Convergent arm underwent a full ablation of the posterior wall.", "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 20:45:28.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14c0f27d-6558-434f-b9ef-6fd8bd88d117", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Bai, R, et al, Proven isolation of the pulmonary vein antrum with or without left atrial posterior wall isolation in patients with persistent atrial fibrillation — Footnote 10; Kim, JS, et al, Does isolation of the left atrial posterior wall improve clinical outcomes after radiofrequency catheter ablation for persistent atrial fibrillation? A prospective randomized clinical trial — Footnote 11", "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 23:06:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b906-13562c90b262", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.77, "x": 0.118, "y": 0.84 }, "kind": "source-note", "text": "10 Bai, R, et al, Proven isolation of the pulmonary vein antrum with or without left atrial posterior wall isolation in patients with persistent atrial fibrillation\n11 Kim, JS, et al, Does isolation of the left atrial posterior wall improve clinical outcomes after radiofrequency catheter ablation for persistent atrial fibrillation? A prospective randomized clinical trial", "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 20:45:28.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20049fa6-eb62-4616-9382-3e905e60c29f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "4e62a9ca-4c36-4797-a49e-21bad253e137", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "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": 0.8 } ], "loops": [ { "to": 20, "from": 5, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "ddc2fc5b-a109-4c3d-a59c-6071803a7a20", "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "position": 0, "objective": "To identify patterns in AtriCure's business model and market prospects that indicate a flawed strategy", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:20.870863+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 17, "type": "appendix", "title": "This is a standard text-heavy research report page with bulleted data points and footnotes.", "function": "illustrate_case", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "illustrate_case", "functionCanon": { "name": "Illustrate case", "slug": "illustrate_case", "status": "active", "canonId": "019de52d-13b4-772c-bb73-1873612a7463", "version": 1, "description": null }, "density": "dense", "densityScore": 60, "componentCount": 7, "textChars": 1352, "nDataPoints": 10, "notes": "This is a standard text-heavy research report page with bulleted data points and footnotes.", "elementsJson": [ "paragraph", "bullet_list", "footnote" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.5-flash", "runId": null, "at": "2026-07-17 03:53:48.963+00", "seconds": 6.006, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/17", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-17", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.21, "x": 0.06, "y": 0.03 }, "kind": "image", "text": "Kerrisdale Capital", "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": "2026-07-17 03:53:48.963+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da80e340-ac9e-4f56-948a-41800eecfce6", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.77, "x": 0.11, "y": 0.47 }, "kind": "list", "text": "The study's primary effectiveness endpoint was defined as freedom from documented AF/AT/AFL episodes of 30 seconds or longer at 15 months... at 12 months, the primary effectiveness was ~68%.\nClinical success... 12-month success rate was ~85%.\nTo make it simpler to compare... single-ablation success rate at 12 months was 73.2%.\nOn the safety front, the primary adverse event rate was 3.8%, well below the 8% seen in CONVERGE.", "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 03:53:48.963+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ba259dc-be5a-49a1-8e3e-ce87358c9fe4", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "primary effectiveness: 6", "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": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbed-f227bbe813f3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.77, "x": 0.11, "y": 0.74 }, "kind": "paragraph", "text": "The PRECEPT results strongly indicate that, even without the systematic ablation of the posterior wall, standard catheter ablation procedures have become quite effective at treating even the more intractable cases of AF...", "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": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:53:48.963+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "008a469e-af1d-4a90-b795-4dfa505cdc8a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.77, "x": 0.11, "y": 0.37 }, "kind": "paragraph", "text": "The PRECEPT trial gave EPs a large degree of discretion in deciding what to ablate. The only requirement was that a PVI be performed, with non-PV triggers ablated only at the EP's discretion...", "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": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:53:48.963+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b6541121-f32b-4afc-a098-2d66bff29851", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.77, "x": 0.11, "y": 0.14 }, "kind": "paragraph", "text": "All of the above studies conducted somewhat \"primitive\" catheter ablation procedures compared to the technology that's available to EPs today, and yet their efficacy rates are broadly similar to those demonstrated by the Convergent arm...", "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": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:53:48.963+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f13f3351-cb7c-4a7c-80b2-5a38bb7da1b6", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.77, "x": 0.11, "y": 0.84 }, "kind": "source-note", "text": "12 Aryana, A, et al, Posterior wall isolation using the cryoballoon in conjunction with pulmonary vein ablation is superior to pulmonary vein isolation alone in patients with persistent atrial fibrillation: A multicenter experience", "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": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:53:48.963+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f155ad79-a693-448f-85ef-871b4a84e168", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "4e62a9ca-4c36-4797-a49e-21bad253e137", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "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": 0.8 } ], "loops": [ { "to": 20, "from": 5, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "ddc2fc5b-a109-4c3d-a59c-6071803a7a20", "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "position": 0, "objective": "To identify patterns in AtriCure's business model and market prospects that indicate a flawed strategy", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:20.870863+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 18, "type": "tension", "title": "The slide functions as a 'short-thesis' critique, specifically targeting the viability of the Convergent procedure by highlighting the misalignment of incentive", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 7, "textChars": 1915, "nDataPoints": 0, "notes": "The slide functions as a 'short-thesis' critique, specifically targeting the viability of the Convergent procedure by highlighting the misalignment of incentives between AtriCure and the EPs who control patient referrals.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:28.491+00", "seconds": 3.196, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/18", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-18", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "More importantly, based on our extensive discussions with EPs, the field is overwhelmingly dubious of the entire idea of the Convergent procedure, mostly because they're not ignorant of all the research we've discussed to this point.", "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 23:05:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b905-ada25b6643bf", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.766, "x": 0.117, "y": 0.093 }, "kind": "paragraph", "text": "results show that AtriCure today faces the same industry landscape it has continuously faced since 2005, when it attempted to develop a minimally invasive PVI: each time it pioneers a minimally invasive surgical ablation procedure, the rapid improvement in lower-risk catheter ablation technology makes it almost completely obsolete.", "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 20:45:28.491+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0840717b-a379-4345-b867-60aee58adb5e", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.766, "x": 0.117, "y": 0.443 }, "kind": "paragraph", "text": "More importantly, based on our extensive discussions with EPs, the field is overwhelmingly dubious of the entire idea of the Convergent procedure, mostly because they're not ignorant of all the research we've discussed to this point.", "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 20:45:28.491+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c9a4fab-ef69-48f4-81e8-3522a49d18b8", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.766, "x": 0.117, "y": 0.663 }, "kind": "paragraph", "text": "EPs are also acutely aware of the Convergent procedure's safety characteristics. In a recent fairly positive assessment of Convergent in the Arrhythmia and Electrophysiology Review, the authors highlight that even before the CONVERGE trial, the Convergent procedure had been the subject of 16 different clinical studies, mostly observational.", "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 20:45:28.491+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f27c678-40c7-46f4-a771-56c340438649", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.766, "x": 0.117, "y": 0.221 }, "kind": "paragraph", "text": "Exacerbating that trend is the other factor that has historically held back AtriCure's minimally invasive strategy – the electrophysiologist as the gatekeeper to surgical ablation. Almost any minimally invasive procedure, including Convergent, will require a referral from an EP.", "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 20:45:28.491+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd06aee0-af1e-4028-9217-9899bd6d97c7", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Wats, K, et al, The Convergent AF Ablation Procedure: Evolution of a Multidisciplinary Approach to AF Management We extensively reviewed the references used in this study and believe that the characterization of many references was sloppy. — Footnote 13", "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 23:05:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b905-b21e675c1100", "parentComponentId": null }, { "bbox": { "h": 0.105, "w": 0.766, "x": 0.117, "y": 0.811 }, "kind": "source-note", "text": "13 Wats, K, et al, The Convergent AF Ablation Procedure: Evolution of a Multidisciplinary Approach to AF Management We extensively reviewed the references used in this study and believe that the characterization of many references was sloppy.", "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 20:45:28.491+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ffa1e97-7619-4a9e-8d5a-07cd1564ecbb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "4e62a9ca-4c36-4797-a49e-21bad253e137", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "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": 0.8 } ], "loops": [ { "to": 20, "from": 5, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "ddc2fc5b-a109-4c3d-a59c-6071803a7a20", "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "position": 0, "objective": "To identify patterns in AtriCure's business model and market prospects that indicate a flawed strategy", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:20.870863+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 19, "type": "tension", "title": "Includes a direct quote from AtriCure CEO Michael Carrel (May 2020) which is then countered by the author's analysis.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 87, "componentCount": 9, "textChars": 4065, "nDataPoints": 6, "notes": "Includes a direct quote from AtriCure CEO Michael Carrel (May 2020) which is then countered by the author's analysis.", "elementsJson": [ "paragraph", "quote_block" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:29.922+00", "seconds": 4.392, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/19", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-19", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Convergent will likely end up like AtriCure's other attempts at expanding the surgical ablation market: foiled by the relentless progress made in the EP lab.", "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 23:06:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b906-e9783dc23fc8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.85 }, "kind": "paragraph", "text": "The concomitant open heart market, meaning patients who undergo elective open heart surgical procedures such as a bypass or a valve operation and have a pre-existing history of atrial fibrillation...This is a $250 million annual U.S. market opportunity...The important", "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 20:45:29.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "460fabc5-4a69-4a66-8645-cd1434f20581", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.1 }, "kind": "paragraph", "text": "CONVERGE was lower than the historical experience that had been reported by other Convergent studies, which have ranged from 8-17%. While the increased rate of adverse events in the Convergent arm was not statistically significantly larger than that in the control, the history of documented Convergent studies indicates that the procedure is 2-4 times more likely to result in an adverse safety event than a combined PVI and PW ablation via catheter.", "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 20:45:29.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ceaee39-60e1-4179-bab2-fa4bf46beb47", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.25 }, "kind": "paragraph", "text": "Of course, that kind of risk shouldn't be all that surprising – the minimally invasive piece of Convergent is still, in the end, minimally invasive surgery. The patient's abdomen is cut open, and the pericardium is punctured for access to the exterior of the heart. That's certainly an improvement upon open heart surgery, but it's much riskier than sticking a catheter into the heart through the femoral veins. That increased risk is not lost upon the EPs who would need to refer patients for Convergent.", "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 20:45:29.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "719dff04-fc74-453f-9680-186298dbca89", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.4 }, "kind": "paragraph", "text": "EPs will also consider that scheduling procedures 30 days apart needlessly extends the time frame of the more critical PVI procedure (which is the second of the Convergent procedures), and adds a level of logistical complication. Combined with the poor safety record of Convergent and the overwhelming evidence that an endocardial PW ablation is just as effective as a surgical epicardial procedure, we expect that the EP community will react to the final approval of Convergent with a collective shrug. Convergent will likely end up like AtriCure’s other attempts at expanding the surgical ablation market: foiled by the relentless progress made in the EP lab.", "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 20:45:29.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c5bf8199-a93a-4d7f-95a1-55174cb7e884", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.7, "x": 0.15, "y": 0.55 }, "kind": "quote", "text": "The core business that AtriCure was founded and started on...is the surgical ablation. And that is concomitant with other cardiac surgeries...In the United States alone, there are 300,000 patients that have cardiac surgery. Of those, one-third have Afib. Today, only 25% of those are getting treated. Now, that is a vast improvement though over 10 years ago when 10%. And the reason for that is that we got our device approved through the FDA and PMA. The guidelines changed and we have moved that needle, where we're now treating 20,000 to 25,000 patients per year... Now, it also shows you that there is a big market opportunity on top of that... you get the sense that it's under-penetrated and we've got many years of growth even with the guidelines there. And we are going to bring out new technology to improve the adoption of that from 25%. So hopefully get into 50% and 75% over the coming decade.", "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 20:45:29.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56a7ec62-6a4a-4014-96fb-decf8cd37cb0", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The core business that AtriCure was founded and started on...is the surgical ablation. And that is concomitant with other cardiac surgeries...In the United States alone, there are 300,000 patients that have cardiac surgery. Of those, one-third have Afib. Today, only 25% of those are getting treated. Now, that is a vast improvement though over 10 years ago when 10%. And the reason for that is that we got our device approved through the FDA and PMA. The guidelines changed and we have moved that needle, where we're now treating 20,000 to 25,000 patients per year... Now, it also shows you that there is a big market opportunity on top of that... you get the sense that it's under-penetrated and we've got many years of growth even with the guidelines there. And we are going to bring out new technology to improve the adoption of that from 25%. So hopefully get into 50% and 75% over the coming decade. — Michael Carrel, AtriCure CEO, May 12th, 2020", "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 23:06:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b906-efed296ebbd1", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.6, "y": 0.8 }, "kind": "source-note", "text": "Michael Carrel, AtriCure CEO, May 12th, 2020", "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 20:45:29.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65f60c3f-8998-4f18-9dc4-35b032346bcd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.49 }, "kind": "title", "text": "The addressable market for AtriCure’s core surgical ablation business is small and saturated, with meager growth prospects", "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 20:45:29.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3267b350-ff0f-41a0-aa4e-d03754b2f307", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "52cada6a-0660-4f17-8d48-6b9364c30b2a", "evidence": "The slide presents a CEO quote followed by a critical analysis of the company's market prospects.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:29.922+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "4e62a9ca-4c36-4797-a49e-21bad253e137", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "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": 0.8 } ], "loops": [ { "to": 20, "from": 5, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "ddc2fc5b-a109-4c3d-a59c-6071803a7a20", "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "position": 0, "objective": "To identify patterns in AtriCure's business model and market prospects that indicate a flawed strategy", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:20.870863+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 20, "type": "tension", "title": "The slide uses a quote from a 2010 conference to contrast with 2020 data, arguing that the company's narrative is disingenuous.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "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": 71, "componentCount": 8, "textChars": 1729, "nDataPoints": 6, "notes": "The slide uses a quote from a 2010 conference to contrast with 2020 data, arguing that the company's narrative is disingenuous.", "elementsJson": [ "quote_block", "paragraph", "bullet_list", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:32.939+00", "seconds": 7.387, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/20", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-20", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "At best, the company seems to have no idea as to the size of the addressable market, or the penetration rate, and has just been repeating the same story to investors for 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 23:06:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b906-417f9f0f8453", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.28 }, "kind": "list", "text": "The number of patients with AF undergoing open-heart surgery has remained constant: 85k patients in 2010 compared to “about a third” of 300k patients in 2020. The percentage of those patients being treated with an ablation has come down, from 30% in 2010 to 25% in 2020.", "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 20:45:32.939+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e45a4889-3a0b-4f1c-b978-e99ece8ce6ff", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.57 }, "kind": "paragraph", "text": "The best data on the topic come from the Society of Thoracic Surgeons (STS)... Multiple publications over the past ten years clearly demonstrate that AtriCure's claims about the size of its addressable patient population are completely at odds with the reality.", "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 20:45:32.939+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "108902d9-2b1c-4356-ab32-c91bb413a7d3", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.41 }, "kind": "paragraph", "text": "At best, the company seems to have no idea as to the size of the addressable market, or the penetration rate... More likely, given surprisingly copious amounts of publicly available information... the company is being willfully disingenuous.", "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 20:45:32.939+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "390ad65a-cd63-40f9-91b6-e48468773a5b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.22 }, "kind": "paragraph", "text": "As the two preceding quotes attest, AtriCure's assertions over time regarding the market opportunity of concomitant surgical ablation are irreconcilable.", "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 20:45:32.939+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42de9d45-efa1-4a21-9bf6-3bc8c5bcf1cb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "quote", "text": "So potential market on an annual basis is 85,000 U.S. patients per year; only 30% of the patients today are currently being treated.", "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 20:45:32.939+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "30e35312-131b-408c-a41f-590359dc2f4b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"thing to notice: patients are already in the operating room so AF treatment makes sense. So potential market on an annual basis is 85,000 U.S. patients per year; only 30% of the patients today are currently being treated. So there is significant opportunity for further penetration and growth.\" — David Drachman, AtriCure's Then-CEO, JMP Securities Research Conference – May 11th, 2010", "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 23:06:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b906-45f31d26c2ac", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.89 }, "kind": "source-note", "text": "14 On page 19, in the “Supplemental Information” section of the presentation, as filed with the SEC.", "attrs": { "numbered": true }, "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 20:45:32.939+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb085923-53f5-4801-9e15-ebd3ddd659a2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "0fedd2ff-07b1-46d5-99bf-cda77be5cded", "evidence": "The slide explicitly argues that the company is being 'willfully disingenuous' regarding its market data.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:32.939+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Struggle", "beatId": "4e62a9ca-4c36-4797-a49e-21bad253e137", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "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": 0.8 } ], "loops": [ { "to": 20, "from": 5, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "ddc2fc5b-a109-4c3d-a59c-6071803a7a20", "evidence": "The document presents various critiques of AtriCure's business model and market prospects", "position": 0, "objective": "To identify patterns in AtriCure's business model and market prospects that indicate a flawed strategy", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:59:20.870863+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 21, "type": "tension", "title": "The slide uses academic citations to systematically dismantle the company's growth narrative.", "function": "expose_contradiction", "rawType": "research-note", "block": null, "metadata": { "slideType": "research-note", "slideTypeCanon": 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": 63, "componentCount": 7, "textChars": 1586, "nDataPoints": 12, "notes": "The slide uses academic citations to systematically dismantle the company's growth narrative.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:28.931+00", "seconds": 3.233, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/21", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-21", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The almost wholesale adoption of concomitant surgical ablation leaves little opportunity for volume growth out of AtriCure's core open-heart ablation and AtriClip segments.", "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 23:06:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b905-e31f9dda48f4", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.27 }, "kind": "paragraph", "text": "That 2012 publication was updated in 2017 by Vinay Badhwar and his colleagues... Badhwar found that over the period surveyed, about 10.7% of patients undergoing open-heart surgery had preoperative AF and would have been candidates for concomitant ablation.", "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 20:45:28.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c9c0156-f740-47ac-8c1e-636380dbeb11", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.47 }, "kind": "paragraph", "text": "Based on the most recent STS database update, published this past March, the proportion of patients with preoperative AF undergoing a surgical ablation had increased to about 75% by 2018. AtriCure’s volume growth in 2019 suggests that the penetration rate increased again", "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 20:45:28.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70762618-f5aa-4e56-910e-a35e9b101f68", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "as a stand-alone procedure, or concomitantly with other cardiac procedures. Over that period, the authors found that “of patients undergoing elective or urgent non-redo cardiac surgery in North America, 11% presented with a history of AF.”", "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 20:45:28.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "adc90909-3172-4289-9872-8a419fbdf89d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.67 }, "kind": "paragraph", "text": "The looming collapse in the prospective growth rate of the company’s core business has not gone unnoticed by AtriCure’s management. That is, after all, what the strong push behind the Convergent procedure is all about.", "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 20:45:28.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f35a8433-adf4-4882-8d05-27d6a3d33ed3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "of patients undergoing elective or urgent non-redo cardiac surgery in North America, 11% presented with a history of AF. — Ad, N, et al Surgical ablation of atrial fibrillation trends and outcomes in North America", "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 23:06:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b905-e4c00e440912", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.79 }, "kind": "source-note", "text": "15 Ad, N, et al Surgical ablation of atrial fibrillation trends and outcomes in North America\n16 Badhwar, V, et al, Surgical Ablation of Atrial Fibrillation in the United States: Trends and Propensity Matched Outcomes", "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 20:45:28.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bab89d4-d3b3-4529-a756-0e2acb2c5403", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "14127e37-4bd7-4f94-972c-d90f38bfdefa", "evidence": "Systematic comparison of company claims against independent clinical data to show inconsistency.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:28.931+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 22, "type": "tension", "title": "The slide uses a bulleted list to systematically dismantle the credibility of a research study.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "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": "overcrowded", "densityScore": 80, "componentCount": 9, "textChars": 3496, "nDataPoints": 0, "notes": "The slide uses a bulleted list to systematically dismantle the credibility of a research study.", "elementsJson": [ "paragraph", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:31.126+00", "seconds": 5.095, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/22", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-22", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": { "h": 0.025, "w": 0.425, "x": 0.118, "y": 0.223 }, "kind": "callout", "text": "But an even cursory review of the study reveals its shoddiness:", "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 20:45:31.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e8e8b5b-97aa-4dc8-9ee7-d4a964038fe3", "parentComponentId": null }, { "bbox": { "h": 0.215, "w": 0.775, "x": 0.118, "y": 0.448 }, "kind": "list", "text": "Medicare data doesn’t actually report whether a patient undergoing open-heart surgery has AF. So the AtriCure investigators matched patient data with hospital admissions in the prior 3 years, and if a patient had 1 hospital admission with a diagnosis code corresponding to AF in that time, the patient would be considered to have preoperative AF. The authors admit that a “hospital admission with a diagnosis of AF” is actually “not specific for the presence of AF” and “could be used for admission to rule out AF.” One thing the study authors don’t admit is that the AF diagnosis code could also have been related to an actual ablation – catheter or surgical – which, of course, would mean the patient was not a subsequent candidate for a concomitant ablation. Such glaring flaws in the basic classification of the data apparently did not give much pause to the study authors.", "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 20:45:31.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "519574ea-e44b-4512-97d8-2d6e09505bd7", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.775, "x": 0.118, "y": 0.778 }, "kind": "list", "text": "10% of the Medicare sample used by the AtriCure study was comprised of patients with endocarditis or undergoing a repeat or follow-up procedure. The former category is contra-indicated for an ablation, and the inclusion of the latter category is double counting in the denominator, as if an ablation would be performed, it could only be performed in one of the procedures.", "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 20:45:31.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "575b4287-0d71-47ae-9182-028a0e0570f9", "parentComponentId": null }, { "bbox": { "h": 0.095, "w": 0.775, "x": 0.118, "y": 0.258 }, "kind": "list", "text": "Though the investigators had access to the STS database, which covers over 95% of surgical procedures, they instead chose to use the much sparser Medicare data series for only one year, 2014, which is strange considering that there is more recent Medicare data to evaluate. The Medicare database included only a quarter of the total open-heart procedures captured by the STS database.", "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 20:45:31.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ec94665-e907-45a9-985c-b784dcfc9a77", "parentComponentId": null }, { "bbox": { "h": 0.095, "w": 0.775, "x": 0.118, "y": 0.353 }, "kind": "list", "text": "The major bias of Medicare data is that it only includes Medicare patients, a population that is massively different from the average patient who undergoes open-heart surgery. The median patient with AF in the AtriCure study was a few years over 75, while the median patient with AF in the STS database was 71 years old. The gap of over 5 years explains at least some of the difference in preoperative AF rates.", "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 20:45:31.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "be5057b0-dfd8-45db-a247-382e08fa9ec6", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.775, "x": 0.118, "y": 0.663 }, "kind": "list", "text": "20% of the procedures in the Medicare sample were classified as emergency surgery, while that category represents about 3.5% of the overall patients undergoing open heart surgery in the STS database. Unsurprisingly, patients undergoing emergency surgery are extremely unlikely to undergo any concomitant procedure besides the one for which they were rushed to the hospital. The penetration rate of ablation in a sample with an inordinate number of emergency surgeries will necessarily be much lower than an unbiased sample of patients.", "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 20:45:31.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd4976c0-3f48-4d28-a53e-a1ca8c688f0e", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.775, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "reported a financial relationship with AtriCure (including two employees of the company), and which was explicitly described as sponsored by AtriCure, a group of investigators found that the prevalence of AF in patients undergoing cardiac surgery was “substantially higher” than previously published rates of preoperative AF (i.e., the rates exhibited in the STS database), and that concomitant ablation was performed in fewer than a quarter of relevant patients. Coincidentally, the numbers match the story AtriCure has been telling for the last ten years.", "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 20:45:31.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "120ed68a-7072-48ba-a69d-9b6d44bc069b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The authors admit that a \"hospital admission with a diagnosis of AF\" is actually \"not specific for the presence of AF\" and \"could be used for admission to rule out AF.\"", "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 23:06:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b905-cae724811fa2", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.775, "x": 0.118, "y": 0.878 }, "kind": "source-note", "text": "19 McCarthy, PM, et al, Prevalence of atrial fibrillation before cardiac surgery and factors associated with concomitant ablation", "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 20:45:31.126+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "244617c8-bf50-4c8a-9e1a-fb78c4a00719", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 23, "type": "tension", "title": "The slide uses a short-seller research note style to discredit the company's growth narrative and highlight the lack of operating leverage.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "dense", "densityScore": 54, "componentCount": 7, "textChars": 1099, "nDataPoints": 6, "notes": "The slide uses a short-seller research note style to discredit the company's growth narrative and highlight the lack of operating leverage.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:32.766+00", "seconds": 6.718, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/23", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-23", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Oddly, such near-total dominance of open-heart ablation has not led to any profits.", "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 23:06:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b906-9d8c3d71749b", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.766, "x": 0.117, "y": 0.343 }, "kind": "paragraph", "text": "The obvious inference to be made from the STS data is that about a tenth of the approximately 285k patients undergoing open-heart surgeries annually suffer from preoperative AF...", "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 20:45:32.766+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20bb5452-81f9-4801-96c8-4e1a5eef1fdb", "parentComponentId": null }, { "bbox": { "h": 0.155, "w": 0.766, "x": 0.117, "y": 0.092 }, "kind": "paragraph", "text": "The biased and deeply flawed study of 2014 Medicare data says nothing useful about the company's TAM or the penetration rate of concomitant ablation...", "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 20:45:32.766+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a37ced98-09b9-4dc5-920f-d01c28752581", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.766, "x": 0.117, "y": 0.468 }, "kind": "paragraph", "text": "Based on our extensive discussions with cardiac surgeons, as well as the rapid revenue growth the product has generated, almost every single one of those procedures is accompanied by an exclusion of the patient's left atrial appendage...", "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 20:45:32.766+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a415ff71-643a-4333-b99f-ad045fb5f459", "parentComponentId": null }, { "bbox": { "h": 0.095, "w": 0.766, "x": 0.117, "y": 0.593 }, "kind": "paragraph", "text": "Oddly, such near-total dominance of open-heart ablation has not led to any profits. On the contrary, AtriCure hasn't generated any free cash flow, or even positive EBITDA, since it went public in 2005.", "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 20:45:32.766+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d57f1813-2e4a-43a3-82a4-828082ae265d", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.766, "x": 0.117, "y": 0.878 }, "kind": "source-note", "text": "20 AtriCure's most recent investor presentation implies an average sales price per concomitant ablation of approximately $3,000 - $3,500.", "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 20:45:32.766+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ae6a726-5b64-49f4-b548-613886dcaf4f", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.766, "x": 0.117, "y": 0.274 }, "kind": "title", "text": "Despite a decade of growth and market penetration, and little direct competition, AtriCure remains unprofitable", "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 20:45:32.766+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d78f025-130a-44fe-83de-0a9775a6832e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 24, "type": "analysis", "title": "The text argues that the business is structurally unprofitable due to high R&D and SG&A costs that do not scale with revenue growth.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 46, "componentCount": 7, "textChars": 628, "nDataPoints": 120, "notes": "The text argues that the business is structurally unprofitable due to high R&D and SG&A costs that do not scale with revenue growth.", "elementsJson": [ "data_table", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:29.209+00", "seconds": 3.067, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/24", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-24", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The inescapable conclusion we draw from AtriCure’s financials is that developing and selling surgical ablation devices is a structurally unprofitable business.", "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 23:06:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b906-725e8f4b78dc", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total Operating Income: (33.1)", "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 23:06:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b906-76539138a484", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.882, "x": 0.118, "y": 0.485 }, "kind": "paragraph", "text": "The inescapable conclusion we draw from AtriCure's financials is that developing and selling surgical ablation devices is a structurally unprofitable business.", "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 20:45:29.209+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2880e96b-f1b6-4d8d-abaf-b75cd89314f9", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.882, "x": 0.118, "y": 0.685 }, "kind": "paragraph", "text": "Surprisingly though, AtriCure has also been unable to generate any leverage on its other operating expense lines.", "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 20:45:29.209+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7dd50a3c-8225-4ade-a892-167784184e86", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.118, "y": 0.445 }, "kind": "source-note", "text": "Source: company filings, Kerrisdale 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 20:45:29.209+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82a357cb-7da2-4fb4-8b1e-d7cc1b00eb73", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.882, "x": 0.118, "y": 0.117 }, "kind": "table", "text": "Financial table with rows for revenue, expenses, and margins across 2012-2019", "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 20:45:29.209+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ecb6d21b-8366-48e7-ae2d-325d13adef4d", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.882, "x": 0.118, "y": 0.092 }, "kind": "title", "text": "AtriCure: Domestic Financial Results 2012-2019", "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 20:45:29.209+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "089b31a3-8714-4e33-a6c7-fd31c4cfe682", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 25, "type": "tension", "title": "Includes specific footnotes (21, 22) challenging the company's interpretation of the STAR AF II trial results.", "function": "expose_contradiction", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "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": 57, "componentCount": 7, "textChars": 1327, "nDataPoints": 3, "notes": "Includes specific footnotes (21, 22) challenging the company's interpretation of the STAR AF II trial results.", "elementsJson": [ "headline_text", "paragraph", "bullet_list", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:30.301+00", "seconds": 4.008, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/25", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-25", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "AtriCure has been unable to demonstrate any operating leverage, let alone a trivial accounting profit, even as its core products have saturated their addressable market with little direct competition.", "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": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbee-0a99ce2181da", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.75, "x": 0.12, "y": 0.58 }, "kind": "list", "text": "Efficacy is defined in two ways: acutely and chronically. Speed has always been defined by the length of time. Safety, as defined by low rates of adverse events.", "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 20:45:30.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8788afda-85c5-4a6b-8e68-986cbe73a2f5", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.75, "x": 0.12, "y": 0.35 }, "kind": "paragraph", "text": "In its presentation on the CONVERGE trial results, AtriCure references the results of the STAR AF II trial as evidence that catheter ablation can't effectively treat patients suffering from persistent AF.", "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 20:45:30.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5138e107-6750-4837-ba6a-05c86a7e7f9d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.75, "x": 0.12, "y": 0.09 }, "kind": "paragraph", "text": "Either way, AtriCure has been unable to demonstrate any operating leverage... the days of double-digit growth are over.", "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 20:45:30.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea9544db-548b-403d-98e9-2f2f343a1b84", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "AtriCure's presentation of the STAR AF II results cuts off the published table documenting the trial's major efficacy outcomes, conveniently omitting the fact that - even 10 years ago! - two catheter ablation procedures consisting of PVI alone resulted in freedom from AF/AT/AFL 18 months after the initial procedure in 61% of patients suffering from persistent AF. — Kerrisdale Capital", "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": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbee-0dd5b4213d68", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.75, "x": 0.12, "y": 0.79 }, "kind": "source-note", "text": "21 Verma, A, et al, Approaches to Catheter Ablation for Persistent Atrial Fibrillation. 22 AtriCure's presentation of the STAR AF II results cuts off the published table...", "attrs": { "numbered": true }, "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 20:45:30.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0dcdf2b3-4eb7-44f1-ac06-bf2baaf85d3c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.12, "y": 0.27 }, "kind": "title", "text": "V. New technologies are revolutionizing cardiac ablation to the detriment of AtriCure", "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 20:45:30.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86d0cfdd-51a4-402d-9456-98a02fc7f260", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "66a9c065-b6fe-467b-b77b-90af76d7f677", "evidence": "The slide explicitly accuses the company of 'deceptive interpretation of the data' and 'conveniently omitting' facts.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:30.301+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [ { "to": 31, "from": 25, "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": "3723b781-712f-4a89-8ac6-a6365db45803", "evidence": "The document presents a clear warning to investors about the risks of not acting", "position": 1, "objective": "To highlight the cost of inaction for investors who fail to recognize the threat of emerging technologies to AtriCure's business", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:59:20.910989+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 26, "type": "setup", "title": "This slide provides background context on medical device innovation in cardiac ablation, citing specific clinical trials and studies.", "function": "establish_context", "rawType": "appendix_methodology", "block": null, "metadata": { "slideType": "appendix_methodology", "slideTypeCanon": { "name": "Appendix methodology", "slug": "appendix_methodology", "status": "active", "canonId": "019de52d-07d9-726c-8599-167f2d2ffaa7", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "dense", "densityScore": 56, "componentCount": 6, "textChars": 3706, "nDataPoints": 0, "notes": "This slide provides background context on medical device innovation in cardiac ablation, citing specific clinical trials and studies.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:30.499+00", "seconds": 4.13, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/26", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-26", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "But all the innovation of the past decade seems marginal compared to Pulsed Field Ablation (PFA) and real time electrical mapping of the heart.", "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 23:06:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b906-5f28430a113f", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.72, "x": 0.14, "y": 0.18 }, "kind": "paragraph", "text": "Since the STAR AF II trial took place, several major technological and methodological innovations have advanced the efficacy, speed, and safety of catheter ablation procedures. Contact Force (CF) catheters, which were introduced commercially in 2014, allowed EPs to physically sense the catheter's contact with the cardiac tissue, as well as quantitatively monitor the parameters of that contact. Before that, EPs would use catheter tip temperature, weak tactile feedback, catheter motion and stability, and other indirect measures, to assess whether they were making durable lesions. While CF was initially less impactful than might be expected, as more studies were conducted, and various quantitative measures derived from the data that were newly accessible, clinicians learned to use CF to make more durable lesions, reducing the recurrence of arrhythmias. At the same time, the technology helped reduce the fluoroscopy time of a procedure (resulting in less radiation applied to the patient) and reduce the overall procedure time. CF has been instrumental in increasing both the efficacy and speed of catheter ablation.", "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 20:45:30.499+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12b3567a-041c-4eff-a22d-707fdd2486e8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "could result in death. Esophageal injury is particularly relevant to PW ablation via catheter because the esophagus runs adjacent to the left atrial posterior wall, and ablating the posterior wall endocardially could result in a fatal thermal injury to the esophagus without the proper precautions being taken by the EP.", "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 20:45:30.499+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23d82c3c-c47d-4810-9272-34657e6f8775", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.72, "x": 0.14, "y": 0.46 }, "kind": "paragraph", "text": "From a methodological standpoint, High-Power, Short-Duration (HPSD) ablation has been another significant advance. As catheter ablation matured, academic clinicians theorized different power application strategies that could potentially increase the efficacy of catheter ablation. HPSD applied a higher dose of RF power to the cardiac tissue than had been previously used with RF catheters, but applied that power for shorter durations. The technique has been shown to result in fewer arrhythmia recurrences, while speeding up procedure time and reducing complication rates.", "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 20:45:30.499+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc4d3f23-21b9-4c02-8010-46ab07e5889c", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.72, "x": 0.14, "y": 0.6 }, "kind": "paragraph", "text": "Beyond CF catheters and the HPSD techniques, many smaller advances have improved the catheter ablation procedure. These include esophageal temperature probes, which help prevent injury to the esophagus while performing a PW ablation, and cryo-balloon catheters, which ablate tissue by freezing it, but also do so more rapidly and reliably in cases where large swaths of tissue require ablation. But all the innovation of the past decade seems marginal compared to Pulsed Field Ablation (PFA) and real time electrical mapping of the heart.", "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 20:45:30.499+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ecbdb8df-ffa8-4b97-863f-d56d93179aa3", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.72, "x": 0.14, "y": 0.71 }, "kind": "source-note", "text": "23 For a survey of these advances, see Rottner, L, et al, Innovative tools for atrial fibrillation ablation\n24 For a review of the initial disappointing efficacy results of CF, see Ariyarathna, N, et al, Role of Contact Force Sensing in Catheter Ablation of Cardiac Arrhythmias. For a review of how Ablation Index (AI), a measure that can only be derived using a CF catheter, has been used to improve efficacy and speed of catheter ablation procedures, see Pranata, R, et al, Ablation-index guided versus conventional contact-force guided ablation in pulmonary vein isolation – Systematic review and meta-analysis\n25 A prospective trial of HPSD that resulted in higher efficacy rates is described in Yavin, HD, et al, Impact of High-Power Short-Duration Radiofrequency Ablation on Long-Term Lesion Durability for Atrial Fibrillation Ablation. Lower complication rates are discussed in Winkle, RA, et al, Low complication rates using high power (45–50 W) for short duration for atrial fibrillation ablations", "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 20:45:30.499+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aeaf5c2f-34e7-4983-8460-e9d911760e05", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 31, "from": 25, "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": "3723b781-712f-4a89-8ac6-a6365db45803", "evidence": "The document presents a clear warning to investors about the risks of not acting", "position": 1, "objective": "To highlight the cost of inaction for investors who fail to recognize the threat of emerging technologies to AtriCure's business", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:59:20.910989+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 27, "type": "tension", "title": "The slide provides a detailed technical rationale for why PFA is superior to RF or cryo-ablation, focusing on the mechanism of electroporation.", "function": "frame_problem", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 4, "textChars": 435, "nDataPoints": 0, "notes": "The slide provides a detailed technical rationale for why PFA is superior to RF or cryo-ablation, focusing on the mechanism of electroporation.", "elementsJson": [ "headline_text", "paragraph", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:32.061+00", "seconds": 5.397, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/27", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-27", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The resulting pristine safety profile of PFA essentially completely solves the major safety problems associated with ablation.", "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 23:06:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b905-fad33a11db82", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.78, "x": 0.11, "y": 0.64 }, "kind": "list", "text": "Tissue selectivity... Speed...", "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 20:45:32.061+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1131b7eb-a1fe-45bd-b41b-3236bbd06c51", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.78, "x": 0.11, "y": 0.17 }, "kind": "paragraph", "text": "As discussed previously, the two procedures that comprise Convergent... [detailed explanation of thermal ablation risks and PFA mechanism]", "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 20:45:32.061+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3bc431d5-04e7-4cd9-af6b-cd907d01ff84", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "title", "text": "Pulsed Field Ablation (PFA) is a revolution in the safety and speed of catheter ablation, and will render a lot of surgical ablation obsolete", "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 20:45:32.061+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a346774-f196-4ff5-9818-a7386f32f897", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 31, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 27, "name": "The Victory", "beatId": "b2363734-56f3-46ff-abfb-d7590b7e6299", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The conclusion presents a clear victory for the thesis that AtriCure's growth is set to short-circuit", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 31, "from": 25, "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": "3723b781-712f-4a89-8ac6-a6365db45803", "evidence": "The document presents a clear warning to investors about the risks of not acting", "position": 1, "objective": "To highlight the cost of inaction for investors who fail to recognize the threat of emerging technologies to AtriCure's business", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:59:20.910989+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 28, "type": "analysis", "title": "The slide discusses the clinical performance of Farapulse's PFA catheter and its potential impact on the cardiac ablation market and competitors like AtriCure.", "function": "analyze_data", "rawType": "research-note", "block": null, "metadata": { "slideType": "research-note", "slideTypeCanon": null, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 7, "textChars": 1343, "nDataPoints": 7, "notes": "The slide discusses the clinical performance of Farapulse's PFA catheter and its potential impact on the cardiac ablation market and competitors like AtriCure.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:29.545+00", "seconds": 2.855, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/28", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-28", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Dramatic reductions in catheter ablation procedural times and safety risks will also negatively impact AtriCure's core open-heart business.", "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 23:06:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b906-b2283a3bdfc2", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.72, "x": 0.14, "y": 0.73 }, "kind": "paragraph", "text": "Like many of the most prominent electrophysiologists in the world, we expect the impact of PFA on ablation treatment to be revolutionary... Dramatic reductions in catheter ablation procedural times and safety risks will also negatively impact AtriCure's core.", "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 20:45:29.545+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d8d4820-93d1-455e-8242-c5d5611472ca", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "documented trial, in which EPs performed both a PVI and PW ablation, provides an interesting point of reference. In the 25 patients included in the study, the average ablation time for the PVIs was 22 minutes, and the PW ablation took an average of 10 minutes.", "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 20:45:29.545+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf0811f7-4b5f-48d6-925a-a00f573bfee4", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.72, "x": 0.14, "y": 0.22 }, "kind": "paragraph", "text": "While PFA has demonstrated an unmatched safety and speed profile, the method's efficacy has been detailed in several trials over the last two years... 83% showed all 4 of their pulmonary veins electrically isolated... 84% freedom from all atrial arrhythmias.", "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 20:45:29.545+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f07bf5ce-ae5d-4fa1-8ef6-9bdd4728f635", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.72, "x": 0.14, "y": 0.47 }, "kind": "paragraph", "text": "PFA is not yet ready for commercialization... EPs involved... told us that efficacy is going to continue to improve over the near term. There are multiple variables in the context of PFA that will affect the durability of the lesions.", "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 20:45:29.545+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f25e0293-c6ac-4e37-b6fb-7820ab13cfda", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "One Year Clinical Outcomes Following Pulsed Field Ablation for Paroxysmal AF — Reddy, VY, et al.", "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 23:06:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b906-b6b0510aba43", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.72, "x": 0.14, "y": 0.89 }, "kind": "source-note", "text": "26 Reddy, VY, et al, One Year Clinical Outcomes Following Pulsed Field Ablation for Paroxysmal AF", "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 20:45:29.545+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "977da9bc-117f-4082-83fe-6faeea7f1b94", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 31, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 27, "name": "The Victory", "beatId": "b2363734-56f3-46ff-abfb-d7590b7e6299", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The conclusion presents a clear victory for the thesis that AtriCure's growth is set to short-circuit", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 31, "from": 25, "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": "3723b781-712f-4a89-8ac6-a6365db45803", "evidence": "The document presents a clear warning to investors about the risks of not acting", "position": 1, "objective": "To highlight the cost of inaction for investors who fail to recognize the threat of emerging technologies to AtriCure's business", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:59:20.910989+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 29, "type": "tension", "title": "The slide uses a narrative structure to contrast clinical trial data with AtriCure's market claims.", "function": "expose_contradiction", "rawType": "research-note", "block": null, "metadata": { "slideType": "research-note", "slideTypeCanon": 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": 55, "componentCount": 7, "textChars": 1122, "nDataPoints": 7, "notes": "The slide uses a narrative structure to contrast clinical trial data with AtriCure's market claims.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:30.017+00", "seconds": 3.25, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/29", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-29", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.47 }, "kind": "callout", "text": "Real-time mapping devices, such as those from Acutus, will change the ablation treatment paradigm to the detriment of AtriCure", "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 20:45:30.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d53770b4-72d7-43fa-b016-7baab0198760", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We expect that the ability to perform PW ablation rapidly and safely via catheter will put the final nail in the coffin of minimally invasive surgical procedures such as Convergent.", "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 23:06:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b906-8a616e33a41f", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.11, "y": 0.22 }, "kind": "paragraph", "text": "More importantly, the immaculate safety profile and rapid application will result in even more widespread performance of PW ablation via catheter... 25 patients... 100% of the patients.", "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 20:45:30.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2234c5e9-3e30-4496-8794-2d91bd55f22d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "preoperative AF undergoing coronary artery bypass grafting (CABG), for example, in-hospital mortality was 50% greater and risk of renal failure or stroke during the surgery was 35% and 20% higher, respectively, than patients not suffering from AF.", "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 20:45:30.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "342f64d5-0f7d-4a35-bdb1-7c9ce054c650", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.78, "x": 0.11, "y": 0.54 }, "kind": "paragraph", "text": "Part of the problem with the efficacy of catheter ablation is that AF is still a bit of a mystery... 15-20 minutes to produce a cardiac electrical map.", "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 20:45:30.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a1b9c9b6-4681-4270-a6cf-6899c4f886c3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.82 }, "kind": "source-note", "text": "27 Malaisrie, SC, et al, Burden of preoperative atrial fibrillation in patients undergoing coronary artery bypass grafting... 28 Reddy, V, et al, Pulsed Field Ablation in Patients With Persistent Atrial Fibrillation", "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 20:45:30.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40f7cc91-9fac-40af-8d7b-1ef34bf807fc", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.06, "y": 0.04 }, "kind": "title", "text": "KerrisdaleCapital", "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 20:45:30.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37adbf9e-1ac2-49f8-a6c8-83bdca08d991", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2ba28cc4-62b9-4104-9f61-9e547d30d4a8", "evidence": "The slide explicitly contrasts clinical data (6.9% prevalence) against a company's claim (25-30% prevalence) to undermine their market thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:45:30.017+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 31, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 27, "name": "The Victory", "beatId": "b2363734-56f3-46ff-abfb-d7590b7e6299", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The conclusion presents a clear victory for the thesis that AtriCure's growth is set to short-circuit", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 31, "from": 25, "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": "3723b781-712f-4a89-8ac6-a6365db45803", "evidence": "The document presents a clear warning to investors about the risks of not acting", "position": 1, "objective": "To highlight the cost of inaction for investors who fail to recognize the threat of emerging technologies to AtriCure's business", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:59:20.910989+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 30, "type": "analysis", "title": "The slide discusses the technical advantages of non-contact charge-density mapping over traditional PVI ablation and cites clinical trial results.", "function": "analyze_data", "rawType": "research-note", "block": null, "metadata": { "slideType": "research-note", "slideTypeCanon": null, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 6, "textChars": 1406, "nDataPoints": 3, "notes": "The slide discusses the technical advantages of non-contact charge-density mapping over traditional PVI ablation and cites clinical trial results.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:30.129+00", "seconds": 3.191, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/30", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-30", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The single-procedure efficacy of a catheter ablation aided only by real-time mapping matches the double-procedure efficacy of Convergent, and the double-procedure efficacy using AcQMap is a vast 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 23:06:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b907-2339abbc26f1", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.763, "x": 0.118, "y": 0.312 }, "kind": "paragraph", "text": "The ability to actually visualize the heart's electrical rhythm with each heartbeat allows an EP to more accurately observe the probable source of the arrhythmia, and then perform the ablation at that site.", "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 20:45:30.129+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14715164-1cdb-4c27-8325-1faeccad1f30", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.763, "x": 0.118, "y": 0.165 }, "kind": "paragraph", "text": "Acutus, a medical device company that recently went public, has changed that by designing a mapping catheter with a spherical shape that uses ultrasound to create a comprehensive cardiac map of not only the actual cardiac anatomy, but also the electrical propagation pathways.", "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 20:45:30.129+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb21062f-2c18-4d5a-b073-78557d598436", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.763, "x": 0.118, "y": 0.512 }, "kind": "paragraph", "text": "The results of the trial indicate that real-time mapping of arrhythmias would help EPs significantly improve the efficacy of ablation procedures compared to PVI alone. 12 months from the procedure, 69% of patients were free from AF/AT/AFL after only the initial procedure.", "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 20:45:30.129+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1b0a41a-fd16-4cce-8ece-a54dabafcfed", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The single-procedure efficacy of a catheter ablation aided only by real-time mapping matches the double-procedure efficacy of Convergent, and the double-procedure efficacy using AcQMap is a vast improvement. — Kerrisdale Capital", "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 23:06:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b907-24a86030f4f2", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.763, "x": 0.118, "y": 0.758 }, "kind": "source-note", "text": "29 Acutus demonstrates this technology through multiple videos on its website. 30 The activation patterns are detailed in Grace, A, et al, High-resolution noncontact charge-density mapping of endocardial activation...", "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 20:45:30.129+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a8d0f51f-fd15-46d2-aae1-396c686cccc9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 31, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 27, "name": "The Victory", "beatId": "b2363734-56f3-46ff-abfb-d7590b7e6299", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The conclusion presents a clear victory for the thesis that AtriCure's growth is set to short-circuit", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 31, "from": 25, "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": "3723b781-712f-4a89-8ac6-a6365db45803", "evidence": "The document presents a clear warning to investors about the risks of not acting", "position": 1, "objective": "To highlight the cost of inaction for investors who fail to recognize the threat of emerging technologies to AtriCure's business", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:59:20.910989+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 31, "type": "setup", "title": "This is a text-heavy research note conclusion page.", "function": "summarize", "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": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "dense", "densityScore": 51, "componentCount": 7, "textChars": 1250, "nDataPoints": 0, "notes": "This is a text-heavy research note conclusion page.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:30.52+00", "seconds": 3.572, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/31", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-31", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The implication for AtriCure is that its best hope for growth is already dead, and it hasn't even been approved yet.", "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 23:06:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b906-da52776af8de", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.74, "x": 0.128, "y": 0.338 }, "kind": "paragraph", "text": "The performance of AtriCure's stock price over the past six months... indicates that investors see the Convergent procedures as a powerful growth lever... In our view, nothing could be further from reality.", "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 20:45:30.52+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c58e916-540c-48bc-8ccb-4c377af035e9", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.74, "x": 0.128, "y": 0.093 }, "kind": "paragraph", "text": "AF (and other arrhythmias) emanating from other locations around the heart that have yet to be identified. As that happens, the superiority of catheter ablation over the blunt instrument of a surgical procedure will be further enhanced.", "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 20:45:30.52+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "431ce64b-3eaa-4c35-92ea-cd6d636f34df", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.74, "x": 0.128, "y": 0.508 }, "kind": "paragraph", "text": "Even the well-designed catheter ablation trials conducted 8-10 years ago... suggest that the safest way to treat these patients is with a single catheter ablation procedure... The implication for AtriCure is that its best hope for growth is already dead.", "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 20:45:30.52+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d3c33ca-395a-40b2-a79e-d8546bdc614f", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.74, "x": 0.128, "y": 0.708 }, "kind": "paragraph", "text": "If that weren't enough, new catheter technologies such as pulsed field ablation... will soon reach levels that will make the procedure a reasonable option even for patients who are set to undergo open heart surgery.", "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 20:45:30.52+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ecb0c486-e9ba-4dd6-979b-8771a33b3960", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.74, "x": 0.128, "y": 0.201 }, "kind": "paragraph", "text": "The future of catheter ablation is bright, and by delivering the fatal blow to minimally invasive ablation and even eating into the concomitant surgical ablation market, it threatens AtriCure's very existence.", "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 20:45:30.52+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe9c5a96-9f93-485c-805a-ba70e208578c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.128, "y": 0.295 }, "kind": "title", "text": "VI. Conclusion", "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 20:45:30.52+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f7b6df24-471f-4fa8-9fd5-ae031c1328ab", "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": "1cbe6b85-2690-4173-be36-7b56a5fbc3dc", "evidence": "This slide is titled 'VI. Conclusion' and contains a call to action regarding the implications for AtriCure.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:59:46.730454+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 31, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 27, "name": "The Victory", "beatId": "b2363734-56f3-46ff-abfb-d7590b7e6299", "matchId": "9cd574cc-dea1-4cd6-874f-272a86ae606b", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "The conclusion presents a clear victory for the thesis that AtriCure's growth is set to short-circuit", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 31, "from": 25, "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": "3723b781-712f-4a89-8ac6-a6365db45803", "evidence": "The document presents a clear warning to investors about the risks of not acting", "position": 1, "objective": "To highlight the cost of inaction for investors who fail to recognize the threat of emerging technologies to AtriCure's business", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:59:20.910989+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 32, "type": "tension", "title": "The slide uses a narrative-heavy format to dismantle the company's growth thesis.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "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": "balanced", "densityScore": 43, "componentCount": 3, "textChars": 1795, "nDataPoints": 6, "notes": "The slide uses a narrative-heavy format to dismantle the company's growth thesis.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:30.12+00", "seconds": 3.066, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/32", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-32", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The unfortunate implication for investors is that while AtriCure's core business has grown at a double-digit rate for over a decade, that growth will come to a screeching halt in the very near term.", "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 23:06:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b906-c8fe1e218c2b", "parentComponentId": null }, { "bbox": { "h": 0.325, "w": 0.766, "x": 0.117, "y": 0.112 }, "kind": "paragraph", "text": "That market, which underlies AtriCure's core open-heart and AtriClip segments, and over two thirds of its revenues, has been portrayed by the company as vast and underpenetrated. Investors have accepted the proposition that AtriCure's core surgical business has many years of growth before it. But an even cursory look into the data reveals a reality at odds with the company's portrayal of the market. The addressable surgical ablation market comprises only about 10% of overall open-heart surgeries, in contrast to AtriCure's claims that one third of those patients suffer preoperative AF. Meanwhile, the market is approximately 80% penetrated, rather than the 20-25% figure that AtriCure asserts, and AtriCure's share of that market is over 90%. The unfortunate implication for investors is that while AtriCure's core business has grown at a double-digit rate for over a decade, that growth will come to a screeching halt in the very near term.", "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 20:45:30.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "491d8343-5b3b-4b3c-9ac5-19a9784b06de", "parentComponentId": null }, { "bbox": { "h": 0.225, "w": 0.766, "x": 0.117, "y": 0.455 }, "kind": "paragraph", "text": "AtriCure currently trades at 7.5x the revenue generated in 2019, and about 7x consensus estimates of the revenue to be generated in the next twelve months. We expect that AtriCure will recover from the pandemic-driven decline in cardiac surgeries to eventually regain its peak revenues, but that will be thin gruel for investors. The company operates a business that has shown itself to be structurally unprofitable and incapable of generating operating leverage even in the best of times. But those times are over. A likely side effect of the rapid technological advancement of catheter ablation will be the complete collapse of AtriCure's business.", "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 20:45:30.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "700071e8-29c7-4667-badc-54d789a140c3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 33, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 4, "textChars": 428, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:30.493+00", "seconds": 3.341, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/33", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-33", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The Authors stand to realize gains in the event that the price of the stock decreases.", "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 23:06:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0396-73da-b907-7dba5567647a", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.764, "x": 0.118, "y": 0.142 }, "kind": "disclaimer", "text": "As of the publication date of this report, Kerrisdale Capital Management LLC and its affiliates (collectively \"Kerrisdale\") have short positions in the stock of AtriCure, Inc. (\"ATRC\").", "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 20:45:30.493+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "afbe6b8b-6cb7-460c-9a44-78b60cf9b367", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.764, "x": 0.118, "y": 0.945 }, "kind": "other", "text": "Kerrisdale Capital Management, LLC | 1212 Avenue of the Americas, 3rd Floor | New York, NY 10036 | Tel: 212.792.7999 | Fax: 212.531.6153", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:45:30.493+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f7b204a-1dae-4ad7-9479-2d695d8af34a", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.285, "x": 0.118, "y": 0.095 }, "kind": "title", "text": "Full Legal 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 20:45:30.493+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c237839-2279-4cac-a2b1-9e8ebed0cf04", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 34, "type": "setup", "function": "other", "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": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "balanced", "densityScore": 30, "componentCount": 1, "textChars": 1470, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:45:31.822+00", "seconds": 4.61, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-08d95731b035/34", "deck": "/decks/019dd923-622c-750b-8b98-08d95731b035", "deckAnchor": "/decks/019dd923-622c-750b-8b98-08d95731b035#slide-34", "deckJson": "/decks/019dd923-622c-750b-8b98-08d95731b035.json" }, "components": [ { "bbox": { "h": 0.399, "w": 0.766, "x": 0.117, "y": 0.094 }, "kind": "disclaimer", "text": "activities. In addition, the Authors may benefit from any change in the valuation of any other companies, securities, or commodities discussed in this document. Analysts who prepared this report are compensated based upon (among other factors) the overall profitability of the Authors' operations and their affiliates. The compensation structure for the Authors' analysts is generally a derivative of their effectiveness in generating and communicating new investment ideas and the performance of recommended strategies for the Authors. This could represent a potential conflict of interest in the statements and opinions in the Authors' documents.\n\nThe information contained in this document may include, or incorporate by reference, forward-looking statements, which would include any statements that are not statements of historical fact. Any or all of the Authors' forward-looking assumptions, expectations, projections, intentions or beliefs about future events may turn out to be wrong. These forward-looking statements can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, most of which are beyond the Authors' control. Investors should conduct independent due diligence, with assistance from professional financial, legal and tax experts, on all securities, companies, and commodities discussed in this document and develop a stand-alone judgment of the relevant markets prior to making any investment decision.", "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 20:45:31.822+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "068942ea-ce83-4f92-92e9-17a914e1f529", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 5, "label": "The Monster", "description": "The problem for AtriCure and Convergent is presented" }, { "from": 6, "to": 20, "label": "The Struggle", "description": "The document presents various critiques of AtriCure's business model and market prospects" }, { "from": 27, "to": 31, "label": "The Victory", "description": "The conclusion presents a clear victory for the thesis that AtriCure's growth is set to short-circuit" } ], "loops": [ { "from": 5, "to": 20, "label": "Pattern Hunter", "description": "To identify patterns in AtriCure's business model and market prospects that indicate a flawed strategy" }, { "from": 25, "to": 31, "label": "Cost Of Inaction", "description": "To highlight the cost of inaction for investors who fail to recognize the threat of emerging technologies to AtriCure's business" } ] }