Spruce Point Capital Management · activist-deck
PROCEPT BioRobotics Corporation (PRCT)
100 pages · 0 arc beats · 3 loops
PROCEPT BioRobotics Corporation (PRCT)
Spruce Point Capital Management · 2025-01 arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
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Deck intelligence map
1 coverage by narrative range · generated from this deck JSON
Narrative range 100 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Whole deck 100 slides 100% 100/100 slides 100% 100/100 slides · 711 hits — 0/100 slides
16% 16/100 slides · 18 hits 69% 69/100 slides — 0/100 slides
23% 23/100 slides Slide inventory
100 every slide · same image gating as the playbook
01
The slide uses a clinical setting to frame the investment thesis as a 'medical' diagnosis of the company's claims.front_matter
04
The slide uses a comparative table format to establish credibility by showcasing past successful short campaigns.cite_precedent
06
The slide uses a strong, accusatory tone typical of activist short-seller reports.diagnose_problem
07
The slide uses a narrative structure to frame the market context and then pivot to a critique of a specific competitor's product.summarize
08
The slide uses a yellow background to highlight critical negative findings.summarize
09
The slide uses a narrative structure to build a case for 'channel stuffing' and 'low confidence' in the business.summarize
10
This slide serves as a continuation of the executive summary, focusing on financial skepticism and valuation disconnect.summarize
11
Uses a waterfall-bridge chart to expose the gap between company claims and reality.size_opportunity
Open slide detailLoop · Cost Of Inaction
12
The slide uses a direct comparison between the company's 'FOR ALL PROSTATES' marketing claim and expert testimony to frame the company's growth narrative as fraexpose_contradiction
Open slide detailLoop · Cost Of Inaction
13
Uses a causal chain framework to link financial metrics to a conclusion of excess inventory.expose_contradiction
Open slide detailLoop · Cost Of Inaction
14
Uses a timeline-style visual to highlight the break in historical pattern.expose_contradiction
Open slide detailLoop · Cost Of Inaction
15
Includes Spruce Point Capital Management logo/branding element (pine tree).transition
Open slide detailLoop · Cost Of Inaction
16
The slide establishes the medical context for the activist thesis, specifically positioning Procept's product as a 'resective' procedure for serious cases.frame_problem
Open slide detailLoop · Cost Of Inaction
17
The slide uses a comparison framework to argue against the company's 'all prostates' vision.compare_peers
Open slide detailLoop · Cost Of Inaction
18
The slide uses a list format to compare medical procedures, with a specific callout for TWJA/Aquablation in red text.compare_peers
Open slide detailLoop · Cost Of Inaction
19
The slide uses a two-column comparison structure to categorize factors influencing BPH treatment decisions.preempt_rebuttal
Open slide detailLoop · Cost Of Inaction
20
The slide uses a table format to present qualitative evidence from expert interviews to support the thesis that MISTs are driven by physician incentives rather cite_precedent
Open slide detailLoop · Cost Of Inaction
21
The slide uses a combination of a data table and narrative callouts to debunk a specific bear case regarding MIST durability.preempt_rebuttal
22
The slide uses a table and two charts to contrast the market share and adoption curves of different BPH procedures.compare_peers
23
Includes a line chart and a stacked bar chart with red callout arrows highlighting the trend.analyze_data
24
The slide uses a combination of a bar chart for averages and a line chart for time-series data to illustrate the trend.expose_contradiction
25
Uses red boxes to highlight specific evidence of contradiction.expose_contradiction
26
Uses a CEO quote to highlight the economic challenges in the BPH market.expose_contradiction
28
This slide establishes the operational context for the activist thesis, specifically linking handpiece sales to procedure volume.establish_context
29
Uses direct quotes from interviews to undermine the company's value proposition.expose_contradiction
30
Uses a table-like structure to contrast procedure risks and provide expert testimonials.expose_contradiction
31
Uses expert testimony (urologist interviews) to undermine the company's market positioning.preempt_rebuttal
32
Uses a combination of regulatory guidelines and expert testimony to undermine the product's long-term value proposition.expose_contradiction
33
Uses red boxes and arrows to highlight data manipulation in Procept's investor presentation.expose_contradiction
34
Includes a callout box highlighting the contradiction between study findings and company marketing.expose_contradiction
35
Includes a red box and underline for emphasis, and a direct quote from a Procept CCO earnings call to highlight the contradiction.expose_contradiction
36
The slide uses a red box to highlight the spike in malfunctions post-Q3 2023.expose_contradiction
37
The slide uses red underlining to emphasize the 'FDA Determined Cause' for both recalls.expose_contradiction
38
Uses a before-after comparison to frame the company's previous disclosures as insufficient.expose_contradiction
39
Uses a combination of expert testimony and regulatory documentation to cast doubt on the safety profile of the procedure.expose_contradiction
40
Uses a table to present qualitative evidence (quotes) to undermine a company's narrative.expose_contradiction
41
Uses a table format to present qualitative evidence from interviews to contradict company claims.expose_contradiction
42
The slide uses a 'villain' framing technique to discredit the company's marketing claims.expose_contradiction
43
Uses a direct quote from a Tegus interview to undermine the company's value proposition.expose_contradiction
44
The slide uses a table format to present qualitative evidence (interviews) to support a bearish thesis.expose_contradiction
45
Uses red underlining to highlight specific risk-related clauses in legal text.expose_contradiction
46
Uses a grid layout to present four distinct supplier profiles as evidence of operational risk.name_villain
47
Spruce Point Capital Management branding (pine tree logo).frame_problem
Open slide detailLoop · Mece Breakdown
48
Uses side-by-side comparison of two Procept investor presentations to expose a shift in narrative that the activist deems unrealistic.expose_contradiction
Open slide detailLoop · Mece Breakdown
49
Uses AUA clinical guidelines to frame the company's addressable market as smaller than claimed.expose_contradiction
Open slide detailLoop · Mece Breakdown
50
Uses expert interviews to contradict company TAM claims.preempt_rebuttal
Open slide detailLoop · Mece Breakdown
51
The slide uses a red box to highlight the discrepancy between the company's claim and the academic average.expose_contradiction
Open slide detailLoop · Mece Breakdown
52
The slide uses a combination of AHRQ NIS data and Dowling (CMS) data to triangulate procedure volumes.analyze_data
Open slide detailLoop · Mece Breakdown
53
Includes a testimonial/interview excerpt to support the claim of misapplied diagnosis codes.size_opportunity
Open slide detailLoop · Mece Breakdown
54
Includes a red box highlight on the 52% penetration metric and the actual handpiece units sold row, with an arrow connecting them.expose_contradiction
Open slide detailLoop · Mece Breakdown
55
Uses a table format to present primary source interview quotes as evidence against market growth assumptions.preempt_rebuttal
56
Includes a table comparing disclosed utilization vs. calculated utilization, and a table from AUA 2023 Census on procedure volume.expose_contradiction
57
The slide uses direct quotes from industry participants to undermine the growth thesis of the target company.expose_contradiction
58
The slide uses a table to demonstrate that procedure growth (excluding Rezum) is lower than the growth of the target demographic (men 65+ and 65-75).expose_contradiction
59
Includes a red-boxed excerpt from official CMS documentation highlighting specific clinical criteria.expose_contradiction
60
The slide uses a comparison table format to list specific patient-related inhibitors to Aquablation adoption.name_villain
61
The slide uses a red-and-white table format to present qualitative arguments against the adoption of a specific medical technology.preempt_rebuttal
63
Includes a histogram of prostate sizes and a supporting quote from a urologist.diagnose_problem
64
Uses a histogram with red annotations to highlight market segments where the product is less competitive or not indicated.expose_contradiction
65
Includes a chart showing stable intervention rates and a quote from a urologist supporting the shift toward less invasive procedures.preempt_rebuttal
66
The slide uses red text to highlight key critical arguments within the quote.cite_precedent
Open slide detailLoop · Voice Of Customer
67
Uses a combination of company-specific highlights, expert testimonials, and direct quotes to undermine the target company's market position.name_villain
Open slide detailLoop · Voice Of Customer
68
Includes a quote from a Urodoc on SeekingAlpha and a summary of a cost-effectiveness study.summarize
Open slide detailLoop · Voice Of Customer
69
Includes a direct quote from a urologist validating the superiority of laser-based HoLEP over waterjet-based ablation.preempt_rebuttal
Open slide detailLoop · Voice Of Customer
70
This is a section divider slide used by Spruce Point Capital Management.frame_problem
Open slide detailLoop · Voice Of Customer
71
Uses expert interviews to preemptively rebut market valuation assumptions regarding the company's cancer pipeline.expose_contradiction
72
Uses an orange analogy to explain the anatomical mismatch of the technology.preempt_rebuttal
73
Includes a quote from a Spruce Point interview with a urologist to cast doubt on the target company's market positioning.cite_precedent
75
Uses a combination of bar charts and expert testimony to build a case for financial manipulation.expose_contradiction
76
Uses a series of pull-quotes from former employees and a urologist to build a case of potential revenue manipulation.expose_contradiction
77
The slide uses a red box to highlight a cluster of companies (ESTA, STAA, PRCT, DXCM) and a red horizontal line to denote the peer median of 55 days.compare_peers
78
The slide uses a red box to highlight the DSO trend and red underlining in the text to emphasize the fraudulent nature of the sales.expose_contradiction
79
The slide uses a Bloomberg terminal screenshot to highlight the trend in DSOs from 2007 to 2011.expose_contradiction
80
The slide uses excerpts from SEC filings to cast doubt on the company's financial reporting integrity.expose_contradiction
81
Uses a causal chain framework to link operational metrics to a conclusion of excess inventory.expose_contradiction
82
The slide uses a specific calculation to derive the 12% overstatement figure based on executive compensation targets.expose_contradiction
83
The slide uses a combination of qualitative narrative, a direct quote, and a quantitative table to build a case for non-disclosure.expose_contradiction
84
Uses testimonial evidence to challenge company financial disclosures.expose_contradiction
85
Uses a combination of regulatory disclosure and primary source interview data to build a case of corporate malfeasance.expose_contradiction
86
The slide uses a table to demonstrate that service revenue as a percentage of total revenue has grown from 5% to 15%, arguing this masks slower underlying systeexpose_contradiction
87
Includes a table comparing peer gross margin expansion to Procept's projected expansion.preempt_rebuttal
88
The slide uses a chronological list format to demonstrate flip-flopping accounting policies.expose_contradiction
89
The slide uses a 'guilt by association' tactic to undermine the credibility of the company's auditors.expose_contradiction
90
Uses direct quotes from industry participants to undermine the bull case for Procept's operating leverage.expose_contradiction
91
Includes a quote from a former executive to support the claim of an expensive, high-touch sales model.expose_contradiction
92
The slide uses red callout boxes to highlight specific contradictions in compensation policy and performance outcomes.expose_contradiction
93
This is a transition or thesis slide featuring the Spruce Point Capital Management logo (the pine tree).summarize
94
The slide uses a 'villain' framing by highlighting the disconnect between high valuation and poor financial performance.analyze_data
95
Uses a direct comparison table format to highlight discrepancies in market penetration, pricing, replacement cycles, and cost efficiencies.expose_contradiction
96
The slide uses red icons to denote selling activity on a stock price line chart.expose_contradiction
97
The slide uses a bar chart to show valuation multiples and a comparison table to expose the gap in scale and performance.compare_peers
98
The slide uses a 'generous' set of assumptions to preemptively counter potential bull-case arguments regarding market penetration.size_opportunity
99
Includes a table of historical and projected financials with a highlighted 'Period of massive uncertainty'.preempt_rebuttal
100
The slide uses a standard activist short-seller valuation bridge format.show_valuation_bridge