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  "documentTitle": "AtriCure, Inc. (ATRC)",
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  "authorName": "Kerrisdale Capital",
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  "presentationDate": "2020-09-01 00:00:00",
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  "notes": "The slide uses a quote from a 2010 conference to contrast with 2020 data, arguing that the company's narrative is disingenuous.",
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      "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.",
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      "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.",
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      "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.",
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      "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.",
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      "kind": "paragraph",
      "text": "As the two preceding quotes attest, AtriCure's assertions over time regarding the market opportunity of concomitant surgical ablation are irreconcilable.",
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      "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.",
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      "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",
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      "kind": "source-note",
      "text": "14 On page 19, in the “Supplemental Information” section of the presentation, as filed with the SEC.",
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