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  "documentTitle": "AtriCure, Inc. (ATRC)",
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  "authorName": "Kerrisdale Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-09-01 00:00:00",
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      "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.",
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      "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%.",
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      "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.",
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      "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.",
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      "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.",
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      "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.",
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