{
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  "docSlug": "04cdac207807",
  "documentTitle": "Henry Schein, Inc. (HSIC)",
  "authorId": "54_Spruce_Point_Capital",
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  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-09-26 00:00:00",
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  "pageNumber": 23,
  "pageCount": 40,
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  "slideType": "market_sizing",
  "function": "size_opportunity",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The slide uses a hierarchical tree diagram to segment the total addressable market.",
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  "components": [
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      "kind": "callout",
      "text": "Vets First Choice will likely have grown its U.S. market share to 36% by the end of 2018 from ~20% at the end of 2017.",
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      "kind": "diagram",
      "text": "Total U.S. Veterinary Clinics: +25,000 100% -> Private-Equity Backed: ~1,500 6% | Strategic Ownership: 2,400 10% | Independently Owned: ~21,000 84%",
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      "text": "market share: 36%",
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      "kind": "paragraph",
      "text": "We believe that all 25,000 U.S. vet practices will have an online pharmacy solution at some point in the future. Vet practices are in the midst of a secular change where companies like Vets First Choice can streamline the ability to offer a pharmacy online. Vets First Choice will likely have grown its U.S. market share to 36% by the end of 2018 from ~20% at the end of 2017. Ultimately, we think investors will begin to ascribe value to the worldwide opportunity as HSIC currently has over 80,000 vet relationships globally.",
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      "kind": "source-note",
      "text": "* Source: Company Estimates, Brakke Consulting",
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      "kind": "title",
      "text": "The United States Veterinarian Market",
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      "evidence": "The document provides a solution through the spin-off and merger, highlighting the growth potential and upside opportunity for HSIC shareholders.",
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