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  "docSlug": "2692179b6d0b",
  "documentTitle": "PetIQ, Inc. (PETQ)",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-04-30 00:00:00",
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  "notes": "The slide uses a 'gotcha' approach by leveraging a public employee review to reverse-engineer revenue figures.",
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      "kind": "callout",
      "text": "$200K in orders per business day = $52.2M in orders per year. FY15 True Science Revenue = $205.7M",
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      "text": "Just how large were these operations? One former Blue Ridge account manager on Indeed.com reports managing 30-50 orders per day, “amounting to around $200,000,” to be processed “no more than 14 business days from the time [they were] issued” in 2015 and perhaps earlier. If all or a significant share of these orders were made on behalf of True Science, as the PetIQ v. Farrens complaint would imply, Blue Ridge alone could have been responsible for over 25% of True Science FY15 sales of $206M (at run rate, since Blue Ridge supposedly shut down in late 2015).",
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      "text": "Note that, given the date of this review (Sep 22, 2015), it was likely posted by an employee who worked at Blue Ridge at some point during 2014-15 or 2013-15, when we know from court filings that True Science was Blue Ridge’s primary (and only?) customer. Is PetIQ still a customer now that Blue Ridge appears to be back in business?",
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      "kind": "title",
      "text": "Veterinarian Partners Potentially Buying In Size For True Science",
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