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  "documentTitle": "PetIQ, Inc. (PETQ)",
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  "presentationDate": "2019-04-30 00:00:00",
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  "notes": "Uses a combination of bar chart, line chart, and data table to frame the 'gap' as a contradiction in management guidance.",
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      "kind": "callout",
      "text": "Profitability levels of human medication distributors – which could be in position to enter the veterinary medication distribution business within the foreseeable future – imply even greater downside to PetIQ product segment margins.",
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      "kind": "callout",
      "text": "Why can PetIQ's products business support EBITDA margins more than double those of peers? ...and why does management see even greater upside to legacy business profitability?",
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      "text": "Why can PetIQ’s products business support EBITDA margins more than double those of peers?",
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      "text": "EBITDA Margin: PetIQ vs. Peers",
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      "text": "EBITDA margin: 10.8%",
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      "text": "Spruce Point believes that there is little room for material competitive advantage in the world of veterinary drug distribution...",
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      "text": "Sources: PETQ filings, PDCO filings, MWIV filings, Bloomberg",
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      "text": "Company, Ticker, Gross Margin (TTM), Operating Margin (TTM)",
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      "text": "Inexplicable Margin Gap vs. Peers Implies Downside To Profitability",
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