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  "docId": "019dd923-622c-750b-8b98-a3d302cd2d9a",
  "docSlug": "2692179b6d0b",
  "documentTitle": "PetIQ, Inc. (PETQ)",
  "authorId": "54_Spruce_Point_Capital",
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  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-04-30 00:00:00",
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  "pageNumber": 65,
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  "notes": "The slide uses red boxes to highlight specific discrepancies between consensus and Spruce Point's projections.",
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      "kind": "callout",
      "text": "Do PetIQ shares really deserve such a lofty multiple if most of its projected sales growth is slated to come from a new and unproven business line for which management is issuing aggressive guidance?",
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      "text": "Sales Growth: 57%",
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      "kind": "paragraph",
      "text": "Management and the Street are looking for PetIQ sales to grow by 15% annually over the next two years. Much of that growth, however, is driven by projected sales growth from new health and wellness centers.",
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      "kind": "source-note",
      "text": "1. Consensus assumes wellness center roll-out schedule and unit economics as given on slide 14 of Apr 2, 2018 modeling presentation. Assumes 2% annual growth for legacy services business.",
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      "text": "Consensus vs Spruce Point Estimate table showing Sales, Growth, and Contribution metrics.",
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      "kind": "title",
      "text": "What’s Left To Support Sales Growth If The Wellness Centers Underperform?",
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      "arcName": "Overcoming the Monster",
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      "evidence": "Detailed critique of PetIQ's business practices, financials, and valuation",
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