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  "documentTitle": "PetIQ, Inc. (PETQ)",
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      "text": "Operating Profit flat to down as losses from new wellness centers are not overcome by product margin expansion",
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      "text": "Assuming flat product segment gross margins: FY20E EBITDA cut by 40% FY20E Adj. EBITDA cut by 35%",
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      "text": "Spruce Point believes that, assuming the wellness center rollout is modeled according to management guidance, Street estimates imply material product segment GM expansion despite demonstrated GM pressure. More realistic GM projections yield material EBITDA downside.",
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