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  "documentTitle": "Penumbra, Inc. (PEN)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-31 00:00:00",
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  "notes": "The slide highlights a contradiction between the company's regulatory pathway (510(k)) and its valuation relative to PMA-cleared peers.",
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      "text": "Medtech companies which produce devices cleared under PMAs (as opposed to the 510(k) pathway) are generally deemed to be protected from competition by stronger barriers to entry and, naturally, tend to trade at relatively higher multiples. So why does Penumbra trade in line with producers of devices cleared under the PMA pathway?",
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      "text": "EV / Sales: 11.3x",
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      "text": "Medtech companies which produce devices cleared under PMAs (as opposed to the 510(k) pathway) are generally deemed to be protected from competition by stronger barriers to entry and, naturally, tend to trade at relatively higher multiples. So why does Penumbra trade in line with producers of devices cleared under the PMA pathway?",
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      "text": "Valuation Exceeds Appropriate Peer Group",
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