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  "documentTitle": "Penumbra, Inc. (PEN)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2019-07-31 00:00:00",
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  "pageNumber": 22,
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  "notes": "The slide uses a table to demonstrate the timeline of FDA approvals for competitors, contrasting them with Penumbra's 2007 entry.",
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      "kind": "callout",
      "text": "However, we believe - and will demonstrate - that the Street is severely underestimating the pace with which competitors are taking share from Penumbra.",
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      "kind": "paragraph",
      "text": "With aspiration thrombectomy now gaining traction as a clinically-proven approach to acute ischemic stroke treatment – and one which is cheaper than the stent retriever method – major medical device players outside of Penumbra have finally entered the space with their own aspiration catheters FDA-approved for acute ischemic stroke treatment. While Penumbra was the only player with an FDA-approved aspiration catheter through much of the 2010s, others have rapidly entered the space through the past twelve months, and the Company now competes with large-scale medical device companies in a space which it had to itself for almost ten years. Analysts and investors are both well-aware of the recent influx of competition and generally remain bullish nonetheless. However, we believe – and will demonstrate – that the Street is severely underestimating the pace with which competitors are taking share from Penumbra.",
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      "text": "1. As discussed later in this report, while only Penumbra offered catheters approved by the FDA for use in aspiration thrombectomy until recently, many neurosurgeons frequently used other companies' guide catheters \"off label\" as aspiration catheters. This perhaps contributed to competitors' delayed entry into the \"FDA-approved\" aspiration catheter space.",
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      "kind": "table",
      "text": "Date Of FDA Approval For Aspiration Catheter Cleared For Acute Ischemic Stroke Treatment",
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      "kind": "title",
      "text": "Major Medical Device Players Finally Enter The Aspiration Catheter Market",
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