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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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  "notes": "The slide uses two tables to show implied market share by procedure count and dollar value, highlighting the decline in share over time as a point of skepticism.",
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      "kind": "callout",
      "text": "Can Penumbra really continue to command ~63% of the global market, and ~75% of the key U.S. market, five years into the future – even after other major medtech companies establish themselves in the space?",
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      "text": "market share: 63%",
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      "text": "As the first player to come to market with an FDA-approved aspiration catheter for the treatment of acute ischemic strokes, Penumbra has maintained commanding market share through its brief history as a public company. Spruce Point observes that, while the sell side does appear to assume some level of market share attrition with increasing competition, some analysts appear to believe that the Company can continue to dominate the neurovascular aspiration catheter space across each of its geographic markets for years to come. Is this assumption realistic?",
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      "text": "Aspiration Catheter Market Share By Procedure Count - Blend Of Sell-Side Estimates (Implied)",
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      "text": "Consensus Estimates Imply Sustained Market Share Dominance By Penumbra",
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