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  "documentTitle": "Penumbra, Inc. (PEN)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-31 00:00:00",
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  "nDataPoints": 18,
  "notes": "The slide uses two bar charts to illustrate the 'unsophisticated' nature of sell-side projections for patient volume and market share.",
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      "text": "Spruce Point believes that consensus estimates for future aspiration catheter revenues are not analytically robust. Yet, as with most companies, the market interprets these estimates as a good indicator of future sales...",
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      "text": "Spruce Point believes that consensus estimates for future aspiration catheter revenues are not analytically robust. Yet, as with most companies, the market interprets these estimates as a good indicator of future sales, and as perhaps the most educated, rigorous, and analytically complete assessment of future performance. Accordingly, we believe that Penumbra shares are currently valued according to estimates which likely feature a high degree of error.",
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      "text": "Aspiration Catheter Market Share, Penumbra (U.S.) Blended Sell-Side Estimate",
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      "kind": "chart",
      "text": "U.S. Ischemic Large Vessle Occlusion Patients Treated Blended Sell-Side Estimate",
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      "kind": "paragraph",
      "text": "Spruce Point believes that analysts have taken a relatively unsophisticated and naïve approach to estimating Penumbra's neurovascular aspiration catheter sales in future years...",
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      "kind": "title",
      "text": "Market Share Estimates Out Of Thin Air",
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