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  "docSlug": "1cbf7684bf7d",
  "documentTitle": "Penumbra, Inc. (PEN)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-31 00:00:00",
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  "pageNumber": 27,
  "pageCount": 61,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 18,
  "notes": "The slide uses two 100% stacked bar charts to visualize the contradiction between analyst estimates and company claims.",
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      "kind": "callout",
      "text": "While these inconsistencies suggest that there may be discrepancies in the sell side's view of the base of the market, we are intrigued most by the fact that, regardless of how analysts identify and measure the market, they appear to significantly underestimate the pace of competitive market share gains: again, the sell side appears to assume that Penumbra will lose 2-3% market share per year, while Medtronic claims to have gained 15% in under a year and to be on pace to capture another 10% this year.",
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      "kind": "chart",
      "text": "U.S. Aspiration Market Share Projections - Medtronic",
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      "kind": "chart",
      "text": "U.S. Aspiration Market Share Projections - Sell-Side Blend",
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      "kind": "metric",
      "text": "market share: 10%",
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      "kind": "paragraph",
      "text": "If we assume that all neurovascular aspiration catheter players outside of Penumbra and Medtronic collectively control 10% of the market – generally in-line with market estimates and our own diligence – and conservatively assume that this share remains constant into the future, Medtronic's market share projections would imply that Penumbra currently controls just 75% share, falling to 65% by Medtronic's fiscal year end and to 40% into the future. Blended sell-side estimates, meanwhile, would imply that Medtronic currently has less than 1% share, growing to only 2% by its fiscal year end. This conflicts significantly with our own diligence and, we believe, is likely incorrect.",
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      "kind": "title",
      "text": "Street Market Share Estimates Conflict With Competitor Statements",
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      "evidence": "Contrasts analyst projections with company-stated performance metrics.",
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      "arcName": "Overcoming the Monster",
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      "evidence": "The document presents the competitive pressures and challenges faced by Penumbra.",
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