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  "docSlug": "1cbf7684bf7d",
  "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": "Uses red boxes and arrows to highlight negative trends in contrast to the overall market growth.",
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      "kind": "callout",
      "text": "We find it striking that Penumbra's apparent unit sales growth in the neurovascular aspirator vertical has been negative even as the mechanical thrombectomy market grows at a brisk rate",
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      "kind": "chart",
      "text": "Year-over-Year Growth in Monthly Units Sold",
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      "kind": "chart",
      "text": "Penumbra Neurovascular Aspiration Catheter Units Sold - Monthly",
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      "text": "Neurovascular Mechanical Thrombectomy Treatments (U.S.) Year-over-Year Growth",
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      "kind": "disclaimer",
      "text": "While prior declines indicated by IQVIA did not translate into negative sales growth, it does appear to reflect recent sales growth decelerations directionally, and could provide context for the recent pickup in DSOs. Do stretched receivables suggest that the indicated decline in AC transactions could translate to observable trends in Penumbra's financial statements on a lag? Did international sales cover up U.S. declines?",
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      "text": "Year-over-Year Growth",
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      "kind": "paragraph",
      "text": "Spruce Point's analysis of recent market data confirms that Penumbra is, in fact, rapidly losing share in real time. IQVIA MDSA data show that, as of May - the last month for which data is currently available - monthly sales of Penumbra's neurovascular aspiration catheters have declined year-over-year for five of the last six months. Penumbra's growth trajectory appears to be losing steam so rapidly that its rate of growth has not only slowed, but has turned negative in a neurovascular mechanical thrombectomy market which is itself growing at 20-40% per year.",
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      "kind": "title",
      "text": "Market Data Corroborates Penumbra's Dramatic Market Share Loss",
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