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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 a table to show the inverse relationship between Penumbra's growth and Medtronic's market entry, with a callout box explaining why the Medtronic data is incomplete.",
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      "kind": "callout",
      "text": "Importantly, note that Medtronic's React 71 – its newest and, per doctors with whom we've spoken, most popular neurovascular aspiration catheter – is not yet captured in the IQVIA data.",
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      "text": "unit sales growth: -28%",
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      "text": "We note that the sales decline indicated by the transaction data coincides with the H2 2018 FDA approval of multiple neurovascular aspiration catheters by competitors.",
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      "text": "Source: Medical Device & Supply Audit, June 2013 – May 2018, IQVIA Inc. All Rights Reserved.",
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      "text": "Penumbra Unit Sales Declines Coincide With Emergence Of New Competitors",
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      "kind": "title",
      "text": "Apparent Sales Decline Coincides With Wave Of Competitive Entry",
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