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  "documentTitle": "Penumbra, Inc. (PEN)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-31 00:00:00",
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  "pageNumber": 31,
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  "notes": "Includes red box annotations highlighting the convergence of delta and growth trends.",
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      "kind": "callout",
      "text": "IQVIA's increasing reliability as an indicator of Penumbra sales makes us confident that the consistent sales decline indicated through recent months is a signal of a genuine downward inflection in Penumbra's U.S. growth, if not a contraction.",
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      "text": "sales delta: 2.4%",
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      "text": "Our analysis of IQVIA's sales data suggests that it is becoming an increasingly accurate and reliable indicator of Penumbra revenue. While Penumbra's reported U.S. sales differed from U.S. sales of Penumbra SKUs captured by IQVIA by 33% in 2014 – perhaps because Penumbra's narrower customer base introduced bias into the data – IQVIA's Penumbra sales data came within 2% of Penumbra's reported U.S. sales in 2018. IQVIA has also successfully captured inflections in Penumbra's U.S. sales trajectory through the past two years, reflecting both the step-down in growth in 2017 and the slight increase in growth in 2018.",
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      "kind": "source-note",
      "text": "Source: Medical Device & Supply Audit, June 2013 – May 2018, IQVIA Inc. All Rights Reserved.",
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      "kind": "table",
      "text": "IQVIA Becoming An Increasingly Reliable Indicator Of Penumbra U.S. Sales",
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      "kind": "title",
      "text": "IQVIA Data Appears Increasingly Credible, Both Directionally And In Absolute Terms",
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      "arcName": "Overcoming the Monster",
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      "evidence": "The document presents Spruce Point's conclusion of 40-55% downside risk in PEN shares.",
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