{
  "docId": "019dd923-622c-750b-8b98-be9011f05a27",
  "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",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 32,
  "pageCount": 61,
  "prevPage": 31,
  "nextPage": 33,
  "slideType": "comparison_table",
  "function": "expose_gap",
  "density": "overcrowded",
  "nDataPoints": 35,
  "notes": "The slide uses primary research (interviews) to corroborate quantitative market share loss.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table",
    "callout_box",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-be9011f05a27/32",
  "deckHref": "/decks/019dd923-622c-750b-8b98-be9011f05a27",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-be9011f05a27.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-be9011f05a27#slide-32",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.91
      },
      "kind": "callout",
      "text": "Between the transaction data and our conversations with doctors and other industry experts, the evidence overwhelmingly suggests that Penumbra is losing tremendous market share at an extremely rapid pace.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b3c879a0-8737-45df-80c2-1e673003da4a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "This shift among neurosurgeons from ~100% to 0-30% reliance on Penumbra has occurred over the course of just six to nine months.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee3a-7528-92b6-d80e55a0b0aa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Aspiration Catheter Usage Share: 0-30%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee3a-7528-92b6-e31685ab4be4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "In the course of our research, we spoke with numerous neurosurgeons at institutions of a wide range of sizes... This shift among neurosurgeons from ~100% to 0-30% reliance on Penumbra has occurred over the course of just six to nine months.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d022c7c8-55a9-45f3-93f4-ef43eeb35a15",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.45,
        "x": 0.51,
        "y": 0.65
      },
      "kind": "quote",
      "text": "Penumbra used to always beat itself. Once something new came out, Penumbra would come out with something better. But now Medtronic has the React 71, and that is kicking ass...",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0d6eef6d-3369-4049-bb40-906e7821e0c8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.45,
        "x": 0.05,
        "y": 0.65
      },
      "kind": "quote",
      "text": "I am 70% Sofia [Terumo], probably 15% Medtronic React 71, and 15% Penumbra. It used to be that we were 100% Penumbra when they were the only thing out there...",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "44557cee-bd86-4e54-9619-b57cb6c39922",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"I am 70% Sofia [Terumo], probably 15% Medtronic React 71, and 15% Penumbra. It used to be that we were 100% Penumbra when they were the only thing out there... Their Jet7 catheter sucks and they know it.\" — Neurosurgeon; \"Penumbra used to always beat itself. Once something new came out, Penumbra would come out with something better. But now Medtronic has the React 71, and that is kicking ass. In our shop, we have shifted 40-50% of our business from the Penumbra Jet to Medtronic...\" — Neurosurgeon",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-ee3a-7528-92b6-dfcc42a5f61c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.32,
        "w": 0.9,
        "x": 0.05,
        "y": 0.29
      },
      "kind": "table",
      "text": "Table showing doctor-specific usage share of Penumbra vs competitors in 2018 and 2019.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0ee6205a-c7a5-4bc1-853c-9aff97cce895",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.38,
        "x": 0.31,
        "y": 0.05
      },
      "kind": "title",
      "text": "Tracking Data Corroborated By Doctors",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d82de5ff-a46e-46b4-9fd7-9c339423de37",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "evidence-matrix",
      "slug": null,
      "matchId": "e220bdb3-0a47-4c04-8d2c-ed762bd82ea5",
      "evidence": "Uses qualitative doctor testimonials to support quantitative table data.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 61,
      "from": 31,
      "beatId": "12d3c67f-b91e-48ff-a8d3-c9685144b586",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The document presents Spruce Point's conclusion of 40-55% downside risk in PEN shares.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}