{
  "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": 34,
  "pageCount": 61,
  "prevPage": 33,
  "nextPage": 35,
  "slideType": "section_divider",
  "function": "transition",
  "density": "sparse",
  "nDataPoints": 0,
  "notes": null,
  "elementsJson": [
    "other"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-be9011f05a27/34",
  "deckHref": "/decks/019dd923-622c-750b-8b98-be9011f05a27",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-be9011f05a27.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-be9011f05a27#slide-34",
  "components": [
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.45,
        "y": 0.96
      },
      "kind": "disclaimer",
      "text": "Proprietary and Confidential –May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0b26e642-cfb4-4fb4-8eaa-06052cad232d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.2,
        "x": 0.07,
        "y": 0.3
      },
      "kind": "image",
      "text": null,
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9640717d-ddeb-41b2-9224-617353c0f060",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.55,
        "x": 0.36,
        "y": 0.41
      },
      "kind": "title",
      "text": "Product Commoditization Skews Market Share Outlook And Obscures Market Growth Potential",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "29d7faf3-c6d0-43f2-babd-9a5b553ef92d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "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": [
    {
      "to": 36,
      "from": 33,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "8782ee2d-e1a4-4d74-988c-cda2e278820d",
      "evidence": "The document presents the potential consequences of not addressing competitive pressures.",
      "position": 1,
      "objective": "Highlighting the consequences of not addressing competitive pressures",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}