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  "documentTitle": "Penumbra, Inc. (PEN)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2019-07-31 00:00:00",
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      "kind": "callout",
      "text": "Penumbra is a laggard in BOTH 1) scale and 2) stent retriever quality. The simultaneous growth of bundling and the solumbra technique – even as solumbra expands the market for aspiration catheters – will put Penumbra at a significant competitive disadvantage to larger peers.",
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      "text": "Penumbra is a laggard in BOTH 1) scale and 2) stent retriever quality. The simultaneous growth of bundling and the solumbra technique - even as solumbra expands the market for aspiration catheters - will put Penumbra at a significant competitive disadvantage to larger peers.",
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      "kind": "paragraph",
      "text": "Even as aspiration catheters grow increasingly popular in the treatment of acute ischemic stroke, industry trends continue to favor vendors which can provide high-quality stent retrievers.",
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      "kind": "quote",
      "text": "Medtronic has the Solitaire - it's a great stent retriever. And you compare that to the Penumbra stent retriever, which is this 3D separator - in my opinion, it wasn't as good.",
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      "kind": "quote",
      "text": "Penumbra has offered a similar kind of [bundling] arrangement [as Medtronic], but I told them that I am not interested because I have used their stent retriever and I don't think it is as good as the Solitaire [Medtronic].",
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      "kind": "quote",
      "text": "It is widely recognized that doctors hate Penumbra's stent retriever.... Penumbra has not gotten any traction with their stent retriever.",
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      "text": "\"Penumbra has offered a similar kind of [bundling] arrangement [as Medtronic], but I told them that I am not interested because I have used their stent retriever and I don't think it is as good as the Solitaire [Medtronic]. And the discount that they are going to offer – truthfully, they could even offer it for me for free and this would not convince me to use it.\" — Neurosurgeon. \"It is widely recognized that doctors hate Penumbra's stent retriever.... Penumbra is trying to get into stent retrievers and has fallen flat on their face. Penumbra has not gotten any traction with their stent retriever. The development of a stent retriever is not easy at all.\" — Neurovascular Products Sales Director. \"Medtronic has the Solitaire - it's a great stent retriever. And you compare that to the Penumbra stent retriever, which is this 3D separator - in my opinion, it wasn't at as good.\" — Neurosurgeon.",
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      "kind": "title",
      "text": "Low-Quality Stent Retriever Puts Penumbra At A Disadvantage Amidst Industry Trends",
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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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