{
  "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": 44,
  "pageCount": 61,
  "prevPage": 43,
  "nextPage": 45,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 5,
  "notes": "Uses testimonials from neurosurgeons and a sales director to undermine management's credibility.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "quote_block",
    "bar_chart_vertical"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-be9011f05a27/44",
  "deckHref": "/decks/019dd923-622c-750b-8b98-be9011f05a27",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-be9011f05a27.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-be9011f05a27#slide-44",
  "components": [
    {
      "bbox": {
        "h": 0.03,
        "w": 0.44,
        "x": 0.05,
        "y": 0.33
      },
      "kind": "callout",
      "text": "Management Buddying Up To Doctors To Promote The Business",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "145752c3-027d-4063-9b36-95e27d095d5b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.44,
        "x": 0.52,
        "y": 0.33
      },
      "kind": "callout",
      "text": "Management Pumping Up Weak Business Lines",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8525f376-5017-4f79-be10-0d0cc9344449",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Close to zero sales growth through last two years",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee3a-7528-92b7-633cac9cd4ff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.38,
        "w": 0.42,
        "x": 0.53,
        "y": 0.52
      },
      "kind": "chart",
      "text": "Penumbra Neuro Embolization Sales",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1603f4c4-5211-4fa1-853f-d73085a91ad8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.22,
        "x": 0.54,
        "y": 0.57
      },
      "kind": "legend",
      "text": "Close to zero sales growth through last two years",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aa11f252-7406-4202-8924-153d06de6153",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Neuro Embolization Sales",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee3a-7528-92b7-68966bac9a4b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.13,
        "w": 0.91,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Management has a history of promotional behavior, particularly in the face of past failures. Industry experts report, for example, that management promoted its neuro embolization business heavily in the mid-2010s following the launch of its smart coils. However, the smart coil has thus far been a disappointment, and the neuro embolization business has been largely flat through the past several years. Interestingly, management has also apparently been making visits to doctors to promote its new lines of catheters and USB-enabled pump (the purpose of which nobody can quite figure out).",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dd68006e-3a40-42e8-a735-171171fc7fe6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.42,
        "x": 0.53,
        "y": 0.38
      },
      "kind": "quote",
      "text": "\"[Penumbra] launched their smart coils with a lot of fanfare, but it has not come through in the way they said it would. It did not surpass the technology of Target, Stryker's Coil, which is #1 in the in the US and World Market.\"",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "39842097-fa04-487d-a568-84ecbc133e71",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.42,
        "x": 0.06,
        "y": 0.38
      },
      "kind": "quote",
      "text": "\"Their Jet7 catheter sucks and they know it... [Penumbra's] CEO was just on a goodwill tour trying to make sure -- his last words for us as we all shook hands goodbye was 'Don't give up on us.' They rolled out this new pump for everybody. We were told that it has higher aspiration force than the one they had before... They replaced the old one with the new one for free. This new pump has a USB port on the back of it. And Adam's words were 'I think you know me well enough that I didn't design this pump with a USB port to charge your phone.' So there is something to new technology that will be related to power that [Adam] thinks is going to revolutionize aspiration. And I don't know what that is that they are trying to.\"",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7d2a4ae5-0ad3-4e39-8aa7-c582fdf6cbeb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"Their Jet7 catheter sucks and they know it... [Penumbra's] CEO was just on a goodwill tour trying to make sure -- his last words for us as we all shook hands goodbye was 'Don't give up on us.'\" — Neurosurgeon; \"[Penumbra] launched their smart coils with a lot of fanfare, but it has not come through in the way they said it would. It did not surpass the technology of Target, Stryker's Coil, which is #1 in the in the US and World Market.\" — Neurovascular Products Sales Director; \"Homeboy wouldn't be going on goodwill tours if they were rocking it.\" — Neurosurgeon",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-ee3a-7528-92b7-66fc90acda61",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "A Promotional Management Team With A History Of Empty Projections",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "39af312f-22e3-4927-9ba0-2cc103ca06ad",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "9046f2fd-91d3-4781-9e6d-b5a10f8fa3b8",
      "evidence": "Frames management as the antagonist with a history of empty promises.",
      "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
}