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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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  "notes": "Includes a quote from a Neurovascular Products Sales Director to reinforce the point.",
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      "text": "Penumbra is not one of them.",
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      "text": "Interactions with Health Care Professionals: The scope of beneficial interactions between Health Care Professionals and Companies is broad and includes interactions intended to: Promote the Advancement of Medical Technologies, Enhance the Safe and Effective Use of Medical Technologies, Encourage Research and Education, Foster Charitable Donations and Giving.",
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      "text": "The Advanced Medical Technology Association, more commonly known as AdvaMed, is a medical device trade association which “promotes competitive policies that foster the highest ethical standards.” The organization’s “Code of Ethics on Interactions with Health Care Professionals” sets guidelines for member companies on a broad set of industry activities, from consulting arrangements with doctors and research financing to reimbursement for travel and lodging. The vast majority of major U.S. medtech companies (including all companies listed as competitors on Penumbra’s 10-K) are members of AdvaMed: per AdvaMed’s website, organization members manufacture close to 90% of medtech products purchased in the U.S. Interestingly, Penumbra is not one of them.",
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      "text": "“Penumbra is not held to the same standard as [us] and [competitor].... We have to be much more cautious [about our spending]. We have limits that we have to stay under.” - Neurovascular Products Sales Director",
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      "text": "\"Penumbra is not held to the same standard as [us] and [competitor].... We have to be much more cautious [about our spending]. We have limits that we have to stay under.\" — Neurovascular Products Sales Director",
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      "text": "Source: AdvaMed",
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      "text": "Comparison table showing Boston Scientific, J&J, Medtronic, Stryker, and Terumo as AdvaMed members, while Penumbra is not.",
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      "text": "Penumbra Not Holding Itself To Peer Ethical Standards",
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