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  "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",
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  "pageNumber": 48,
  "pageCount": 61,
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  "nextPage": 49,
  "slideType": "expose_contradiction",
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  "density": "balanced",
  "nDataPoints": 11,
  "notes": "The chart shows a clear upward trend in DSO from Q3-2016 to Q1-2019, supporting the thesis of artificial inflation.",
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      "kind": "callout",
      "text": "Could stretched financials give the impression of stronger underlying earnings and sales growth as Penumbra faces increasingly strong fundamental headwinds?",
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      "kind": "chart",
      "text": "Days Sales Outstanding",
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      "kind": "paragraph",
      "text": "Just as rising competition has put pressure on Penumbra sales, management appears to be acting aggressively to maintain growth. In particular, DSOs have grown steadily and consistently since Penumbra first went public, and are now at an all-time high by a wide margin. This growth has accelerated through the last two quarters, during which time, we believe, competition became even fiercer with the release of new aspiration catheters from Medtronic and Stryker. These trends suggest that Penumbra sales and earnings may be artificially inflated by aggressive accounting or business practices.",
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      "kind": "title",
      "text": "Stretched Financials Suggest Declining Earnings Quality",
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      "evidence": "The slide uses financial metrics (DSO) to argue that management is manipulating earnings to hide fundamental business decline.",
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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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