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  "documentTitle": "Penumbra, Inc. (PEN)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2019-07-31 00:00:00",
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      "text": "We believe that underestimated competition could cut Penumbra’s expected sales growth by nearly half in FY20, from 20% to close to 10%.",
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      "text": "Wave Of Competition Entering Penumbra’s Vertical For The First Time; Rapid Pace Of Market Share Loss Deeply Misunderstood By Market; Penumbra’s Core “Device” A Commoditized Plastic Consumable Sold Cheaply By Competitors; Promotional And Aggressive Management Playing Defense Against Slowing Growth?; A Commoditized, One-Product Company Valued As A Growth Story",
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      "text": "downside risk: 40-55%",
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      "text": "Penumbra, Inc. (“PEN” or “the Company”) is a one-trick-pony surgical instrument company which, in our opinion, produces a low-tech and undifferentiated product in an increasingly competitive space.",
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      "text": "Spruce Point Sees 40-55% Downside Risk ($85-$110 Per Share) In Penumbra (PEN) Shares",
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