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  "docSlug": "1cbf7684bf7d",
  "documentTitle": "Penumbra, Inc. (PEN)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-31 00:00:00",
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  "pageNumber": 50,
  "pageCount": 61,
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  "notes": "Uses red arrows to highlight the correlation between the acquisition timing and financial metrics.",
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      "kind": "callout",
      "text": "DSIs peak in Q3 FY17, the quarter during which Penumbra acquired Crossmed, before rapidly correcting through subsequent quarters",
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      "text": "Other International revenue rises by ~5x the average quarter-over-quarter increase in the quarter following the Crossmed acquisition",
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      "text": "Days Inventory Outstanding (Quarterly Basis)",
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      "text": "Other International Revenue - Quarter-over-Quarter Change",
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      "kind": "paragraph",
      "text": "In Q3 FY17, Penumbra acquired Crossmed S.p.A., its Italian distributor, for a total purchase price of $18.7M (3.0x FY17 sales of $6.2M). In Spruce Point's experience, distributor acquisitions are a common tactic used by companies looking for a quick sales boost.",
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      "kind": "title",
      "text": "Acquisition Of Distributor Coincides With Concerning Financial Patterns",
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      "arcName": "Overcoming the Monster",
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