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  "documentTitle": "Penumbra, Inc. (PEN)",
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  "presentationDate": "2019-07-31 00:00:00",
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  "notes": "Includes a red hand-drawn annotation on the left chart highlighting the exclusion of 'Vascular Access' from the TAM.",
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      "kind": "callout",
      "text": "As of FYE 2018, we believe that Penumbra is 10% more penetrated in the U.S. than the sell side believes",
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      "text": "By ruling vascular access patients out of Penumbra's target market, we believe that the U.S. TAM for Penumbra's peripheral thrombectomy business is 33% lower than the Street believes",
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      "text": "Management has recently begun to promote its peripheral thrombectomy business... Spruce Point estimates that, in FY18, Penumbra achieved ~25% penetration among this universe of thrombectomy patients.",
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      "text": "With Penumbra more penetrated than the sell side believes in the peripheral thrombectomy market – a market which is already more crowded and competitive than the neuro market – we believe the Company's runway for growth is far more limited than is generally perceived.",
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      "kind": "title",
      "text": "Diverting Attention Away From Bad News? Management Promoting A New Growth Engine Just As The Old One Is Set To Peter Out",
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