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  "documentTitle": "Penumbra, Inc. (PEN)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-31 00:00:00",
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  "notes": "The slide highlights Penumbra's valuation relative to its peers, specifically contrasting PMA vs 510(k) pathways.",
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      "text": "Medtech companies which produce devices cleared under PMAs (as opposed to the 510(k) pathway) are generally deemed to be protected from competition by stronger barriers to entry and, naturally, tend to trade at relatively higher multiples. So why does Penumbra trade in line with producers of devices cleared under the PMA pathway?",
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      "text": "EV / Sales: 11.3x",
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      "text": "Medtech companies which produce devices cleared under PMAs (as opposed to the 510(k) pathway) are generally deemed to be protected from competition by stronger barriers to entry and, naturally, tend to trade at relatively higher multiples. So why does Penumbra trade in line with producers of devices cleared under the PMA pathway?",
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      "text": "Peer comparison table with columns: Company, Ticker, FDA Pathway, R&D as a % of Sales, EV/Sales (FY19, FY20), Expected Sales Growth (FY19, FY20).",
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      "text": "Valuation Exceeds Appropriate Peer Group",
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