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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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  "notes": "The table segments peers by FDA pathway (PMA vs 510K) to highlight that PEN is trading at multiples inconsistent with its lower-tier 510K status and weaker fundamentals.",
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      "text": "PEN trades in line with more advanced and R&D-intensive medical device companies despite its weak IP, relatively low gross margins (even by the standard of 510(k) companies) and increasingly competitive landscape.",
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      "text": "EV / Sales: 11.3x",
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      "text": "PEN trades in line with more advanced and R&D-intensive medical device companies despite its weak IP, relatively low gross margins (even by the standard of 510(k) companies) and increasingly competitive landscape. We believe that investors must reevaluate Penumbra’s current valuation in light of its growing fundamental headwinds and low business quality.",
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      "text": "Source: Bloomberg, Spruce Point Research",
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      "text": "Peer comparison table including Ticker, Price, 52-wk High, EV, Sales, Sales Growth, Gross Margin, R&D, EV/Sales, and FDA Pathway.",
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      "kind": "title",
      "text": "PEN Improperly Trading In Line With Higher-Quality Peers",
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