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  "documentTitle": "Penumbra, Inc. (PEN)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2019-07-31 00:00:00",
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  "notes": "Uses red dashed lines to visually connect the decline in sales to the negative growth metrics and the contrast with the growing market.",
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      "kind": "callout",
      "text": "We find it striking that Penumbra’s apparent unit sales growth in the neurovascular aspirator vertical has been negative even as the mechanical thrombectomy market grows at a brisk rate",
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      "text": "Neurovascular Mechanical Thrombectomy Treatments (U.S.) Year-over-Year Growth",
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      "text": "Penumbra Neurovascular Aspiration Catheter Units Sold - Monthly",
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      "kind": "disclaimer",
      "text": "While prior declines indicated by IQVIA did not translate into negative sales growth, it does appear to reflect recent sales growth decelerations directionally, and could provide context for the recent pickup in DSOs. Do stretched receivables suggest that the indicated decline in AC transactions could translate to observable trends in Penumbra’s financial statements on a lag? Did international sales cover up U.S. declines?",
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      "text": "Year-over-Year Growth: negative",
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      "text": "Spruce Point’s analysis of recent market data confirms that Penumbra is, in fact, rapidly losing share in real time. IQVIA MDSA data show that, as of May – the last month for which data is currently available – monthly sales of Penumbra’s neurovascular aspiration catheters have declined year-over-year for five of the last six months.",
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      "text": "Market Data Corroborates Penumbra’s Dramatic Market Share Loss",
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