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  "docSlug": "1cbf7684bf7d",
  "documentTitle": "Penumbra, Inc. (PEN)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-31 00:00:00",
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  "pageNumber": 9,
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  "nDataPoints": 25,
  "notes": "The slide uses red boxes to highlight the decline in Penumbra's market share.",
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      "kind": "callout",
      "text": "Between the transaction data and our conversations with doctors and other industry experts, the evidence overwhelmingly suggests that Penumbra is losing tremendous market share at an extremely rapid pace.",
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      "kind": "callout",
      "text": "This shift among neurosurgeons from ~100% to 0-30% reliance on Penumbra has occurred over the course of just six to nine months.",
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      "bbox": null,
      "kind": "metric",
      "text": "Aspiration Catheter Usage Share: 0-30%",
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      "text": "In the course of our research, we spoke with numerous neurosurgeons at institutions of a wide range of sizes, including practices which conduct anywhere from 60 to 200 mechanical thrombectomies per year. The trend among them was almost universal: whereas most used Penumbra almost exclusively until only recently, they now purchase only 0-30% of their neurovascular aspiration catheters from Penumbra. This shift among neurosurgeons from ~100% to 0-30% reliance on Penumbra has occurred over the course of just six to nine months.",
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      "kind": "quote",
      "text": "Penumbra used to always beat itself... But now Medtronic has the React 71, and that is kicking ass... we have shifted 40-50% of our business from the Penumbra Jet to Medtronic... Cerenovus [Johnson & Johnson] is coming out with some interesting stuff too.",
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      "kind": "quote",
      "text": "I am 70% Sofia [Terumo], probably 15% Medtronic React 71, and 15% Penumbra. It used to be that we were 100% Penumbra when they were the only thing out there... Sofia was way better than Penumbra's and so we pretty much switched.",
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      "kind": "quote",
      "text": "“I am 70% Sofia [Terumo], probably 15% Medtronic React 71, and 15% Penumbra. It used to be that we were 100% Penumbra when they were the only thing out there... Sofia was way better than Penumbra's and so we pretty much switched. It took me a month or two to agree to that, but we switched... Their Jet7 catheter sucks and they know it.” — Neurosurgeon. “Penumbra used to always beat itself. Once something new came out, Penumbra would come out with something better. But now Medtronic has the React 71, and that is kicking ass. In our shop, we have shifted 40-50% of our business from the Penumbra Jet to Medtronic – and now it is backordered. Medtronic never expected it to be this successful. And Cerenovus [Johnson & Johnson] is coming out with some interesting stuff too in the next six months. I think they are going to be even bigger than the React 71.” — Neurosurgeon",
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      "text": "Neurosurgeons Rapidly Switching From Penumbra To Competitors",
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      "text": "Tracking Data Corroborated By Doctors",
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