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  "docSlug": "97e66c73c118",
  "documentTitle": "Hill-Rom Holdings, Inc. (HRC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-10-29 00:00:00",
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  "pageNumber": 38,
  "pageCount": 80,
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  "notes": "Uses a side-by-side comparison of management quotes vs. independent opinions to highlight a contradiction.",
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      "kind": "callout",
      "text": "Our conversations with industry experts and former employees, however, suggest that hospitals continue to treat beds as a major capital expenditure which should generally be replaced as infrequently as possible.",
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      "text": "Management quotes on the left, independent opinions on the right.",
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      "text": "Among the most significant drivers of new product sales growth has been the Q4 FY17 launch of Hill-Rom’s Centrella “smart bed.” Management boasts that Centrella’s embedded patient-monitoring technologies increase patient safety and, accordingly, elevate the hospital bed from a mere piece of furniture to a mission-critical piece of hospital room technology. With this, management claims, Centrella has accelerated the hospital bed purchasing cycle, as hospitals increasingly treat the hospital bed as a piece of value-added technology which improves patient outcomes. Our conversations with industry experts and former employees, however, suggest that hospitals continue to treat beds as a major capital expenditure which should generally be replaced as infrequently as possible. They indicate that growth in Hill-Rom’s bed sales following the Centrella launch is more likely price-driven or a reflection of one-off purchases among hospitals long overdue for bed replacement.",
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      "kind": "quote",
      "text": "\"We are very excited about the potential Centrella has to accelerate the med surg bed replacement cycle\" — John Groetelaars, President & CEO, Hill-Rom. \"Hospitals are generally willing to put off bed purchases if needed... It's not going to accelerate the purchasing cycle over the long-term - this is probably more of a one-time blip.\" — Former Employee, Hill-Rom.",
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      "kind": "title",
      "text": "Promotional Stance Regarding Accelerated Bed Repurchase Cycle Likely Unrealistic",
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