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  "docSlug": "97e66c73c118",
  "documentTitle": "Hill-Rom Holdings, Inc. (HRC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-10-29 00:00:00",
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  "pageNumber": 48,
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  "notes": "The slide uses a table to build up to an 'Organic Core Revenue Ex-New Products' growth rate, then highlights the implied acceleration in a bar chart.",
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      "kind": "callout",
      "text": "Why should we expect Hill-Rom's legacy business to accelerate so dramatically?",
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      "kind": "callout",
      "text": "Spruce Point believes that it is highly unlikely that organic core growth excluding new products will grow a whopping 300-650 bps above its trailing eight-quarter average in Q4 FY19. We believe that this may put Hill-Rom in a position to miss sell-side estimates for core growth.",
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      "text": "Organic Core Growth Ex-New Products",
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      "kind": "disclaimer",
      "text": "Assumes 50% of new product sales growth is incremental, 50% is cannibalization. New Product Contribution is Spruce Point estimate.",
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      "text": "Organic Core Revenue Growth Ex-New Products: 3.0%",
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      "kind": "paragraph",
      "text": "Despite the ongoing deceleration in new product sales growth against a backdrop of chronic underspending on capex and R&D, analysts expect Hill-Rom to generate organic core revenue growth of 5.6% in FY20...",
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      "text": "Financial table showing revenue breakdown from FY18 to FY20E",
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      "kind": "title",
      "text": "Forward-Year Consensus Estimates Far Too Aggressive Given New Product Deceleration",
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