{ "docId": "019dd923-622c-750b-8b98-e0497bacd3c2", "docSlug": "44aa04154472", "documentTitle": "Align Technology, Inc. (ALGN)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-04-09 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 12, "pageCount": 84, "prevPage": 11, "nextPage": 13, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 12, "notes": "Includes three distinct charts and three qualitative testimonials from industry participants.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "bar_chart_vertical", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b98-e0497bacd3c2/12", "deckHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2", "deckJsonHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2#slide-12", "components": [ { "bbox": { "h": 0.07, "w": 0.9, "x": 0.05, "y": 0.91 }, "kind": "callout", "text": "Spruce Point believes that it is only a matter of time before Align is forced to slash its own lab fees to maintain its existing orthodontist base, or else risk losing significant case volume.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8dbcf34c-1cba-42d1-b0eb-c723d9ba6049", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.3, "x": 0.05, "y": 0.39 }, "kind": "chart", "text": "Has Clarity (3M) been in your offices to discuss their clear aligner products and pricing?", "attrs": null, "subkind": "bar-vertical", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "35f2d097-4167-47a8-a140-f421c6cf6314", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.3, "x": 0.36, "y": 0.39 }, "kind": "chart", "text": "At approximately what price level of lab fees would you (or did you) consider switching...", "attrs": null, "subkind": "bar-vertical", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7c69fcfe-790a-4828-9a69-290842364d3e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.3, "x": 0.67, "y": 0.39 }, "kind": "chart", "text": "Survey Results: 2019-2020E Expected Case Growth, Align vs. Competitors (Aggregate)", "attrs": null, "subkind": "bar-vertical", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e1dd028a-b405-4436-a24b-2b41e1e09344", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "lab fees: $500-600", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-0391-77f4-a9e4-e49b86ffade9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.14, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "paragraph", "text": "Dentists and orthodontists across the US tell us that the influx of competition is already beginning to weigh on industry pricing...", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "55944143-838f-4dcb-81ac-b40a16d08a46", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.11, "w": 0.32, "x": 0.51, "y": 0.68 }, "kind": "quote", "text": "3M came to me and said that we can do all of your cases for $600... I expect my Invisalign volumes to be down going forward", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5c27bf7b-f7df-46b4-a58b-f50f99f95ce4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.32, "x": 0.51, "y": 0.8 }, "kind": "quote", "text": "We are going to see major price compression with lab fees in the next one to two years.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ca2c0d39-4c03-4073-bc1b-c120e96f948b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.32, "x": 0.18, "y": 0.68 }, "kind": "quote", "text": "3M is offering me cases at a $500 lab fee compared to my Invisalign Lab fee of $1,000...", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f9b66b1b-9589-4460-ae9e-0eca1f831c93", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "3M is offering me cases at a $500 lab fee compared to my Invisalign Lab fee of $1,000. If I can start doing more cases with 3M and it will save me money, why not just switch? 3M software is excellent. It is very easy to use. They brought a lot of people over from Invisalign. It’s getting to the point where it will be as good as Invisalign. β€” Orthodontist, Diamond Plus Align Tier; 3M came to me and said that we can do all of your cases for $600... I expect my Invisalign volumes to be down going forward β€” Orthodontist, Diamond Plus Align Tier; We are going to see major price compression with lab fees in the next one to two years. β€” Senior Employee, Major Dental Equipment Supplier", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0391-77f4-a9e4-e183cce755e6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Doctors Reveal That Pricing Pressure Is Already Coming To The Space", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "80e87be6-a477-4f3d-9976-83446975398e", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "evidence-matrix", "slug": null, "matchId": "76dd943c-ae60-42a1-81d9-7730af35d600", "evidence": "Combines survey data with qualitative testimonials to support a thesis.", "confidence": 0.8 } ], "arcBeats": [ { "to": 40, "from": 11, "beatId": "d000155d-5ed4-42d9-a121-e365864b1747", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate (Make it worse)", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The document presents a detailed analysis of the challenges facing Align Technology, including increasing competition, eroding proprietary advantages, and pandemic-related risks.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }