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  "docSlug": "44aa04154472",
  "documentTitle": "Align Technology, Inc. (ALGN)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-09 00:00:00",
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  "pageNumber": 18,
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  "nDataPoints": 60,
  "notes": "The slide uses a two-table structure to first calculate cost savings and then demonstrate the impact on net cash flow.",
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      "kind": "callout",
      "text": "We believe that the magnitude of this potential cost savings will be too great for many orthodontic offices to ignore – something which the current pandemic-driven pause in business will allow (and encourage) them to evaluate.",
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      "text": "Net Cash Flow: 12%",
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      "kind": "paragraph",
      "text": "Our diligence into the cost structure of orthodontic offices allows us to evaluate the potential impact of Align alternatives on their bottom lines. Our findings: current Align customers could increase their cash flows by close to 10% by instead sourcing their aligners from a third-party lab, or by over 12% by printing aligners in-house. We believe that the magnitude of this potential cost savings will be too great for many orthodontic offices to ignore – something which the current pandemic-driven pause in business will allow (and encourage) them to evaluate.",
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      "kind": "source-note",
      "text": "1. Case mix representative of typical mix at relevant practice size based on Spruce Point diligence\n2. Average based on Spruce Point diligence\n3. Assumes 75 / 25 comprehensive / non-comprehensive mix\n4. Includes $10 / aligner fee ($15 for 120 aligner practice) and all other fees. Assumes 75 / 25 comprehensive / non-comprehensive mix.\n5. Includes $10 / aligner fee and $14,400 annual software license fee",
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      "kind": "table",
      "text": "Cash Flow Benefit: Align vs. Third Party Lab vs. In-House 3D Printing",
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      "kind": "title",
      "text": "Case Study: Cost Savings From Align Alternatives A Material Benefit To Orthodontist Profitability",
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      "evidence": "The document presents a detailed analysis of the challenges facing Align Technology, including increasing competition, eroding proprietary advantages, and pandemic-related risks.",
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