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  "documentTitle": "Align Technology, Inc. (ALGN)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-09 00:00:00",
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  "notes": "Uses a table to decompose growth drivers (Doctors, Utilization, Cases) across three segments (North America, South America/Dentists, International) to justify a lower growth forecast.",
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      "text": "Orthodontist saturation limits case growth; Spread of alternatives introduces churn",
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      "text": "Spruce Point View: The sell side does not yet appreciate the consequences of emerging competitive threats",
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      "text": "Total Revenue Growth, Annual: 6%",
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      "text": "Prior to the COVID-19 pandemic, the sell side anticipated top-line growth of approximately 20% in FY20 and beyond for Align... we believe that total case growth could revert to a run-rate level of just over 10%.",
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