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  "docSlug": "44aa04154472",
  "documentTitle": "Align Technology, Inc. (ALGN)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2020-04-09 00:00:00",
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  "notes": "The slide uses a two-part table structure to derive cost savings and then integrates those savings into a full P&L statement to show the net impact on cash flow.",
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      "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": "Cost Savings: $182,560",
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      "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. 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": "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.",
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      "kind": "table",
      "text": "Cost Savings: Align vs. Third Party Lab vs. In-House 3D Printing",
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      "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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