{
  "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": 40,
  "pageCount": 84,
  "prevPage": 39,
  "nextPage": 41,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 12,
  "notes": "The slide uses a combination of proprietary survey charts and direct quotes to build a bearish thesis on Align Technology.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "bar_chart_vertical",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-e0497bacd3c2/40",
  "deckHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2#slide-40",
  "components": [
    {
      "bbox": {
        "h": 0.07,
        "w": 0.94,
        "x": 0.03,
        "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": "07b084b9-e280-4cfc-a50e-ba3cfb47e2e0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.3,
        "x": 0.35,
        "y": 0.39
      },
      "kind": "chart",
      "text": "At approximately what price level of lab fees would you (or did you) consider switching a majority of yoru Invisalign case volume...",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "88c58ce4-de6b-4576-b7cb-45a31e08b3d5",
      "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": "9a19098c-d627-42c7-9b7a-91a9ed2d3dad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.3,
        "x": 0.03,
        "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": "ccc2b2d5-97b1-4651-90dc-c893914a96cd",
      "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-a9e5-c45a96d2b386",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.13,
        "w": 0.9,
        "x": 0.05,
        "y": 0.17
      },
      "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": "0c56a708-0bef-4911-b4ff-521a494a2ff3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.33,
        "x": 0.52,
        "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": "7aeef7a7-dd30-46f3-be18-dc7ff729524b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.33,
        "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": "e191dfee-eaba-45d3-ba58-8eeb113beff3",
      "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. — 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 — Orthodontist, Diamond Plus Align Tier; We are going to see major price compression with lab fees in the next one to two years. — Senior Employee, Major Dental Equipment Supplier",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0391-77f4-a9e5-c36303f9b777",
      "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": "0d1bd535-c8ab-4783-98e3-73d6f70f8733",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.66,
        "x": 0.17,
        "y": 0.35
      },
      "kind": "title",
      "text": "Spruce Point Proprietary Survey (31 Align-Using Orthodontists, Minimum Platinum Tier)",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2c1da5b7-ccad-413a-82c8-947f6397df70",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "evidence-matrix",
      "slug": null,
      "matchId": "b1d7336f-5ad2-46f9-bcd3-85d994aee500",
      "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": [
    {
      "to": 50,
      "from": 40,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "8cb62e0c-7255-43bd-a985-20d6eb7e3ffa",
      "evidence": "The document presents a detailed analysis of the competitive threats and their impact on Align Technology's business model.",
      "position": 1,
      "objective": "How do the competitive threats impact Align Technology's business model?",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.6,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}