{ "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": 43, "pageCount": 84, "prevPage": 42, "nextPage": 44, "slideType": "comparison_table", "function": "diagnose_problem", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a two-part table structure to contrast benefits with barriers, concluding that barriers are technological and collapsing.", "elementsJson": [ "headline_text", "paragraph", "comparison_table", "callout_box" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b98-e0497bacd3c2/43", "deckHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2", "deckJsonHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2#slide-43", "components": [ { "bbox": { "h": 0.11, "w": 0.94, "x": 0.03, "y": 0.86 }, "kind": "callout", "text": "Align bulls generally do not consider in-house 3D printing a serious threat to the Company. However, Spruce Point finds that historical limitations to in-house 3D printing have little to do with doctor preference, brand loyalty, or cost savings limitations, as is believed by most Align bulls. Spruce Point finds, rather, that they are largely the product of technological barriers which are now beginning to collapse with recent industry innovation.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "43c25757-601b-428f-a56c-6b3f0f9ed1f0", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "Align bulls generally do not consider in-house 3D printing a serious threat to the Company. However, Spruce Point finds that historical limitations to in-house 3D printing have little to do with doctor preference, brand loyalty, or cost savings limitations, as is believed by most Align bulls.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0391-77f4-a9e6-4a8fd6d5c310", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.13, "w": 0.94, "x": 0.03, "y": 0.16 }, "kind": "paragraph", "text": "Until recently, orthodontists and dentists looking to print clear aligners in-house have had very few software options from which to choose. With Align having maintained such tight control of the clear aligner value chain for most of the last 20 years, and with in-house 3D printing still a relatively novel development, relatively little has been invested in third-party CAD/CAM software to support in-house clear aligner design. Importantly, Align also maintained a suite of patents over its CAD/CAM clear aligner software which began to expire only in 2017. Accordingly, 3Shape – a platform which gets mixed reviews, per our conversations with orthodontists – has been perhaps the only practical CAD/CAM software option for users of in-house 3D printers.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b407c381-50e4-4d03-bb3c-9bf150b42784", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.52, "w": 0.46, "x": 0.51, "y": 0.32 }, "kind": "table", "text": "So Why Isn't In-House 3D Printing More Widespread? table", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d5efad13-5839-4500-8e25-13c730685b22", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.52, "w": 0.46, "x": 0.03, "y": 0.32 }, "kind": "table", "text": "Benefits To In-House 3D Printing table", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e7397d72-0c86-4a5c-bdf6-6c69d6a344e0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "New Developments Poised To Make In-House 3D Printing A More Practical And Competitive Option", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c9583997-22df-4217-9856-2ada0ab5927f", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "comparison_frame", "slug": null, "matchId": "776fae8b-fdce-4801-b58b-523edb544a23", "evidence": "The slide explicitly compares benefits vs barriers to explain market adoption.", "confidence": 0.9 } ], "arcBeats": [ { "to": 84, "from": 41, "beatId": "422ae0e1-bf81-40de-97fd-5008b09953d5", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Solution (Provide relief)", "beatSlug": "problem-agitate-solution-solution-provide-relief", "evidence": "The document presents Spruce Point's short sell opinion and argues that the stock is poised for significant downside.", "position": 2, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "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 }