{ "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": 46, "pageCount": 84, "prevPage": 45, "nextPage": 47, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "density": "dense", "nDataPoints": 4, "notes": "The slide uses a 'villain' (Align Technology) and their own CEO's words to validate the thesis.", "elementsJson": [ "headline_text", "paragraph", "screenshot", "quote_block" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b98-e0497bacd3c2/46", "deckHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2", "deckJsonHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2#slide-46", "components": [ { "bbox": null, "kind": "callout", "text": "With many of Align's key CAD/CAM software patents having rolled off from 2018-20, Spruce Point observes that new, innovative companies are beginning to disrupt what has been one of the major barriers to widespread 3D printer adoption among orthodontists.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0391-77f4-a9e5-8097c19063c2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.25, "x": 0.02, "y": 0.03 }, "kind": "image", "text": "Spruce Point Capital Management", "attrs": null, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f705f404-c38c-43dc-acab-cfbb9eeb3f32", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "With many of Align's key CAD/CAM software patents having rolled off from 2018-20, Spruce Point observes that new, innovative companies are beginning to disrupt what has been one of the major barriers to widespread 3D printer adoption among orthodontists.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f5f11189-d8d3-4fc5-b3bb-58c48caad234", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.088 }, "kind": "quote", "text": "Yes, remember, we -- you could arguably say we had 10 to 15 key patents burn off at the last -- last part of last year and I call those CAD/CAM patents which means you could design something on a computer screen and then 3D print it and that's what choked most companies from getting into the marketplace because you really couldn't scale.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4378d2ce-6b08-46b2-9752-9b788de82581", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"Yes, remember, we -- you could arguably say we had 10 to 15 key patents burn off at the last -- last part of last year and I call those CAD/CAM patents which means you could design something on a computer screen and then 3D print it and that's what choked most companies from getting into the marketplace because you really couldn't scale.\" — Joseph Hogan – CEO, Align Technology", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0391-77f4-a9e5-8784539104d7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.55, "w": 0.96, "x": 0.02, "y": 0.28 }, "kind": "table", "text": "Four columns of patent details including patent numbers, dates, and expiration status.", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a99103ae-6bf1-4849-baf0-49b890f65842", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Expired Patents Open The Door For Innovation Which Will Break The Barrier To In-House 3D Printing", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "04437f66-96b4-49dd-b489-4e7ca53a3fb7", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "c10b78e7-6024-462b-9ef4-28bdd12b4826", "evidence": "Using the CEO's own words to validate the thesis that their moat is disappearing.", "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 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