{ "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": 60, "pageCount": 84, "prevPage": 59, "nextPage": 61, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 1, "notes": "The slide uses a combination of narrative analysis, a historical press release, and testimonial quotes to build a case against Align's strategic decision.", "elementsJson": [ "headline_text", "paragraph", "screenshot", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b98-e0497bacd3c2/60", "deckHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2", "deckJsonHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2#slide-60", "components": [ { "bbox": null, "kind": "callout", "text": "Invisalign has diluted the orthodontic industry. They took away our exclusivity. The damage is done now.... We just don't trust Invisalign.... It is just a matter of time that I move as much of my case volume as possible away from Invisalign.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0391-77f4-a9e8-f627556493d7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.48, "x": 0.03, "y": 0.42 }, "kind": "paragraph", "text": "ALIGN TECHNOLOGY TO SUPPLY NON-INVISALIGN CLEAR ALIGNERS TO SMILEDIRECTCLUB IN NORTH AMERICA... SAN JOSE, CA - (Marketwired) - 07/28/16...", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "14d78d92-78db-4839-8f25-372c5684b4eb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.94, "x": 0.03, "y": 0.16 }, "kind": "paragraph", "text": "Most Align bulls do not see SmileDirectClub and other DTC aligner providers as a direct threat to Align... orthodontists are nonetheless unhappy about the fact that potential patients can now seek out teeth-straightening devices without having to go through them.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7bbebfe4-68dc-4adf-81d4-6f103dd21ee7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.36, "x": 0.62, "y": 0.76 }, "kind": "quote", "text": "If I had to guess 30% to 40% of SDC cases are cases that would have gone to Invisalign if the DTC option was not available.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "27acf203-8c56-47e0-80e9-3a2a5db428f4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.36, "x": 0.62, "y": 0.61 }, "kind": "quote", "text": "I expect my Invisalign volumes to be down going forward. Direct to Consumer offerings are taking business away from us.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4ace19d0-e808-4274-a6c4-a449ed802353", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.36, "x": 0.62, "y": 0.42 }, "kind": "quote", "text": "Invisalign has diluted the orthodontic industry. They took away our exclusivity. The damage is done now.... We just don't trust Invisalign.... It is just a matter of time that I move as much of my case volume as possible away from Invisalign.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d5b6ce68-7b59-4f9d-82bc-33b87ef84157", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"Invisalign has diluted the orthodontic industry. They took away our exclusivity. The damage is done now.... We just don't trust Invisalign.... It is just a matter of time that I move as much of my case volume as possible away from Invisalign.\" — Orthodontist, Diamond Plus Align Tier; \"I expect my Invisalign volumes to be down going forward. Direct to Consumer offerings are taking business away from us.\" — Orthodontist, Diamond Plus Align Tier; \"If I had to guess 30% to 40% of SDC cases are cases that would have gone to Invisalign if the DTC option was not available.\" — Dentist, DSO", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0391-77f4-a9e8-faa69b474c47", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Sacrificing Customer Relationships In Pursuit Of Growth?", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "19e9a02e-c01c-407e-a614-8760970b58a4", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "e41782a0-be6b-40ae-8e44-4c07d043322b", "evidence": "The slide highlights a strategic conflict between corporate growth and customer retention, framing the company's actions as detrimental to its core partners.", "confidence": 0.8 } ], "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": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }