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  "documentTitle": "Align Technology, Inc. (ALGN)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2020-04-09 00:00:00",
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  "notes": "Uses a table to contrast sell-side consensus growth (20%) with Spruce Point's estimate (11%) based on channel-specific saturation and churn.",
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      "text": "Proliferation of alternatives introduces churn",
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      "text": "Orthodontist saturation limits case growth; Spread of alternatives introduces churn",
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      "text": "The sell side does not yet appreciate the consequences of emerging competitive threats",
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      "text": "Total Revenue Growth: 6%",
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      "text": "Prior to the COVID-19 pandemic, the sell side anticipated top-line growth of approximately 20% in FY20 and beyond for Align... we believe that total case growth could revert to a run-rate level of just over 10%.",
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      "text": "Estimates derived from management disclosures. Figures not disclosed directly by management are Spruce Point estimates.",
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      "text": "Large table showing Doctors, Utilization, and Cases (000s) from 2012-2019, 7-Year CAGR, and Future Run-Rate (Spruce Point) across four segments.",
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      "kind": "title",
      "text": "TAM-Driven Argument For Future Case Growth Undermined By Emerging Threats",
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