{ "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": 74, "pageCount": 84, "prevPage": 73, "nextPage": 75, "slideType": "testimonial", "function": "illustrate_case", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses a series of callout boxes to present anecdotal evidence supporting the thesis that Align Technology faces a competitive threat.", "elementsJson": [ "headline_text", "paragraph", "quote_block", "callout_box" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b98-e0497bacd3c2/74", "deckHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2", "deckJsonHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-e0497bacd3c2#slide-74", "components": [ { "bbox": { "h": 0.08, "w": 0.45, "x": 0.52, "y": 0.72 }, "kind": "callout", "text": "Now could be a convenient time for them to think through these alternatives more seriously...", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b6355f75-050b-4c09-bc56-00a1595b1f4f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.87 }, "kind": "paragraph", "text": "With new, low-cost competitors having only recently entered the clear aligner space, and with in-house 3D printing becoming increasingly economical, we believe that the current pause in business presents a uniquely ominous threat to Align.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "703109e2-1919-472f-bcb7-8abd198426a6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.13, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "paragraph", "text": "The current uncertainty surrounding the dental industry notwithstanding, the current pause in business presents dental practitioners with a unique opportunity to review their expenses and evaluate cost-saving alternatives...", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "faf92608-bacf-452f-826d-87efc5a27cff", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.45, "x": 0.52, "y": 0.35 }, "kind": "quote", "text": "The orthodontists coming out of school are more in debt than ever in the history of the profession. They are very tech savvy. If they know that they can save money, they will. - Senior Employee, Major Dental Equipment Supplier", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1cb7ef03-775e-4b9b-9049-69128831941d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.45, "x": 0.04, "y": 0.51 }, "kind": "quote", "text": "I talk to between 5-15 dentists a day, and they are greatly reducing their Invisalign numbers. For those dentists that are not yet switching, they are thinking about it. - Dental Consultant", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1db1640c-6e57-48b5-a238-936c0109e689", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.2, "w": 0.45, "x": 0.04, "y": 0.66 }, "kind": "quote", "text": "The biggest risk to Invisalign is the core base of users are looking for alternatives. There are study clubs in my area that are called 'Invisalign alternative study clubs,' meaning you have a roomful of 30-40 of the heaviest hitter orthodontists in [region redacted] come together every 2-3 months to sit there and talk about other companies other than Invisalign that you can use. - Orthodontist, Diamond Plus Align Tier", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bed6ff5d-233d-4030-b6fc-638df8366192", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.45, "x": 0.04, "y": 0.35 }, "kind": "quote", "text": "The whole industry is being encouraged during this time to re-examine their expenditures and work flow efficiencies. - Dentist", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "edf8a3df-7f20-4806-98a7-c226f0b128cc", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.45, "x": 0.52, "y": 0.51 }, "kind": "quote", "text": "The younger to midcareer guys, a lot of them are switching away from Invisalign. - Dentist, DSO", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f6712b48-3257-47a6-9b09-face9000fb2b", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"The whole industry is being encouraged during this time to re-examine their expenditures and work flow efficiencies.\" — Dentist; \"The orthodontists coming out of school are more in debt than ever in the history of the profession. They are very tech savvy. If they know that they can save money, they will.\" — Senior Employee, Major Dental Equipment Supplier; \"I talk to between 5-15 dentists a day, and they are greatly reducing their Invisalign numbers. For those dentists that are not yet switching, they are thinking about it.\" — Dental Consultant; \"The younger to midcareer guys, a lot of them are switching away from Invisalign.\" — Dentist, DSO; \"The biggest risk to Invisalign is the core base of users are looking for alternatives. There are study clubs in my area that are called 'Invisalign alternative study clubs,' meaning you have a roomful of 30-40 of the heaviest hitter orthodontists in [region redacted] come together every 2-3 months to sit there and talk about other companies other than Invisalign that you can use.\" — Orthodontist, Diamond Plus Align Tier", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0391-77f4-a9e9-683a87809fe6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Prime Opportunity For Dental Practitioners To Review Expenses", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f3be1a74-6bf4-43ad-90f6-02f7be0c3b47", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "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 }