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  "documentTitle": "FIGS, Inc. (FIGS)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-07 00:00:00",
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      "kind": "callout",
      "text": "In addition to revenue figures, FIGS management made several apparently false statements regarding key business metrics. For example, Spear made comments in 2018 regarding customer count and purchase frequency that are inconsistent with subsequent disclosures and Goldman Sachs research.",
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      "text": "In addition to revenue figures, FIGS management made several apparently false statements regarding key business metrics.",
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      "text": "Net Revenues per Active Customer",
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      "kind": "paragraph",
      "text": "Spear: \"Today, we have over a half-million customers, each of whom buys eight to 12 sets of scrubs a year.\" - Inc. Magazine, September 2018",
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      "kind": "paragraph",
      "text": "Goldman Sachs June 2021 FIGS initiation report: \"Our sample indicated that the median customer purchases about 3.75 sets per year of scrubs.\"",
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      "text": "FIGS actually reported approximately 320,000 customers at year end 2018 (four months after the article was published) and calculated net revenues per active customer at $168, which is inconsistent with 8-12 sets of scrubs at an average of about $83 per set at the time.",
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      "kind": "quote",
      "text": "“Today, we have over a half-million customers, each of whom buys eight to 12 sets of scrubs a year.” — Inc. Magazine, September 2018",
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      "kind": "source-note",
      "text": "Source: FIGS 424B filed 5/28/21, Goldman Sachs Research",
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      "text": "We Believe FIGS Has Misreported Other Business Metrics, Including Customer Purchase Behavior",
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