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  "documentTitle": "FIGS, Inc. (FIGS)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2022-09-07 00:00:00",
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  "notes": "Includes a disclaimer box preemptively addressing potential underestimation in their own model.",
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      "text": "We admit that our analysis may marginally understate the number of workers that purchase scrubs... However, despite the arguable imprecision, our rough estimate of approximately $5 billion is less than half the size of FIGS' stated TAM.",
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      "text": "However, despite the arguable imprecision, our rough estimate of approximately $5 billion is less than half the size of FIGS' stated TAM.",
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      "text": "Total Annual Healthcare Apparel Spend: $5,134",
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      "text": "Prior to its IPO, FIGS management commissioned a study by Frost & Sullivan that sized the U.S. healthcare apparel market at $12 billion. The study was based on a survey of 200 healthcare professionals and students, which we believe lacks rigor and credibility. Our quick back-of-the-envelope math produces a much smaller figure.",
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      "text": "Source: Frost & Sullivan consent letter for FIGS registration statement, U.S. Bureau of Labor Statistics, American Association of Medical Colleges, American Osteopathic Association, Goldman Sachs research report on FIGS 6/21/2021, FIGS SEC filings",
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      "text": "Spruce Point Healthcare Apparel U.S. TAM Analysis (millions)",
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      "text": "We Believe FIGS Dramatically Overstates Its Addressable Market In The U.S. By Over 2x",
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