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  "documentTitle": "FIGS, Inc. (FIGS)",
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      "text": "Not every consumer shops at Neiman Marcus, or even Macy's. The practical reality is that there are material portions of the healthcare worker and student population that simply will not purchase FIGS scrubs.",
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      "text": "Our indicative analysis suggests FIGS' SOM could be more than 50% smaller than our calculation of its oft-quoted TAM. Thus, FIGS' 2025 revenue objective of $1 billion could imply as high as 50% market share, which we find unrealistic.",
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      "text": "FIGS TAM: ~$5 billion to FIGS SOM: ?",
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      "text": "(1) Not all doctors wear scrubs\n(2) Some operating rooms require sterile scrubs...\n(3) 15% of workers don't have to buy their own scrubs...\n(4) Approximately 10% of nurses are men...\n(5) 50% of health support workers earn below $30k...\n(6) About 48% of nurses are aged 50 or older...\n(7) About 37% of the U.S. population is considered obese...\n(8) About 19% of the U.S. population lives in rural areas...\n(9) 53% of internet users prefer shopping in-store...\n(10) Some portion views scrubs in utilitarian terms...\n(11) Some portion vowed to never buy from FIGS...",
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      "text": "Serviceable Obtainable Market: 50%",
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      "text": "Our indicative analysis suggests FIGS' SOM could be more than 50% smaller than our calculation of its oft-quoted TAM. Thus, FIGS' 2025 revenue objective of $1 billion could imply as high as 50% market share, which we find unrealistic.",
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      "text": "Source: FIGS 424B filed 5/28/21, FIGS 10-K filed 3/10/22",
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      "text": "More Importantly, FIGS' Serviceable Obtainable Market (or SOM) Is Dramatically Smaller Than Its TAM",
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      "text": "Spruce Point Indicative FIGS U.S. SOM Analysis: 10 Detractors From FIGS' TAM",
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