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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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  "notes": "The slide uses a red flag icon to signal a warning/activist critique. It juxtaposes the firm's own adjustment table against a snippet from a Barclays analyst report.",
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      "text": "To make FIGS LTM Gross Margin more comparable with peers, we deduct “Selling Expenses”. By our estimate, FIGS’ LTM Gross Margin is inflated by 2,040 basis points, from 50.7% to 71.0%.",
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      "text": "Analysts Buy Into FIGS’ Gross Margins At Face Value Without Realizing They Are Comparing Apples-To-Oranges",
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      "kind": "paragraph",
      "text": "Reason #3: Sustainable Highly Profitable Financial Model... FIGS is starting from a position of strength and in the company of TPR... and LULU...",
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      "text": "With gross margin in excess of 70%, FIGS is starting from a position of strength and in the company of TPR (historically 70%+) and LULU (which we estimate to have merchandise margin in excess of 70%). — Barclays FIGS report, “Initiating Overweight, The Path to 10x”, Price Target: $50.00, June 21, 2021",
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      "text": "Source: Barclays FIGS report, “Initiating Overweight, The Path to 10x”, Price Target: $50.00, June 21, 2021",
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      "text": "Source: FIGS SEC filings, Spruce Point Adjustments",
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      "text": "Spruce Point Adjusted Gross Margins table showing Net Revenue, Gross Profit, Selling Expenses, and Adjusted Gross Profit from 2020 to LTM June 2022.",
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