{
  "docId": "019dd923-622c-750b-8b99-4b92274d3e76",
  "docSlug": "0a0319cd79cc",
  "documentTitle": "FIGS, Inc. (FIGS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-07 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 65,
  "pageCount": 113,
  "prevPage": 64,
  "nextPage": 66,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a 'villain critique' style to undermine the company's core competitive moat argument.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-4b92274d3e76/65",
  "deckHref": "/decks/019dd923-622c-750b-8b99-4b92274d3e76",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-4b92274d3e76.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-4b92274d3e76#slide-65",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.42,
        "x": 0.29,
        "y": 0.84
      },
      "kind": "callout",
      "text": "Selling product online is not unique to FIGS. There are many DTC brands and major online shopping options.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "453b8096-0f37-4367-a051-48ed8db0c74a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.76,
        "x": 0.12,
        "y": 0.16
      },
      "kind": "callout",
      "text": "FIGS often tells the story that healthcare professionals are forced to shop for scrubs at medical supply stores that close at 5pm. However, product from several dozen suppliers is available on a handful of online stores. In addition, most of the emerging specialty brands such as Jaanuu, Koi, Medelita and others offer DTC online shopping.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "838e5a12-9738-405d-909d-6722d05646e3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.02,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: allheart.com, Scrubin uniforms, Scrubs and Beyond, Uniform Advantage",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a815e5e8-fe8f-43c6-a266-e2471f1dc6f2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.96,
        "x": 0.02,
        "y": 0.35
      },
      "kind": "table",
      "text": "Lists of brands available at Allheart.com, Scrubin, Uniform Advantage, and Scrubs and Beyond.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "98916cca-788d-4add-9a8f-4b0cd55f92b7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.25,
        "y": 0.02
      },
      "kind": "title",
      "text": "Contrary To FIGS' Pitch, Nurses And Doctors Have Numerous Online Shopping Options For Scrubs",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1f4fb6e0-6817-4104-9a54-243c65415d8f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "09f71398-4c57-4058-838b-1536c31c4b45",
      "evidence": "The slide explicitly calls out a specific narrative from the company and provides evidence to refute it.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}