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  "docSlug": "0a0319cd79cc",
  "documentTitle": "FIGS, Inc. (FIGS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-07 00:00:00",
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  "notes": "The slide uses a red box to highlight the H1 2022 period, emphasizing the recent decline in performance.",
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      "text": "Not surprisingly, we find that FIGS' pandemic-driven business momentum is normalizing. We note that most key business metrics deteriorated on YoY and/or QoQ bases through much of 2021. We believe it is notable that revenue in two highly touted growth areas, international and non-scrubs products, have seen sharp reductions in growth rates.",
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      "text": "Not surprisingly, we find that FIGS' pandemic-driven business momentum is normalizing. We note that most key business metrics deteriorated on YoY and/or QoQ bases through much of 2021.",
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      "text": "Net Revenue",
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      "text": "Source: FIGS 424B filed 5/28/21, FIGS 10-Q filed 8/12/21, FIGS 10-Q filed 11/10/21, FIGS 10-K filed 3/10/22, FIGS 10-Q filed 5/12/22, FIGS 10-Q filed 8/4/22",
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      "text": "Period-Over-Period Change in FIGS Key Business Metrics",
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      "kind": "title",
      "text": "Most FIGS Key Business Metrics Have Rolled Over In H1 2022. We Believe This Is A Harbinger of Multiple Compression For A High-Growth Retail Stock Like FIGS",
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