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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": "Uses a red box to highlight the divergence in Q2-2022.",
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      "kind": "callout",
      "text": "Spruce Point observes an alarming departure between revenue growth and inventory growth, which is often a harbinger of material margin compression in the future.",
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      "text": "EBITDA margin: 30.9%",
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      "text": "Source: FIGS financials; Source: Bloomberg",
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      "text": "Significant Inventory Growth Will Make Achieving High Margin Expectations Difficult",
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