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  "documentTitle": "FIGS, Inc. (FIGS)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2022-09-07 00:00:00",
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  "notes": "Includes a 'Spruce Point Adjusted' row to highlight the impact of their thesis on valuation.",
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      "kind": "callout",
      "text": "Even recognizing that FIGS is projected to grow sales 26% in 2022, it still carries a substantial premium to peers despite our documented concerns around management and its exaggerated financial reporting.",
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      "text": "Source: Bloomberg",
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