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  "documentTitle": "Progyny, Inc. (PGNY)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-02-07 00:00:00",
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  "notes": "Includes specific allegations regarding past accounting fraud at WebMD and medical malpractice claims against the current Medical Director.",
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      "text": "Spruce Point's fair value price target for PGNY's stock is $7 to $14 per share, or 60% to 80% downside risk",
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      "text": "And as troubling as the lack of true scientific expertise is at PGNY, we are alarmed by the background of its \"Medical Director\". Dr. Alan Copperman is part-time and has faced two malpractice cases.",
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      "text": "Finally, we question why any institutional investors would build positions in front of massive insider selling.",
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      "text": "Wall Street analysts are positive... Revenue estimates have only been reduced by 5% in the past 12 months, while EBITDA expectations are largely unchanged.",
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      "text": "The top three executives at PGNY... held senior management roles at WebMD... where a massive fraudulent accounting scheme... was uncovered.",
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      "text": "We also calculate our price target... which yields a price target range from $7 to $14, representing approximately 60% to 80% downside in PGNY shares.",
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      "text": "We also question their track record at WebMD... we perceived that WebMD was a clickbait factory... touting unproven medicine.",
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      "text": "We acknowledge that valuing PGNY is a challenge... we point to comparable 2023 adjusted EBITDA multiples... adding back stock-based compensation.",
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      "text": "downside risk: 60%-80%",
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      "kind": "paragraph",
      "text": "Third, PGNY's claims that single embryo transfer can limit pre-term births... are questionable. We question whether the Company is actually in violation of corporate practice of medicine regulations.",
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      "text": "Our concerns about PGNY's financial performance and business model are only exacerbated by our review of the Company's management team, in particular their track record at WebMD and lack of meaningful fertility, or even healthcare, expertise.",
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      "text": "Our Concerns Are Amplified By Management's Association With Medical Manager/WebMD",
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