{ "docId": "019dd923-622c-750b-8b99-4fdf89a4b224", "docSlug": "bcbeb3ac7b21", "documentTitle": "Progyny, Inc. (PGNY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-02-07 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 19, "pageCount": 100, "prevPage": 18, "nextPage": 20, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses a red flag icon to signal a warning or 'red flag' regarding management's past conduct.", "elementsJson": [ "headline_text", "callout_box", "section_divider", "paragraph", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-4fdf89a4b224/19", "deckHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224#slide-19", "components": [ { "bbox": { "h": 0.15, "w": 0.88, "x": 0.11, "y": 0.0017 }, "kind": "callout", "text": "WebMD generated revenue through advertising (essentially what we view as medical clickbait) and sponsored content for pharma, biotech, medical device, and other healthcare related companies. During the tenures of Schlanger and Anevski, WebMD was clouded by several scandals that called into question the credibility of information posted on the site, business model conflicts of interest, and the ethics of senior management.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5951c068-d489-429a-91e8-d644a41a761b", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "WebMD generated revenue through advertising (essentially what we view as medical clickbait) and sponsored content for pharma, biotech, medical device, and other healthcare related companies.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-2b61-7647-86ee-32cdef644311", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.98, "x": 0.02, "y": 0.0031 }, "kind": "paragraph", "text": "Conflicts of Interest and Trust Issues at WebMD", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "155bc296-723d-4bd1-83cd-5a81313b5ca7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.4, "w": 0.98, "x": 0.02, "y": 0.0044 }, "kind": "paragraph", "text": "Recent troubles at WebMD date back to early 2010 when a very public scandal surfaced—one that may have permanently tarnished WebMD's image for a significant number of customers—that ended with a formal investigation by the US Senate in which a letter from Senator Charles Grassley of the US Senate Finance Committee stated that he was \"concerned about the independence between WebMD and industry since many people access WebMD seeing it as an independent, objective medical resource.\" The concern focused on a \"rigged\" online test for depression that was created so that even if the user answered \"no\" to all of the 10 questions (which are all framed so that the \"yes\" answer indicates depressed behavior) the test's response would include the phrase that \"You may be at risk for major depression.\" At issue is the complicated relationship between the user and WebMD's online information and the user's awareness of WebMD's ties to pharmaceutical companies. For instance, from WebMD's general depression information page, an editorial link to a \"Depression Quiz\" takes you to a depression screening page, funded by Lilly, which makes the antidepressant Cymbalta. Worse, a banner ad from the same depression home page takes you directly to a Cymbalta-sponsored page titled Learning to Treat Depression, whose layout and design are hard to distinguish from non-sponsored content.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "31c50e28-3ab3-406c-b96f-136dd3d18553", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.98, "x": 0.02, "y": 0.0038 }, "kind": "paragraph", "text": "The Pharma-Funded Health Survey Scandal", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5eb0c86d-5c15-41fe-b5b4-0b0a6d322721", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "Recent troubles at WebMD date back to early 2010 when a very public scandal surfaced—one that may have permanently tarnished WebMD’s image for a significant number of customers—that ended with a formal investigation by the US Senate in which a letter from Senator Charles Grassley of the US Senate Finance Committee stated that he was “concerned about the independence between WebMD and industry since many people access WebMD seeing it as an independent, objective medical resource.” — Excerpt from “Has WebMD become Synonymous with Big Pharma?”, Business Insider, 10/31/12", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-2b61-7647-86ee-366563fc632b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.02, "y": 0.0085 }, "kind": "source-note", "text": "- Excerpt from \"Has WebMD become Synonymous with Big Pharma?\", Business Insider, 10/31/12", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9cabe66e-a7f8-4d1b-97db-fca8b55fa45c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "The Track Record of PGNY Management While At WebMD is Highly Suspect", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6fd57c59-303d-4daf-92d1-0e06b7613544", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "bf2dccae-efb7-47bd-ae17-903d3fcec739", "evidence": "The slide explicitly frames past management actions as a 'scandal' and 'rigged' to undermine credibility.", "confidence": 0.9 } ], "arcBeats": [ { "to": 20, "from": 6, "beatId": "03536da8-6567-4733-bfa6-135f9da8b71f", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Complication", "beatSlug": "complication", "evidence": "The document outlines several issues with PGNY's reporting, management, and industry position.", "position": 1, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [ { "to": 20, "from": 6, "name": "Aha Moment", "slug": "03-aha-moment", "bestFor": "Data-heavy sections, research findings, analytical arguments", "matchId": "29317d8b-0853-47fe-b80c-7bbd608ade0d", "evidence": "The document presents several red flags in PGNY's reporting and management.", "position": 0, "objective": "What are the key issues with PGNY's reporting and management?", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "confidence": 0.8, "description": "Establish a tension, present data, then deliver the insight that changes everything" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }