{ "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": 75, "pageCount": 100, "prevPage": 74, "nextPage": 76, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 12, "notes": "Uses red flag icon to denote warning/risk. Includes a sarcastic callout at the bottom regarding PGNY.", "elementsJson": [ "headline_text", "callout_box", "paragraph", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-4fdf89a4b224/75", "deckHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224#slide-75", "components": [ { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.0017 }, "kind": "callout", "text": "A recent study of IVF clinic success rate reporting found that clinics only adhered to Society for Assisted Reproductive Technology advertising guidelines between 10.5% and 68.4% of the time, and another study found that clinics were often slow to address violations and/or repeat offenders of other guidelines.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5171ce87-fb6d-4f6e-8c2f-66ab77abf468", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.02, "y": 0.0088 }, "kind": "callout", "text": "Good thing PGNY doesn’t actually operate clinics or they’d be violating SART guidelines...", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e0bd7017-514a-4c91-9b43-878968183cfe", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.4, "w": 0.45, "x": 0.52, "y": 0.0040999999999999995 }, "kind": "paragraph", "text": "One hundred sixty-one of 383 SART member clinics were evaluated in 2019 by the SART AC members. In 2019, 44 (27%) of the 161 clinics reviewed had at least one website violation that was not resolved within the two-week grace period (Table 2). All these clinics eventually resolved their initial violations within a six-month period from the initial citation. One clinic did not renew its SART membership in 2020 and therefore only 43 clinics were reevaluated in 2020 by the AC. On rereview, 10 (23%) of the 43 clinics were noted to have violations in either the same or different categories as in the previous review. Eight (80%) of these 10 clinics that were out of compliance had a violation in the same category found in their previous review (Table 2). However, no violations were exactly the same as those during the first time period, even if they were in the same category. Six (60%) of the 10 clinics with a repeat violation had a violation in at least one new category.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0f78771d-ba72-4e9b-9516-dd3ee7b28873", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.4, "w": 0.45, "x": 0.02, "y": 0.0039 }, "kind": "paragraph", "text": "All 361 IVF clinics listed on the SART website were evaluated between February 2019 and August 2019. Table 2 displays the percentage of websites that adhered to the core SART guidelines for advertising. Overall, adherence to each specific SART guideline for reporting IVF clinic success rate ranged from 10.5% to 68.4%. Supplemental success rate reporting, which is not encouraged by SART, was found on 114 of the 361 (31.6%) websites. Of these 114 IVF clinics that advertised supplemental success rates, only 10.5% were compliant with the SART guideline requiring clinics to report live birth per transfer, retrieval, and cycle. Of these IVF clinics (68.4%) that reported supplemental success rates had a link to their CSR, 53.5% presented current (2016 or beyond) SART data, and 67.5% included the required disclaimer statement. In contrast, most IVF clinics (94%) refrained from advertising superiority compared with other clinics or published denigrating statements about competitors.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9062cc71-a600-492c-9f42-53db5d1da061", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.45, "x": 0.52, "y": 0.0028 }, "kind": "paragraph", "text": "Excerpt From “Society for Assisted Reproductive Technology advertising guidelines: How likely are member clinics to maintain compliance after resolving their violations?” Sauerbrun-Cutler, et al, 6/26/2021", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cd2e402e-6d7a-4cd8-a7b7-44b83828c65c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.45, "x": 0.02, "y": 0.0028 }, "kind": "paragraph", "text": "Excerpt From “Society for Assisted Reproductive Technology advertising guidelines: How are member clinics doing?” Sauerbrun-Cutler, et al, 10/14/2020", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d7de9dde-dae8-4b26-bbd6-8b88d4f4d0cf", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "Overall, adherence to each specific SART guideline for reporting IVF clinic success rate ranged from 10.5% to 68.4%. — Sauerbrun-Cutler, et al, 10/14/2020", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-2b61-7647-86f2-727c7bdf439f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.02, "y": 0.009699999999999999 }, "kind": "source-note", "text": "Source: Fertility and Sterility, Fertility and Sterility", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "af48d331-1140-44bf-8c1d-42d719b9079f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Question Whether Any Clinic Data Can Be Trusted at All", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e3933996-a0ea-489f-9805-9a29b1b02d83", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 100, "from": 61, "beatId": "470ad4dd-317c-46c8-baea-551e7894c3b9", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Resolution", "beatSlug": "mountain-resolution", "evidence": "The document concludes with a detailed analysis of PGNY's valuation and downside risk.", "position": 4, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "loops": [ { "to": 100, "from": 61, "name": "Mece Breakdown", "slug": "40-mece-breakdown", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "matchId": "db636762-5e9e-4cb6-8376-e0923a5a5438", "evidence": "The document presents a detailed analysis of PGNY's valuation and downside risk.", "position": 3, "objective": "How do PGNY's issues impact its valuation?", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "confidence": 0.7, "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }