{
  "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": 84,
  "pageCount": 100,
  "prevPage": 83,
  "nextPage": 85,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "This slide serves as a critical examination of the PGNY business model, framing it as a 'lead-generation engine' rather than a purely patient-centric solution.",
  "elementsJson": [
    "paragraph"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-4fdf89a4b224/84",
  "deckHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-4fdf89a4b224#slide-84",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "For these reasons, we believe investors who have spoken to industry participants understandably may have formed an overly positive, uncritical view of the PGNY solution and the Company's growth prospects.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-86f3-379f8835e5da",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.05,
        "y": 0.7
      },
      "kind": "paragraph",
      "text": "Everyone Wins, Right? On the surface, the PGNY approach offers benefits to all parties involved... IVF generates up to 10x more revenue than IUI per cycle... we believe investors... have formed an overly positive, uncritical view.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1bec24fe-61c6-487e-9c3d-898f90e9fe79",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "For reference, all-in costs for IUI can be as little as a few thousand dollars, while IVF can reach up to $25,000 per cycle. Of note, 19 states have adopted fertility coverage mandates... the medical cost of triplets can easily exceed $500,000.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "826ada7c-9fdf-4860-b249-388c7d00523d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.05,
        "y": 0.43
      },
      "kind": "paragraph",
      "text": "The PGNY Solution. While traditional fertility treatment plans are characterized by some as reactive... PGNY offers the fully-loaded BMW to every patient... the scientific support for each of these three elements is debatable.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d1d54123-d334-4848-a8e9-384eded42945",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Understanding the PGNY Treatment Model (Continued)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6e878dc9-83b5-468e-9dac-02353ecaff91",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "00949c3b-463e-41b8-8e9c-9f4b8b28a47f",
      "evidence": "The slide systematically deconstructs the company's value proposition to reveal underlying financial conflicts of interest.",
      "confidence": 0.85
    }
  ],
  "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
}