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  "documentTitle": "PROCEPT BioRobotics Corporation (PRCT)",
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      "text": "We believe Procept will fail to meet revenue growth, and thus profitability expectations and faces long-term existential threats.",
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      "text": "Rationale For a Reduced Multiple",
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      "text": "downside: 30% - 60%",
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      "text": "From a disciplined cash flow-based valuation perspective, all of the value of Procept resides in an amorphous terminal value. To stand any chance at justifying the current valuation, one must assume the stars align and Procept not only becomes, but also remains, a more dominant BPH treatment than the market has ever seen ten years from now and that the Company is able to expand beyond its BPH niche, the prospects for which look grim given our view of technology fit and the timelines to commercial ramp for medical equipment.",
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      "text": "We believe Procept will fail to meet revenue growth, and thus profitability expectations and faces long-term existential threats. As a result, we would expect the stock to trade in-line with mature medical device/equipment peers in the future. Even assuming Street forecasts are correct, a comparable company 5-9x 2025E revenue multiple range yields a target price range of $29 to $54 per share, implying approximately 30% to 60% downside.",
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      "text": "Spruce Point Price Target For Procept",
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