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  "documentTitle": "PROCEPT BioRobotics Corporation (PRCT)",
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  "notes": "Uses a causal chain framework to link financial metrics to a conclusion of excess inventory.",
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      "kind": "callout",
      "text": "Procept and Its Hospital Customers Are Stuffed With Excess Handpieces",
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      "text": "Days Sales Outstanding: 130",
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      "text": "What do you get when you combine rising DSOs (potentially resulting from sales incentives), all-time high finished goods inventory (we believe likely comprised largely of handpieces), flat system utilization (ie, flat handpiece consumption), and a smaller than estimated procedure volume market? We believe too many handpieces at Procept and its hospital customers.",
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      "kind": "source-note",
      "text": "(1) While we assume no systems in finished goods inventory to simplify the analysis... Source: Procept SEC filings, previously footnoted academic research and government data sources, Spruce Point research",
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      "text": "We Try To Put The Pieces Together",
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      "evidence": "Analysis of the BPH treatment market and the trade-offs of BPH treatments",
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