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  "docSlug": "1233d0b05ad9",
  "documentTitle": "PROCEPT BioRobotics Corporation (PRCT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-01-16 00:00:00",
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  "notes": "Uses a timeline-style visual to highlight the break in historical pattern.",
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      "kind": "callout",
      "text": "CEO Zadno sold 15% of his holdings as part of the greenshoe in the Company's October equity financing, yielding him almost $25 million before offering expenses. Procept management and directors were subject to a 60-day lock-up on further sales, yet 10b5-1 activity was carved out, which we believe, while not unheard of, violates the \"spirit\" of the lock-up. Zadno has taken advantage, selling another $10 million of shares in November and December.",
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      "kind": "callout",
      "text": "We highlight that, for the first time in four years and the first time as a public company, Procept failed to pre-announce Q4 results in early January.",
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      "kind": "chart",
      "text": "Timeline of Q4 pre-announcements from 2022-2025",
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      "kind": "list",
      "text": "Procept Failed to Pre-Announce Q4 Results For the First Time in Four Years",
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      "kind": "paragraph",
      "text": "We highlight that, for the first time in four years and the first time as a public company, Procept failed to pre-announce Q4 results in early January. We believe this is consistent with our thesis that its business has weakened materially. In addition, Procept CEO Zadno sold significant amounts of stock in Q4.",
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      "kind": "source-note",
      "text": "Source: Procept website, Procept 424b filed 10/29/24, Procept form 4s filed 12/6/24, 12/2/24, 11/22/24, 11/15/24",
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      "kind": "title",
      "text": "There Are Signs Procept's Business May Be Weak And That Management Lacks Confidence",
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      "evidence": "Contrasts historical pre-announcement behavior with current silence to imply business weakness.",
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "Analysis of the BPH treatment market and the trade-offs of BPH treatments",
      "position": 0,
      "objective": "Highlighting the risks and limitations of Procept's Aquablation procedure",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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