{ "docId": "019dd923-622c-750b-8b99-9ee2a1e788fb", "docSlug": "1233d0b05ad9", "documentTitle": "PROCEPT BioRobotics Corporation (PRCT)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-01-16 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 33, "pageCount": 100, "prevPage": 32, "nextPage": 34, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 8, "notes": "Uses red boxes and arrows to highlight data manipulation in Procept's investor presentation.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot", "comparison_table", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-9ee2a1e788fb/33", "deckHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb#slide-33", "components": [ { "bbox": { "h": 0.05, "w": 0.61, "x": 0.37, "y": 0.54 }, "kind": "callout", "text": "Procept highlights the “high” value as opposed to the materially lower risk implied by the low end of the range.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3c2a3d9c-9586-4230-b1e0-40a2dc5f31f9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.34 }, "kind": "image", "text": "Procept Investor Presentation vs Source Data", "attrs": null, "subkind": "screenshot", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f78f8355-f7a6-4d90-a76d-6696d3f2a8b3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.85 }, "kind": "list", "text": "Spruce Point Interview with Community Hospital Urologist, Nov 2024: “Most of these patients are either already on Flomax...the average 70-year-old is not going to care about [ejaculatory dysfunction] as long as they still have good libido and good erections.”", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "72a76d9a-d714-4b79-b8f4-a2588c7d1a67", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.76 }, "kind": "list", "text": "Spruce Point Interview with Major Hospital Urologist, Nov 2024: “...I spent so much time counseling these men that ejaculation is stupid, it's not orgasm...if you're not sexually active, who cares what we do.”", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c3620ed6-7f4b-4c3f-a609-7c99fec110d9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Aquablation offers two primary advantages versus other resective procedures: (1) shorter procedure time and (2) lower probability of ejaculatory dysfunction. While we do not dispute either advantage, we do believe Procept mischaracterizes the issue.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1aced5c7-8170-4609-a2fa-8836e492d21c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.96, "x": 0.02, "y": 0.62 }, "kind": "paragraph", "text": "Importantly, Procept only highlights the risks relative to other resective procedures. We note that the same study found zero risk of ejaculatory dysfunction with MISTs.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "733efe02-a622-4954-914a-bd52b210da34", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“It must be appreciated however that pre-operative ejaculatory dysfunction is common in men undergoing TURP being estimated around 30–35%.” — DeLay, et al. “...I spent so much time counseling these men that ejaculation is stupid, it's not orgasm...I say your wife doesn't want that slop anywhere near her...if you're not sexually active, who cares what we do.” — Major Hospital Urologist, Nov 2024. “Most of these patients are either already on Flomax, which itself can cause retrograde ejaculation, or are beyond their childbearing years...the average 70-year-old is not going to care about [ejaculatory dysfunction] as long as they still have good libido and good erections.” — Community Hospital Urologist, Nov 2024.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-ee35-7258-b4da-d13995b35898", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Procept October 2024 investor presentation, Minimizing Sexual Dysfunction in BPH Surgery, Leong, et al, “Ejaculatory dysfunction in the treatment of lower urinary tract symptoms”, DeLay, et al, Spruce Point research", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b9bb1ab4-38c2-4a41-8818-b4e1e4819452", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.05, "y": 0.02 }, "kind": "title", "text": "Aquablation’s Greatest Advantage Is Of Questionable Utility", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8e712da1-f148-42c6-82b7-808b7cec17a8", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "511ebf89-cc6a-4561-a045-17d9db4d65bb", "evidence": "Contrasts company presentation data with source data and expert interviews.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }