{ "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": 40, "pageCount": 100, "prevPage": 39, "nextPage": 41, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 2, "notes": "Uses a table to present qualitative evidence (quotes) to undermine a company's narrative.", "elementsJson": [ "headline_text", "paragraph", "comparison_table", "callout_box" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-9ee2a1e788fb/40", "deckHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb#slide-40", "components": [ { "bbox": { "h": 0.06, "w": 0.96, "x": 0.02, "y": 0.9 }, "kind": "callout", "text": "We believe an extended learning curve could negatively impact potential adoption of Aquablation at lower-volume hospitals since it would be more difficult for surgeons to gain the requisite experience with the procedure.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e6d209b8-bfb8-482c-984a-c4b2a8d27874", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Procept pitches that using AquaBeam is easy to learn, and, in its 2023 10-K, Procept repeatedly states that Aquablation produces results \"independent of surgeon experience\". What Procept rarely discusses is that the Company has a clinical sales rep in the operating room for EVERY Aquablation, providing treatment plan feedback, in-procedure guidance, and troubleshooting equipment malfunctions. Moreover, we find differing opinions from former employees on the Aquablation learning curve.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "68ac4486-a13f-4bf7-8b10-09e68abc3267", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "…in Aquablation the learning curve is very short, and what I'll say is by and large, most physicians will develop proficiency within the first, let's call it anywhere from 10 to 20 procedures. And that really depends on the physician and how good they are as well. — Spruce Point Interview with Former Procept Executive, Nov 2024; with the previous generation, it heavily relied on Procept people in the room who were pretty much there handholding, guiding and training them. And it did take, I don't remember the exact number, what it used to take, but it took at least three months. So, three months of very scheduled handholding…we identified as an issue that many novice surgeons struggled with…thinking about a prostate in 2D [from the ultrasound image] but the cutting wasn't 2D right? …it's a 3D organ…and then that potentially led to risk of cutting too deep in areas that they were not supposed to…maybe you've spoken to somebody who was very experienced and for them it's easy, but we clearly saw this as an area where many struggled… — Spruce Point Interview with Former Procept Manager, Nov 2024; …right now, I would say 90% of all physicians need a representative of the company to be there present for the cases…you'll probably have physicians that have done 50 cases and still not independent…a lot of these new physicians that are coming out don't have the TURP skills, the semi rigid skills…So first and foremost, I do think there is a bigger learning curve for newer physicians, younger physicians than older physicians. — Spruce Point Interview with Former Procept Sales Rep, Nov 2024; I'm in my fifties. So let's just assume that in a year, I need to have BPH surgery. Would I do Aquablation? I probably would, but I wouldn't do it unless I went to somebody who had been on that robot for several years and have done a bunch of places. — Tegus Interview with Former Procept Sales Rep, Dec 2023", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-ee36-760b-929b-3ac1839bcb47", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Procept 2023 10-K, Tegus, Spruce Point research", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cca1d0dc-0850-4964-8e24-4f18476d399d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.58, "w": 0.96, "x": 0.02, "y": 0.3 }, "kind": "table", "text": "The Aquablation Learning Curve: Pitch Versus Reality", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e3a884c8-cfe1-4481-be43-95142586c4a4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Our Research Indicates Varied Perspectives On Procept's Learning Curve Claims", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b8f53835-cc96-4be9-b543-5197fa077e52", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "expose_contradiction", "slug": null, "matchId": "338d8214-b3b6-4cc9-b55a-661cd4d520b8", "evidence": "Contrasting company claims with internal/expert testimony", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }