{ "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": 42, "pageCount": 100, "prevPage": 41, "nextPage": 43, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses a 'villain' framing technique to discredit the company's marketing claims.", "elementsJson": [ "headline_text", "paragraph", "comparison_table", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-9ee2a1e788fb/42", "deckHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb#slide-42", "components": [ { "bbox": null, "kind": "callout", "text": "We don't believe either is true, at least materially.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-ee36-760b-929a-57b47cf156ec", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Perhaps due to current investor appetite for all things “AI”, Procept has aggressively promoted the “AI” capabilities of its new HYDROS system. Using the original AquaBeam, surgeons would indicate the tissue targeted for removal by drawing the resection limits on the ultrasound image. Our research indicates this pre-treatment planning phase is relatively easy. HYDROS seeks to streamline pre-treatment planning by using historical procedure data to suggest the resection limits. Some sell-side analysts have latched onto this capability assuming (1) it offers dramatic value to the surgeon and (2) promises such material procedure time savings that it will enable the performance of additional Aquablations in a given day, thus enhancing system ROI for hospitals. We don't believe either is true, at least materially.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7f4dc1fa-56d9-49e1-bbaf-b636d76ea692", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"I'd say, because you have a rep in the room, [pre-planning] can take a minute or so, but [with the AI] you're talking about shaving off a minute here or a minute there, not 15 minutes.\" — Former Procept Executive, Nov 2024; \"to me, the AI is a pain in the ass because you can't rely on it; you have to check it... I think [AI] is a fun word that gets you in the door. I think it's meaningless\" — Major Hospital Urologist, Nov 2024; \"[the AI] sounds a lot better and cooler than it actually is... it doesn't translate to having or squeezing in an extra procedure.\" — Private Practice Urologist, Dec 2024", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-ee36-760b-929a-58c8b4b912cf", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Spruce Point research", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f06c4fc3-2df0-49b5-8014-d9716f81c0e6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.96, "x": 0.02, "y": 0.5 }, "kind": "table", "text": "Spruce Point Interview with Major Hospital Urologist, Nov 2024: \"to me, the AI is a pain in the ass because you can't rely on it; you have to check it. So, now it draws it, and I have to spend...60 seconds going over what they did. Whereas, if I did it on my own, I think I could do it in 55 seconds. So, I think it's a minor pain in the ass...I think [AI] is a fun word that gets you in the door. I think it's meaningless...the old system, which I have to say in 27 years it's the best version 1.0 of anything I've ever seen. But I got the TV screen on my left, the ultrasound on my right, and my head's turning left to right. I'm not going to say I get sore, but the HYDROS has everything right in front of me. The old system which I use is not a touch screen, so I kind of have to lean across my body and press buttons through a giant shower cap over the keyboard. It's a little bit of a pain in the ass, but I'm used to it. It's like, why do we upgrade our iPhones every year? You can say it's a little better, but it's really the same crap. So, [HYDROS] is the same crap...\"", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "09a41664-d57e-4cdf-acf9-62d7cffcb6ca", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.38 }, "kind": "table", "text": "Spruce Point Interview with Former Procept Executive, Nov 2024: \"I'd say, because you have a rep in the room, [pre-planning] can take a minute or so, but [with the AI] you're talking about shaving off a minute here or a minute there, not 15 minutes.\"", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "581c3d66-4089-4505-b666-0358df530262", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.85 }, "kind": "table", "text": "Spruce Point Interview with Private Practice Urologist, Dec 2024: \"[the AI] sounds a lot better and cooler than it actually is...I don't think it will shave your procedure time by an hour or let you fit in another surgery in the morning, but it does save you a little bit of time...you can shave off a few minutes..., but when you consider things like turnover time and getting the patient to the room and anesthesia time and time to do your history and physical and seeing the patient, when you factor all of that in, it doesn't translate to having or squeezing in an extra procedure.\"", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6d0f19cf-7de5-4739-9d0b-a5fb6a891fc4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.305, "y": 0.04 }, "kind": "title", "text": "Is Procept Engaging In \"AI-Washing\"?", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0b784350-b315-4870-878f-8993623a2972", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "710b34ad-cc7a-4c71-be36-d80e1f243b15", "evidence": "The slide explicitly frames the company's marketing as 'AI-washing' and uses testimonials to contradict the company's claims.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }