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  "documentTitle": "PROCEPT BioRobotics Corporation (PRCT)",
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      "text": "While we acknowledge Procept discloses this IP risk in its SEC filings, we believe it is relatively uncommon for a medical device company and, more importantly, warrants a discounted valuation.",
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      "text": "Procept licenses nearly all its key technology from AquaBeam LLC, an entity controlled by two former co-founders, and HydroCision, a private equity owned company. Thus, Procept appears to be mostly an assembler of technology it doesn't own. We believe this creates a more tenuous competitive position than typically seen in the market for innovative medical devices/systems.",
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      "text": "Pulling Back the Curtain: Procept Doesn't Own Its Key IP",
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      "text": "We heavily depend on intellectual property licensed from third parties and our licensors may not always act in our best interest. If we fail to comply with our obligations under our intellectual property licenses, if the licenses are terminated, or if disputes regarding these licenses arise, we could lose significant rights that are important to our business.",
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      "text": "Red underline for Spruce Point emphasis. Source: Procept 2023 10-K",
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      "text": "Procept Has A Questionable Intellectual Property Position",
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