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  "documentTitle": "PROCEPT BioRobotics Corporation (PRCT)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-01-16 00:00:00",
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  "notes": "Uses side-by-side comparison of two Procept investor presentations to expose a shift in narrative that the activist deems unrealistic.",
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      "kind": "callout",
      "text": "Procept's Market Opportunity Figure Assumes Every BPH Patient Moves Directly to Surgery",
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      "text": "The idea that urologists are going to bypass both drugs and minimally invasive procedures and move directly to resective surgery is not supported by academic literature, AUA practice guidelines, or current practice based on our conversations with numerous urologists.",
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      "text": "The idea that urologists are going to bypass both drugs and minimally invasive procedures and move directly to resective surgery is not supported by academic literature, AUA practice guidelines, or current practice.",
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      "text": "As discussed, there is a clear and logical triage for BPH treatments based on patient symptoms. However, Procept represents to investors that the Company's addressable market is ALL men undergoing BPH treatment.",
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      "text": "Red box for Spruce Point emphasis. Source: Procept October 2024 investor presentation, Procept AUA 2023 investor presentation",
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      "kind": "title",
      "text": "We Believe Procept's Presentation Of Its Addressable Market Is Nonsensical",
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