{
  "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": 49,
  "pageCount": 100,
  "prevPage": 48,
  "nextPage": 50,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "Uses AUA clinical guidelines to frame the company's addressable market as smaller than claimed.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-9ee2a1e788fb/49",
  "deckHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb#slide-49",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.98,
        "x": 0.01,
        "y": 0.27
      },
      "kind": "callout",
      "text": "AUA Treatment Guidelines For BPH Recommend a Move to Surgery, Inclusive of Minimally Invasive Alternatives, Only Under Certain Circumstances",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "01cc6c72-b6e5-4678-b4dc-f75143048980",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.48,
        "x": 0.51,
        "y": 0.82
      },
      "kind": "callout",
      "text": "Thus, the market opportunity for Aquablation is only a very small subset of patients undergoing BPH treatment.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6ba2300e-cb24-4fce-b7aa-7bc830ad8695",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.98,
        "x": 0.01,
        "y": 0.58
      },
      "kind": "callout",
      "text": "The AUA and Other Reputable Sources Only Recommend Resective Procedures Once a Patient's Symptoms Have Reached a Relatively Critical State",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "89014333-b6fb-48d2-a562-7fe3c0916845",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.53,
        "x": 0.45,
        "y": 0.34
      },
      "kind": "callout",
      "text": "Includes both resective surgery and MISTs",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c6481ace-90ef-4276-a1d3-7b3cecba7382",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.76,
        "x": 0.22,
        "y": 0.34
      },
      "kind": "list",
      "text": "Surgical Therapy: 26. Surgery is recommended for patients who have renal insufficiency secondary to BPH, refractory urinary retention secondary to BPH, recurrent urinary tract infections (UTIs), recurrent bladder stones or gross hematuria due to BPH, and/or with LUTS/BPH refractory to or unwilling to use other therapies. (Clinical Principle) 27. Clinicians should not perform surgery solely for the presence of an asymptomatic bladder diverticulum; however, evaluation for the presence of bladder outlet obstruction (BOO) should be considered. (Clinical Principle)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3236bd83-69e7-4561-95c1-c24a722c2382",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.55,
        "x": 0.22,
        "y": 0.65
      },
      "kind": "list",
      "text": "More Invasive Surgery: In severe cases of BPH or when other options fail, more invasive surgery is recommended. Surgery is best if you: Are unable to pass urine, Have kidney damage, Have frequent urinary tract infections, Have a lot of bleeding, Have stones in the bladder",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8355a1f6-84ef-437b-97b2-6194b0f0e6ea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Resective surgical procedures will undoubtedly remain an important part of BPH treatment for those suffering from LUTS seriously impacting quality of life. However, we believe Procept's pitch that all patients will, or even should, progress immediately to a resective procedure goes against AUA guidelines and the reality of the current catalysts for any level of surgical intervention.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "148efe6a-903c-47f8-8552-2ecf40f1989e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Surgery is recommended for patients who have renal insufficiency secondary to BPH, refractory urinary retention secondary to BPH, recurrent urinary tract infections (UTIs), recurrent bladder stones or gross hematuria due to BPH, and/or with LUTS/BPH refractory to or unwilling to use other therapies. — Clinical Principle (AUA Treatment Guidelines)",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-ee36-760b-929a-02e38e35d173",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.45,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Red underline for Spruce Point emphasis. Source: AUA Treatment Guidelines for BPH, Urology Care Foundation BPH overview",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "13e93079-9789-4115-a39e-f74f991def7a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "We Believe Aquablation Only Addresses The Resective Procedure Opportunity",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f99d6411-05e7-44c9-b12b-3e0f0d4c388f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [
    {
      "to": 54,
      "from": 47,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "9211b273-dc66-4de8-bf7b-81d8ab88c313",
      "evidence": "Analysis of Procept's market sizing estimate and its flaws",
      "position": 1,
      "objective": "Breaking down Procept's market sizing estimate and highlighting its limitations",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.7,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}