{
  "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": 50,
  "pageCount": 100,
  "prevPage": 49,
  "nextPage": 51,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "Uses expert interviews to contradict company TAM claims.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-9ee2a1e788fb/50",
  "deckHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb#slide-50",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe Procept exaggerates its addressable market to increase its appeal to investors enamored by large TAMs.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee36-760b-929a-8de7f9bfbcdb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "We believe Procept exaggerates its addressable market to increase its appeal to investors enamored by large TAMs. The urologists we spoke with all agreed that Aquablation's opportunity will be limited to a share of the small number of BPH patients that ultimately pursue a resective procedure due to the standard of care and insurance coverage considerations.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c88a1988-3952-4a24-9052-32256ad2eb02",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "I have very, very strong opinions about that. So we generally do a guideline based approach...there are very clear guidelines for when you operate...The very small group that doesn't start with pills are what we call an absolute indication for surgery: those who show up with a catheter because they can't pee...that's about 5% of our surgeries. — Spruce Point Interview with Major Hospital Urologist, Nov 2024",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-ee36-760b-929a-93231064fbce",
      "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": "f73d9fa3-4322-41c1-9db9-07f8f6d7786b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.96,
        "x": 0.02,
        "y": 0.28
      },
      "kind": "table",
      "text": "Urologist Perspectives on the Aquablation Opportunity",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "78e62128-aeb1-40b3-8b7d-5bfb9537b0ff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.305,
        "y": 0.03
      },
      "kind": "title",
      "text": "Urologists We Spoke With Agree That Aquablation Only Addresses The Resective Procedure Opportunity",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e232ea55-f3c2-4165-9e71-214732ddc4ea",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "authority-citation",
      "slug": null,
      "matchId": "4dcbaf8c-deea-4e90-a4ce-3022e5d8fcb0",
      "evidence": "Uses expert interviews to validate the thesis.",
      "confidence": 0.9
    }
  ],
  "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
}