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  "documentTitle": "PROCEPT BioRobotics Corporation (PRCT)",
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  "notes": "Includes a red box highlight on the 52% penetration metric and the actual handpiece units sold row, with an arrow connecting them.",
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      "text": "This analysis also highlights that Procept's 52% high volume hospital penetration means that a material portion of the low-hanging fruit has been harvested and that future sales will likely be harder to come by.",
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      "text": "This analysis also highlights that Procept’s 52% high volume hospital penetration means that a material portion of the low-hanging fruit has been harvested and that future sales will likely be harder to come by.",
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      "text": "US Hospital-Based Resective Procedure Market: 75-110%",
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      "text": "While there are admittedly some limitations to the datasets referenced on the previous pages, we find that Procept's own market assumptions are not consistent with its system and handpiece sales to date...",
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      "text": "(1) Source: Procept investor presentation, SEC filings, and earnings calls...",
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      "text": "Table showing 2021-2024 YTD metrics including hospital counts, system installations, penetration rates, and procedure volumes.",
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      "text": "Procept's Own Results Suggest 75-110% Overestimation of the US Hospital-Based Resective Procedure Market",
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      "text": "Procept's Market Size Numbers Also Don't Square With Their Own Business Results",
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