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  "documentTitle": "PROCEPT BioRobotics Corporation (PRCT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-01-16 00:00:00",
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  "notes": "Uses a table format to present primary source interview quotes as evidence against market growth assumptions.",
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      "kind": "callout",
      "text": "However, our research finds significant skepticism among former Procept sales reps and current Aquablation users regarding both of those assumptions.",
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      "text": "As highlighted on the previous page, we estimate Procept has already penetrated over 50% of high volume hospitals in the US. As a result, bullish sell-side analysts have started assuming that Procept will sustain its growth by (1) selling multiple systems into those high volume facilities, and/or (2) achieve widespread penetration of low volume hospitals once they focus their sales effort on those less attractive customers. However, our research finds significant skepticism among former Procept sales reps and current Aquablation users regarding both of those assumptions.",
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      "text": "I mean, in even the highest volume accounts, no more than two. No more than two. — Former Procept Executive, Nov 2024; My guess is never, and here's why...I know the numbers...[there are] dedicated cystoscopy suites in most hospitals. They're only used 30% of the time because another surgeon can't use the room...So the room is available 70% of the time. And at academic hospitals and Kaisers, there's usually one or two BPH folks. So that's all we have. And we're not looking to hire more because all the money's made with prostate cancer and kidney cancer. I'm the BPH guy and they don't want another one. So I don't see any reason to have two... — Major Hospital Urologist, Nov 2024; those low volume [hospitals], they're just hard. They really are. — Former Procept Sales Rep, Nov 2024; from a hospital standpoint, convincing a hospital to buy a machine for one indication and just one indication for one specialty is sort of silly... especially in these community hospitals...we have eight different specialists in our hospital using the da Vinci robot five days a week. For Aquablation you need to have buy-in from at least a few urologists from your group. If you just have one urologist using it, then he's using it maybe one day a week maximum. — Community Hospital Urologist, Nov 2024",
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      "text": "Source: Spruce Point research",
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      "text": "Former Procept Sales Rep and Urologist Perspectives on Future System Penetration",
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      "text": "We Are Skeptical Of Assumed Drivers Of Future Systems Growth Given Our Research Findings",
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