{ "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": 56, "pageCount": 100, "prevPage": 55, "nextPage": 57, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 50, "notes": "Includes a table comparing disclosed utilization vs. calculated utilization, and a table from AUA 2023 Census on procedure volume.", "elementsJson": [ "headline_text", "paragraph", "kpi_table", "callout_box", "comparison_table", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-9ee2a1e788fb/56", "deckHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb#slide-56", "components": [ { "bbox": { "h": 0.35, "w": 0.45, "x": 0.05, "y": 0.48 }, "kind": "callout", "text": "The practical reality is that most urologists don't do that many surgical procedures a month. For example, the AUA 2023 Census found that 48% of urologists do four or fewer major procedures per month. We believe this finding greatly limits the potential adoption of an expensive, single-indication system like the AquaBeam. Also, most urologists maintain diverse practices, and we found that even BPH specialists and Aquablation practitioners and supporters don't want to do more Aquablation procedures.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c182ad9d-1b07-4f04-890e-bda0a2f26353", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "The practical reality is that most urologists don't do that many surgical procedures a month.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-ee36-760b-929a-184856ea422a", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "monthly utilization per account: 6.8", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd952-ee36-760b-929a-233395979f0b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Procept discloses a “monthly utilization per account” metric as a KPI. Given potential distortions related to either newly purchased system ramp up or the number of “accounts” versus systems, we present an alternative metric using quarterly handpiece unit sales divided by previous quarter systems installed base divided by three. Either way, the answer is the same: flat utilization.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b2c60bf9-f2c4-43c5-ad24-d6ffc7b7e5a9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.25, "y": 0.78 }, "kind": "quote", "text": "We're shrinking fast, and there's not enough urologists. So nobody can grow their volume for anything because we all have a three month wait to get to see me and a two month wait or three month wait for surgery. That's my only negative on this whole market. Nobody's going to grow it because the bottleneck is the number of urologists...you might see my BPH volume going up 1% per year just because of demographics, but I can't see more patients. Bottom line is I can see 25 patients a day and do eight surgeries a week, and I can't do more.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "500595d0-4ab8-475b-8fea-31f10e8d6a18", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"We're shrinking fast, and there's not enough urologists. So nobody can grow their volume for anything because we all have a three month wait to get to see me and a two month wait or three month wait for surgery. So that's my only negative on this whole market. Nobody's going to grow it because the bottleneck is the number of urologists...you might see my BPH volume going up 1% per year just because of demographics, but I can't see more patients. Bottom line is I can see 25 patients a day and do eight surgeries a week, and I can't do more.\" — 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-1c2be1e6af23", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Procept SEC filings, Procept earnings call transcripts, AUA 2023 Census", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "385f8f98-0d4a-4213-8ae3-393d9e9bcf41", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "table", "text": "Analysis of Aquablation System Utilization: Largely Flat Over the Past Two Years", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9c0b1477-c64c-416d-958d-d3e468daeea6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.43, "x": 0.52, "y": 0.48 }, "kind": "table", "text": "TABLE 5-7 Major Inpatient Operative Procedures Performed in a Typical Month", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f84917fe-ed8a-4713-a32a-713e0bcd8786", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Procept's Own Disclosures Contain A Massive Red Flag: Aquablation Utilization Has Already Flatlined", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b4004c0a-8ff9-411f-934b-d165322a441e", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Data Story Arc", "slug": "data-story-arc", "agent": "Storyteller", "layer": "slide", "matchId": "3078443a-a628-4c8e-9fca-5c56a866a3ce", "evidence": "The slide presents a narrative that builds on previous data.", "confidence": 0.7 } ], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "3c0e9029-5e0d-4db0-b72e-62729b2bf15d", "evidence": "The slide explicitly frames the analysis as exposing a 'red flag' in company disclosures.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }