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  "documentTitle": "PROCEPT BioRobotics Corporation (PRCT)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-01-16 00:00:00",
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  "notes": "The slide uses a table to demonstrate that procedure growth (excluding Rezum) is lower than the growth of the target demographic (men 65+ and 65-75).",
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      "text": "We note that Procept quoted an 11% procedure CAGR from 2016 to 2019 in its IPO prospectus. The data above yields just a 3.1% CAGR and raises the prospect that Procept ignored the distorting impact of Rezum volumes added in 2019.",
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      "text": "Only one study of BPH treatment volumes, Dowling, includes long-term data (10 years), annual figures, and recent data (through 2022). However, the Dowling and other studies only began recording volume data for Rezum in 2019...",
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      "text": "Shading indicates years where population outgrew BPH surgical procedures. Sources: (1) Urology Times, Dowling (2) Administration for Community Living (3) CDC, Procept IPO prospectus",
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      "text": "The Oft-Referenced Bull Case Demographic Argument Is Seemingly Absent From Data So Far",
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