{
  "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": 6,
  "pageCount": 100,
  "prevPage": 5,
  "nextPage": 7,
  "slideType": "executive_summary",
  "function": "diagnose_problem",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "The slide uses a strong, accusatory tone typical of activist short-seller reports.",
  "elementsJson": [
    "headline_text",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-9ee2a1e788fb/6",
  "deckHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb#slide-6",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe this is nonsense. There is a clear standard of care for BPH that logically ramps the level of intervention based on the severity of patient symptoms.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee35-7258-b4d7-a37ae4ea7b55",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.25,
        "x": 0.02,
        "y": 0.02
      },
      "kind": "image",
      "text": "Spruce Point Capital Management",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "512e533f-0da8-48ab-ad40-b2342883fc78",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.96,
        "x": 0.02,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "We have conducted a forensic review of PROCEPT BioRobotics... we have developed significant concerns over the credibility of Procept's claims... we question the credibility of Procept's key business metrics...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "389858df-bcd4-43ce-9943-663c4af31bbc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.96,
        "x": 0.02,
        "y": 0.45
      },
      "kind": "paragraph",
      "text": "BPH refers to enlargement of the prostate... Procept wants investors to believe that its Aquablation procedure is positioned to become the dominant treatment... We believe this is nonsense.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6a68ba5a-b4e5-48aa-b403-b71a227c0435",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.96,
        "x": 0.02,
        "y": 0.78
      },
      "kind": "paragraph",
      "text": "The practical reality is that... there is no \"one-size-fits-all\" BPH treatment.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "821f481c-dfc6-489b-9389-0c3e0b8215e1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.7,
        "x": 0.28,
        "y": 0.05
      },
      "kind": "title",
      "text": "We Don't Believe The Marketing Spin Matches Reality; Brick Wall Is Coming; We See 30% - 60% Downside Risk",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ecfd6e0f-119c-4a8e-aaae-0d6f6e9be2f1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Thesis: Activist defense (for management)",
      "slug": "activist-defense",
      "agent": "storyteller",
      "layer": "slide",
      "matchId": "95660215-a17a-42c8-8be9-394912438066",
      "evidence": "We have conducted a forensic review of PROCEPT BioRobotics... we have developed significant concerns over the credibility of Procept's claims... we question the credibility of Procept's key business",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "177dd53e-2c86-446e-b1c8-3b718858bdeb",
      "evidence": "The slide explicitly frames the company's claims as 'marketing spin' and 'nonsense' to justify a short thesis.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}