{
  "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": 71,
  "pageCount": 100,
  "prevPage": 70,
  "nextPage": 72,
  "slideType": "testimonial",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses expert interviews to preemptively rebut market valuation assumptions regarding the company's cancer pipeline.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-9ee2a1e788fb/71",
  "deckHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb#slide-71",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe Aquablation is ill-suited for prostate cancer applications, that the market for prostate cancer treatments is crowded with well-performing solutions, and that the Company is being given more credit for its efforts to date than is deserved.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee36-760b-929b-6a6f9a359796",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "As Procept shares reach new heights, we believe that sell-side analysts have sought new ways to justify its valuation. One way has been to highlight the prostate cancer opportunity. We believe Aquablation is ill-suited for prostate cancer applications, that the market for prostate cancer treatments is crowded with well-performing solutions, and that the Company is being given more credit for its efforts to date than is deserved.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c830cb14-af8d-4005-a8c8-97f7e7940efc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"It was a very tiny, tiny afterthought. Kind of 'what will we do one day once we figure out the BPH'? And it was definitely something, oh, 'we might do that next', but while I was still there, we still needed to fix the BPH first...\" — Former Procept Manager, Nov 2024. \"I think overall it's kind of going to be a niche area... It's a really crowded space here. There are tons of other minimally invasive procedures that are indicated for prostate cancer. So it would be hard for me to think that [Aquablation] is going to make a huge dent in the market\" — Private Practice Urologist, Dec 2024.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-ee36-760b-929b-6f0608a51dc5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Spruce Point research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dc9fefba-9f53-4c05-a4d2-a13bffb90625",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.96,
        "x": 0.02,
        "y": 0.3
      },
      "kind": "table",
      "text": "Former Procept Executive and Urologist Perspectives on the Prostate Cancer Opportunity",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "684ea9e1-d31a-4cc1-8dd8-512df4e86785",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "We Believe It Is Far Too Early To Ascribe Procept Any Valuation Credit For Its Cancer Effort",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c674d0f7-955b-45aa-82f2-214d9c72d811",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "authority-citation",
      "slug": null,
      "matchId": "20e59040-489f-444c-a3cc-153c3d2f9ee0",
      "evidence": "Uses expert interviews to validate the thesis.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}