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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 red box to highlight the DSO trend and red underlining in the text to emphasize the fraudulent nature of the sales.",
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      "kind": "paragraph",
      "text": "From 2008 to 2009, “robotic” medical technology company Hansen Medical engaged in fraudulent sales transactions that resulted in the reporting of revenue figures that were improperly and materially overstated. Hansen Medical was forced to restate its financials for 2.5 years after a whistleblower brought the transactions to light.",
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      "text": "Excerpt From the SEC’s Cease and Desist Order: Under Generally Accepted Accounting Principles (“GAAP”) and the company’s own policies, Hansen could recognize revenue only when a sale was complete...",
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      "text": "Red underline for Spruce Point emphasis. Source: Bloomberg, SEC Cease and Desist Order dated 10/6/11",
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      "text": "Hansen Medical financial ratios table showing DSO increasing from 72.44 in 2007 to 134.75 in 2009.",
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      "text": "Rising DSOs Have Been A Harbinger Of Accounting Issues In MedTech: The Case Of Hansen Medical",
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