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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 specific calculation to derive the 12% overstatement figure based on executive compensation targets.",
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      "text": "Procept’s “utilization” definition is handpieces “purchased”, not handpieces “used”. If handpieces “purchased” overstates known US procedures (as the Company’s proxy disclosure suggests), and if rising DSOs are indicative of hospitals ordering more handpieces than they need, then not only is Procept’s “utilization” metric overstated, it might even be meaningless.",
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      "text": "US Handpiece Sales Overstatement: 12%",
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      "text": "As discussed, we believe it is natural for anyone analyzing Procept’s business to assume that US handpiece unit sales are a good proxy for US Aquablation procedures. In fact, the Company conflates handpiece unit sales with procedures in its presentations.",
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      "text": "Source: Procept SEC filings, Procept Q3 2023 earnings call transcript, Spruce Point research",
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      "text": "Annual Incentive Cash Compensation Target and Achievement... US Handpiece Sales Overstatement of Actual Procedures (H=G/F-1) 12%",
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      "text": "Are Handpiece Unit Sales Really An Accurate Proxy For US Aquablation Procedures? Is “Utilization”, As Calculated, Meaningless?",
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