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  "documentTitle": "PROCEPT BioRobotics Corporation (PRCT)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
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  "notes": "Uses testimonial evidence to challenge company financial disclosures.",
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      "text": "Widespread rental commentary suggests many customers are offered options short of outright purchase.",
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      "text": "It remains unclear how Procept accounts for costs associated with system rentals, and we suspect such activity may be contributing to recent increases in gross margin.",
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      "text": "In contrast with Procept disclosures, we found ample evidence of rentals being offered by Procept reps. We are also troubled by the Company's disclosure regarding \"loaning equipment to customers at no additional cost\", as Procept fails to clarify how it accounted for such transactions.",
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      "text": "\"[the Procept rep and I] have coffee after the [procedure] and I'm like 'You selling any robots?', and what they said to me is, 'well, we're renting them out now.' Renting is slang. It could mean they're giving them away...That was nine months ago.\" — Major Hospital Urologist, Nov 2024",
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      "text": "Source: Spruce Point research",
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      "text": "Procept's Modest Disclosed Rental Activity Seems Inconsistent With Frequent Revelations In Our Research",
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