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  "documentTitle": "PROCEPT BioRobotics Corporation (PRCT)",
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  "notes": "Uses a combination of regulatory disclosure and primary source interview data to build a case of corporate malfeasance.",
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      "text": "Procept Acknowledges That Its System Loan Activities May be Problematic",
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      "text": "We are troubled that Procept's activities around system rental and/or evaluation, specifically \"loaning equipment to customers at no additional cost\", have already been highlighted as problematic by the Company.",
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      "text": "Excerpt from Procept's 2023 10-K Risk Factors discussing compliance with healthcare laws and regulations: “it is possible that some of our activities, such as stock-option compensation paid to physicians or our practice of loaning equipment to customers at no additional cost, could be subject to challenge under one or more of such laws. Any government investigation, even if we are able to successfully defend against it, will require the expenditure of significant resources, is likely to generate negative publicity, harm our reputation and potentially our financial condition and divert the attention of our management.”",
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      "text": "We are troubled that Procept's activities around system rental and/or evaluation, specifically “loaning equipment to customers at no additional cost”, have already been highlighted as problematic by the Company. Former sales reps we spoke with were unable to explain this disclosure.",
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      "text": "\"it is possible that some of our activities, such as stock-option compensation paid to physicians or our practice of loaning equipment to customers at no additional cost, could be subject to challenge under one or more of such laws.\" — Procept 2023 10-K",
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      "text": "Source: Procept 2023 10-K, Spruce Point research",
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      "text": "Spruce Point Interview with Former Procept Manager, Nov 2024: “that loaner program, they launched after my departure...and I myself wonder what exactly prompted that decision...SPCM question: “What does it mean when Procept says they ‘loan equipment at no additional cost’?” “It's a good question. I don't know.” Spruce Point Interview with Former Procept Sales Rep, Nov 2024: “when I was there, we weren't loaning anything out...they had a standard monthly fee...We weren't loaning anything out for free.”",
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      "text": "Procept's System Loan Activity May Violate Healthcare Regulations",
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