{
  "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": 86,
  "pageCount": 100,
  "prevPage": 85,
  "nextPage": 87,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 48,
  "notes": "The slide uses a table to demonstrate that service revenue as a percentage of total revenue has grown from 5% to 15%, arguing this masks slower underlying system sales growth.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-9ee2a1e788fb/86",
  "deckHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-9ee2a1e788fb#slide-86",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Thus, reported systems revenue has become less indicative of customer adoption, and actual systems revenue growth rates are materially lower once service revenue is excluded.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee36-760b-929c-f4b6aa225784",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "US Service Revenue / Systems and Rental Revenue: 15%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee36-760b-929c-f83f005970e8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.32,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "For some types of industrial capital equipment companies, service revenue represents a steady income stream... we question whether Procept will continue to be successful selling accompanying service contracts...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "258f4298-1ec5-43d1-a031-a12a8f663dfc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.16,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Procept SEC filings",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f40c0db2-bfe7-4815-8eb6-8230058962b7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.43,
        "w": 0.96,
        "x": 0.02,
        "y": 0.52
      },
      "kind": "table",
      "text": "Analysis of Procept US Service Revenue table including Q1-22 to Q3-24 data points for revenue, deferred revenue, and calculated growth metrics.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "85e4011c-e343-4aa9-978b-5a6dcf4e8f12",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "An Increasing Portion Of Systems Revenue Is Coming From Service Contracts",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "870f1dcd-81de-4f5b-b5fb-e2b19a65242b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "6d4fd9cc-8789-4325-8dd3-c89c7a43c931",
      "evidence": "The slide argues that revenue recognition practices are being used to mask underlying business performance.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}