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  "documentTitle": "PROCEPT BioRobotics Corporation (PRCT)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "The slide uses a 'guilt by association' tactic to undermine the credibility of the company's auditors.",
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      "text": "Given the issues we have highlighted regarding Procept's revenue recognition, gross margin accounting, and DSOs, we are concerned that Procept has never had a lead audit partner who has audited a publicly-listed company with more than $150 million of revenue, and its current audit partner has never had a publicly-listed client with any revenue at all.",
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      "text": "Given the issues we have highlighted regarding Procept's revenue recognition, gross margin accounting, and DSOs, we are concerned that Procept has never had a lead audit partner who has audited a publicly-listed company with more than $150 million of revenue, and its current audit partner has never had a publicly-listed client with any revenue at all.",
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      "text": "Source: PCAOB, PR Newswire, S&P Capital IQ, Spruce Point research",
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      "text": "Procept Auditors at PwC Since IPO timeline showing Form AP filings for Zechnich and Alabi",
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      "text": "Our Accounting Concerns Are Exacerbated By An Examination Of Procept's PwC Audit Partners",
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