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  "documentTitle": "PROCEPT BioRobotics Corporation (PRCT)",
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  "presentationDate": "2025-01-16 00:00:00",
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      "kind": "callout",
      "text": "\"Customer Experience/Quality\" was removed for 2023, the year that we show saw a spike in procedure adverse events related to equipment malfunctions, likely due to Procept's move to a new facility.",
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      "text": "Procept no longer incentivizes \"Innovation\" despite being a single-product, single-indication, single-specialty company? Shouldn't the Company's attempt to enter the prostate cancer market factor in?",
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      "text": "Short-term cash bonuses are growing as a percent of total compensation for Procept senior executives.",
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      "text": "Procept management has demonstrated distinctly poor performance versus its profitability targets.",
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      "text": "incentive compensation",
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      "text": "We are troubled by the timing of the removal of key performance measures for Procept's annual incentive cash compensation and an increase in these short-term focused payments as a percentage of total comp. We also note that Procept management has demonstrated poor performance versus their own internal profitability targets. We also note that PSU targets are driven solely by revenue targets and stock performance versus the Russell 2000, an index of largely unprofitable companies.",
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      "text": "Source: Procept SEC filings, Spruce Point research",
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      "text": "Poor Performance Vs Profitability Targets",
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      "text": "Increasing Mix of Short-Term Compensation",
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      "text": "We Highlight Disturbing Changes In Procept's Incentive Compensation Structure Despite Poor Performance",
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