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  "documentTitle": "PROCEPT BioRobotics Corporation (PRCT)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-01-16 00:00:00",
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  "notes": "Uses a direct comparison table format to highlight discrepancies in market penetration, pricing, replacement cycles, and cost efficiencies.",
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      "text": "We worry when we read sell-side research that crafts bull case arguments with data points that have been directly contradicted by company management or our own research.",
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      "text": "We worry when we read sell-side research that crafts bull case arguments with data points that have been directly contradicted by company management or our own research. The recent Morgan Stanley initiation report on Procept raises eyebrows.",
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      "text": "“if you ever have someone telling you that they have something that treats all prostate sizes, that is not correct” — Two Urologists (Spruce Point Interviews). “we are going to be flexible with HYDROS pricing... we're willing to negotiate on price.” — CFO Waters (Piper Conf. 12/5/24). “I can't imagine the replacement cycle is going to be massive” — CFO Waters (Piper Conf. 12/5/24). “HYDROS is currently costing about 10% more than AQUABEAM. To clarify some, I would say, misinformation that was out there in August regarding the cost being the same.” — CFO Waters (Q3 2024 Earnings Call). “while HYDROS does have some efficiencies regarding setup and ease of use, that hour block time is probably still what's going to be blocked for a HYDROS system as well.” — CFO Waters (Piper Conf. 12/5/24).",
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      "text": "Source: Morgan Stanley research, Procept Q3 2024 earnings call transcript, Procept 12/5/24 Piper Sandler conference presentation, Spruce Point research",
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      "text": "Sell-side Cheerleaders Are Straining To Make A Bull Case For Procept Shares",
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