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  "docSlug": "1233d0b05ad9",
  "documentTitle": "PROCEPT BioRobotics Corporation (PRCT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-01-16 00:00:00",
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  "notes": "The slide uses a 'generous' set of assumptions to preemptively counter potential bull-case arguments regarding market penetration.",
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      "text": "To drive home the absurdity of Procept’s valuation, we project the Company’s total ten-year Aquablation opportunity making highly generous assumptions... we still calculate a revenue opportunity less than one-half of Procept’s enterprise value.",
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      "text": "10-year revenue opportunity: $1,864",
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      "text": "To drive home the absurdity of Procept's valuation, we project the Company's total ten-year Aquablation opportunity making highly generous assumptions around hospital share capture and procedure capture. Despite these unrealistically optimistic assumptions, we still calculate a revenue opportunity less than one-half of Procept's enterprise value.",
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      "text": "Source: Procept SEC filings, Spruce Point research",
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      "kind": "title",
      "text": "Procept Trades At Reasonable Multiples...If You Aggregate Its Ten-Year US Revenue Opportunity",
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