Callouts & quotes from 26,677+ activist slides

"Posts about VYKAT backfiring and leading to increased behavioral issues are common, with parents commenting on the volume of such posts: “we haven’t started Vykat yet we are seeing quite a few parents comment about edema. Hyperglycemia, behavioral issues, and an INCREASE in hyperphagia”; “it sounds like a lot of people are experiencing an increase in behavioral issues while starting the meds”; “we’re seeing way more obsessive behaviors…he’s still hyper focused on food”; “we’re on week 3 and I’m convinced it’s the medicine, only because of the severity/difference in behaviors…behaviors we’ve experienced mildly before seem to extremely exaggerated”; “my daughter…is having more tantrums and fixations”; “week3…the food seeking has now reached a level I didn’t think was possible.”"

"They're not using the treadmill right now because it's a clothes hanger and it's dusty. Nobody likes running on a treadmill at home because it's boring... We can bring our insanely motivating fantastic instructors into your home, onto your 60-inch television screen... And with that subscription, they get yoga included. They get out to running included. They get cycling. They can go to their gym... We believe it's five years from now, two years from now, when your treadmill breaks, you're going to go to a Peloton store near you and you're going to see one of our two treadmills and you say honey, I don't want the dopey old treadmill from the dopey old fitness equipment company of yesteryear. I want it Peloton tread."

"it takes work on my office's part to get this drug approved...it's not like I write a prescription...here you go...see you later...and that's it, I'm done...we have to do a prior authorization...we're going to have to submit stuff...there's going to be administrative work - a fair bit...it's not going to be an insignificant amount...and it's a very small number of patients...it's a very niche group...that's the job, we're cool to do it...but am I going to go to the mat and do an appeal and do all this extra stuff and work super hard for a drug that I don't believe is all that powerful or effective to begin with?...no, it's just not a strong enough medicine to put in that much additional effort...."

"This seems to be very, very logical with this medication. But you're exactly right. This is a generally obese patient population, and if they don't have diabetes already, they're certainly at high risk to become diabetic. They have a limited life expectancy to begin with. But they are, as a general rule, at least high risk to develop diabetes with a drug that's known to cause your blood sugars to go up...Yeah, it's a real risk with this group... your child is already at high risk to become diabetic. It's probably only going to go up with this medication. That probably means that eventually you're going to be on diabetes medicines and the like."

"With the power to couple arbitrary pairs of qubits, comes the responsibility to ensure that qubit couplings are properly calibrated and can perform accurate gate operations. Therefore, the duty cycle of an ion-trap QC interchanges operational periods and rounds of recalibration...In more mature QC systems with improved coupling quality, more subtle faults will complicate fault detection...Testing (N2) qubit couplings, now already at a quarter of the ion-trap QC duty cycle, is going to consume a larger fraction of time as QC systems scale up....Brute-force diagnosis that checks qubit couplings one at a time scales poorly..."

"This morning, Dexcom management presented and hosted a Q&A break-out session at the J.P. Morgan Healthcare Conference. In the break-out session, CFO Quentin Blackford provided incremental color on the company's outlook for 2019, specifically that guidance contemplates $20-25M in revenue headwinds per quarter from the transition from the DME to the pharmacy channel, similar to the ~$20M headwind that the company saw impact sales in 4Q18. This accounts for a ~10% top-line headwind and implies that underlying volume guidance is +25-30%, versus the +15-20% overall revenue guidance issued ($1.175-1.225B)."

"It's a very unique situation in the PWS community because Miller is a destination for these families... there's other interventions that are not evidence-based that she promotes, CoQ10, levocarnitine, MCT oil...she promotes these things as really important...and so, patients will go see her, and come back and want to start these non-evidence-based supplements...she's a proponent of these loosely evidence-based interventions for Prader-Willi Syndrome...and I feel like patients come back with a lot of requests, oftentimes, that are a little bit maybe out there that they're asking me to co-sign...."

"What incremental data Intuit does provide shows (1) decreasing penetration of the payroll offering (using the imperfect data Intuit provides), (2) essentially no growth in average employees per payroll customer, suggesting poor mid-market penetration, (3) average payments volume per customer of just $20K, again highlighting Intuit's micro-business customer base, (4) YoY growth rates that are significantly lower than revenue growth rates, suggesting heavy reliance on price increases that may not be sustainable, and (5) declining growth rates over time, particularly in FY 2023."

"The absolute level of inventory has gone parabolic; is highly abnormal as a percent of revenue versus its historical trend; began to spike right when it entered the EUV market; hit a preposterous 120-135% of revenue in some recent quarters; hit its highest level in the last 2 quarters as a percent of assets; is the most inflated inventory level of any semicap supplier in the world; and has no explanation versus the 5 largest players - triple or quadruple ASML, Applied Materials, Lam, Tokyo Electron, KLA - even though they all make complex, long lead-time tools."

"Neil Erlick was named Chief Corporate Development Officer of Nuvei in December 2020, making him a part of Nuvei’s Executive Management team. His biography states he, "spent nearly two decades in senior leadership roles at Paysafe Group." However, similar to Schwartz’s biography, he fails to state that he also worked at FireOne Group, a separate publicly traded company, as a named executive during the time period from 2004-2006 where it processed billions in illegal gambling transactions for U.S. customers and forfeited $19.2 million in criminal proceeds."

"LODE is promoting its new lithium recycling investment in LiNiCo, which is using the proceeds to increase its direct strategic investment in Green Li-ion Pte, Ltd. ("Green Li-ion") and purchase Green Li-ion's patented process equipment with exclusive rights for the U.S. market. Green Li-ion's website promotes having three investors, but upon closer inspection it appears the Company may be misrepresenting itself: HAX and SOSV appear to be related. The third investor, Entrepreneur First, doesn't even list or profile the Company among its 312 investments."

"Article 224(A) of the Criminal Law: Defines a pyramid scheme as a scheme in which “the participants are required to obtain the qualification for participation by paying fees, purchasing commodities or services or any other means, the participants are classified into different levels according to a certain order, the calculation of remunerations or kickbacks to participants is directly or indirectly dependent on the number of persons recruited, and the participants are induced to continue or coerced into continuing recruiting others to participate.”"

"The parallels between Sakti3 and Quantumscape are striking: 1) Claiming a solid state battery breakthrough with a novel separator, which a skeptical Scientific American article likened to “the God Battery”; 2) high profile founders with previous R&D credibility; 3) technological “validation” because a large automaker invested (GM), similar to VW’s “validating” QS; and 4) drip-feeding scraps of “data” from tiny, single-layer, non-commercially relevant prototype cells and hyping them as groundbreaking with commercialization right around the corner."

"It is important to note that, to our knowledge, this data is known to very few market participants: it is designed for and provided primarily to the health care industry. Our understanding is that it is known to few, if any, sell-side brokerage firms. It is also priced to a corporate end market and, as such, is likely too expensive for all but the largest of buy-side firms. We believe that the market is generally blind to this data, and that prices of Penumbra shares must adjust to reflect this powerful, credible, and compelling information."

"Oklo is quick to tout in investor presentations the “inherent” safety of its liquid sodium-cooled design, and it is true the technology possesses certain safety advantages, particularly in avoiding a meltdown. Sodium’s boiling point is higher than the reactor temperature, meaning the coolant cannot boil or vaporize and the system does not need to be pressurized. What Oklo neglects to mention is sodium reacts violently with water and burns if exposed to air, resulting in different but still complex safety, maintenance, and reliability issues."

"Even if the market simply applies its existing 15.4x EV/EBITDA multiple to our more realistic view of Adj. EBITDA and adopts our calculation of net debt, the stock could have 30% downside. However, with Verint not growing organically, we value VRNT on the basis of a forward-year EV/EBITDA multiple, but on trailing Adj. EBITDA. With faster-growing and higher-quality industry peers trading at 10-11x forward-year EBITDA multiple, we believe that VRNT should trade at 8-10x forward EBITDA, implying a share price of $17-25 for 60-70% downside."

"We are short Goosehead Insurance (Nasdaq: GSHD) for three key reasons: (1) our analysis shows that, contrary to management’s claims, the failure rate of their first-year franchisees topped 67% in 2021 and we expect that number to increase again in 2022; (2) GSHD’s reliance on the housing market is much greater than management lets on; and (3) we calculate that the CEO and other pre-IPO investors have taken more than $900 million off the table while the company has only generated $23.4 million in cumulative net income since the IPO."

"In addition, HARMONY 1-bis displays all the other red flags as HARMONY 1: questionable foreign jurisdictions, with 40% of trial patients in Hungary and Argentina; pitolisant patients continued taking concomitant narcolepsy medications, creating a confounding factor; dose response data is again withheld, even though dosing was all over the place with 24% of patients on 10mg and 63% on 20mg; protocol violations and amendments, such as what appears to be another trial-size expansion, which the EMA review alludes to with no detail."

"On 14th September 2021, BP announced the hire of Ms. Anja-Isabel Dotzenrath - "exactly the right person at exactly the right time, a globally respected and deeply experienced leader in renewable energy with a proven track record of transforming and growing businesses" (former CEO Looney) - to lead the transformation of BP, from an international oil company to an integrated energy company effective 1st March ,2022: in April 2024 - merely two years into the job - BP announced that Ms. Dotzenrath was leaving the company."

"IDT is the oldest and most reliable company in the oligos space. They are really good at oligos. They had tried to go longer and go into genes, and they had the same problem. And they were really an efficient and effective company. We knew them very well and worked very closely with them. I went on a tour of their old facility twice, and it took three hours. We know the founders. It’s a really good company, but they’re never going to be huge because they have a niche market that they’re very good at, and they own it."

"The investigator thrashed Vykat as an utter failure on all counts with a 100% patient discontinuation rate – "none of mine continued on it either because they didn't want to or not having much effect - overall this isn't a miracle drug, that's for sure"; "they stopped it because they just didn't see any benefit...it wasn't doing much and they were still very obese...they didn't feel it worthwhile with the ongoing assessments and all the rest of it...the benefits were not seen to be good enough to continue on it.""

"The KOL provided ominous color for Soleno’s nascent launch effort – that the highest-volume PWS endocrinologists are “cynical,” citing three with among the most patients in the field; that insurers are simply denying prescriptions, for the few “throwing out a couple of test cases to see”; that physicians are highly concerned about adverse effects and the onerous monitoring and follow-ups required; and that leading PWS physicians are worried about naïve primary care docs prescribing the drug given its toxicity"

"there are concerns with pumping a heart for a long period...a pump is not a benign thing...if you go back and read the comments on the FDA panel, there’s data from TransMedics studies that suggest myocardial edema...whether the data will ultimately support this is still being hotly debated at transplant meetings...there still remains skepticism about pumping organs...and increasing the ischemic time...the data that surrounds OCS, does the patient really benefit, and is there truly no hard done to that organ?"

"The ex-employee further alleged that TransMedics has no safety function or even one person in such a role, and that the VP of Global Regulatory Affairs featured on its management team is just “an ornament because she worked at the FDA before...she was never in the office...she was never in the office...she was not really involved with anything...she had never been to Boston...she was living in Washington, DC...she was not really engaged with any of us...we didn't know where she was or what she was doing.”"

"Saputo completed the acquisition of Murray Goulburn based in Australia for A$1.3 billion (C$1.29 billion) in April 2018. The press release said, "MG produces a full range of high-quality dairy foods, including drinking milk, milk powder, cheese, butter and dairy beverages, as well as a range of ingredient and nutritional products, such as infant formula." (1) Furthermore, Saputo described Devondale as a "flagship" brand. Fast forward to today, we see it has discontinued certain drinks and infant formula."

"You should assume that as of the publication date of our reports and research, Muddy Waters Capital LLC (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors and/or their clients and/or investors, has a short position in all stocks (and/or options, swaps, and other derivatives related to the stock) and bonds covered herein, and therefore stands to realize significant gains in the event that the price of either declines."

"You should assume that as of the publication date of our reports and research, Muddy Waters Capital LLC (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors and/or their clients and/or investors, has a short position in all stocks (and/or options, swaps, and other derivatives related to the stock) and bonds covered herein, and therefore stands to realize significant gains in the event that the price of either declines."

"While these inconsistencies suggest that there may be discrepancies in the sell side's view of the base of the market, we are intrigued most by the fact that, regardless of how analysts identify and measure the market, they appear to significantly underestimate the pace of competitive market share gains: again, the sell side appears to assume that Penumbra will lose 2-3% market share per year, while Medtronic claims to have gained 15% in under a year and to be on pace to capture another 10% this year."

"You should assume that as of the publication date of our reports and research, Muddy Waters Capital LLC (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors and/or their clients and/or investors has a short position in all stocks (and/or options, swaps, and other derivatives related to the stock) and bonds covered herein, and therefore stands to realize significant gains in the event that the price of either declines."

"The Ushio light source is DPP. Discharge produced plasma. Think of the old days with a spark plug in a car with a gap where you apply voltage and you have a spark. Now imagine tin in the middle of the spark and using electrical energy to light the tin and get plasma. It's not a well controlled process. That's why people can't harness energy from lightning - it's uncontrolled. It was painful but we would get some light. If you choose a bad technology you just can't get there. DPP has inherent issues."

"The entire optical system inside Lasertec’s EUV inspection tool needs to be replaced at least every year: “...it coats the source of the EUV light until it develops a few mono-layers of coating...and gradually you lose it...and have to replace it”: “I heard every year that they have to replace the optics...the refurbishing of those optics costs at least a million dollars or more...they need to replace mirror number two, mirror number four, and that could cost at least half a million dollars each.”"

"You should assume that as of the publication date of our reports and research, Muddy Waters, LLC (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors and/or their clients and/or investors has a short position in all stocks (and/or options, swaps, and other derivatives related to the stock) and bonds covered herein, and therefore stands to realize significant gains in the event that the price of either declines."

"The company said one thing that we found interesting, maybe humorous. There was an admission that their combination of midstream and refining assets, that it wouldn't be attractive necessarily to a midstream investor... But the mix might be interesting to the generalist investor, which folks who are watching who follow the energy markets, I think will chuckle. The generalist investor being interested in energy is a fossilized creature that we can see in museums. That just doesn't exist anymore."

"BR lists its number #1 driver of Non-GAAP operating income margin is from “Scale and Natural OpEx leverage from a SaaS business.” However, Spruce Point does not believe that BR is a high-quality SaaS business, if one at all, given it admits it drives no pricing power and does not report metrics consistent with other SaaS companies such as Net revenue dollar retention or remaining performance obligation, and has just $414m of deferred revenue in relation to $3.7 billion of recurring fee revenue."

"LONZA scientist (cont'd) slammed the instrument: doesn't shorten development timelines or eliminate the need for traditional workflows, both key to its value proposition and $2MM price tag; capabilities are lacking for both cell line development and antibody discovery, BLI's two key target markets; cost is "prohibitive" and a "major shortcoming": not enough potential usage for ROI – a telling sign for BLI's TAM given Lonza may be the world's largest contract drug developer and manufacturer."

"On May 4, 2020, we completed the divestiture of the Security & Detection Systems and MacDonald Humfrey Automation solutions business ("airport security and automation business") to Leidos, Inc. for $ 1 billion (net cash proceeds of $ 950 million after selling costs and estimated purchase price adjustments), subject to final customary purchase price adjustments as set forth in the definitive sale agreement, and recognized a pre-tax loss of $26 million during the quarter ended July 3, 2020."

"Spruce Point observes that Mr. Chadha has also removed reference to his role as Leidos' Chief Accounting Officer from his public LinkedIn biography. We observe he served in various accounting and financial reporting roles at Computer Sciences Corp during a tumultuous period when its executives were charged with accounting fraud and assessed a $190m penalty. Curiously, the fraud involved inflating unbilled receivables – the same accounts ballooning at Leidos with inconsistent explanation."

"All I’ve seen are the summary stats...I haven’t seen anything on an individual basis...so yeah, it does worry me that things are not published, for sure...and there are odd things like the papers don’t describe insulin resistance at all anywhere...something very weird going on...their leptin goes massively down despite there not being a huge change in fat mass...something odd there...they haven’t really shown that insulin resistance gets bigger...they don’t report...and I don’t know why."

"So there's no question HoLEP is the best because you remove more tissue and it's bloodless. There's temporary incontinence, but we can overcome that...So, what if somebody invents a robotic HoLEP? There is at this point a cocktail napkin design of [it]. So it's many, many years away. But that would replace ablation in five minutes because laser is better than waterjet. The waterjet is sloppy. It's imprecise. It doesn't go deep enough, but it's the best we have. Laser is just better."

"You should assume that as of the publication date of our reports and research, Muddy Waters, LLC (possibly along with or through our members, partners, employees, and/or consultants) along with our clients and/or investors and/or their clients and/or investors has a short position in all stocks (and/or options, swaps, and other derivatives related to the stock) and bonds covered herein, and therefore stands to realize significant gains in the event that the price of either declines."

"We presume this has the obvious and intended effect: reps proliferate bogus referral forms, particularly the top performers, according to ex-employees, with one stating a current territory manager "just [told] me yesterday that...he still does it": "if you had a buddy, a doctor and say, hey listen, submit the form and then just ghost them...just submit the form and don't even worry about...the insurance information...I'll get paid for it...some representatives did that frequently.""

"Purely illustrative, as we do not believe book value correctly reflects the significant value of TICO’s operating business and book value is overly punitive on the tax leakage on publicly listed stakes that would be realized, as it includes a deferred tax deduction broadly at the 31% Japanese statutory tax rate, and not at the much more beneficial deemed dividend tax structure under an issuer buyback unwind of cross-shareholdings. TICO deserves a much higher valuation than 1x PBR."

"The OCS Specialist stated that the practice occurred nationally, not just at the Seattle hub, and was cloaked in secrecy, given "upwards of 100 OCS Specialists across the country" who could observe questionable aircraft movements on an internal phone app for case assignment and who "probably have the same questions" – "it just doesn't make any sense...we've just not been told...I could see on our app planes being assigned but not understanding why...I could see the whole country.""

"Hassanein vehemently denied each specific allegation in turn, thereby underscoring the gravity of the charges Gosar leveled: that he “prohibited transplant centers from training their personnel on the OCS procedure” – “this statement is not correct”; stated that “transplant centers had the option to either use NOP or continue to operate the OCS on their own”; and that “it couldn’t be further from the truth” regarding “pressuring hospitals to utilize our more expensive logistics.”"

"AS OF THE PUBLICATION DATE OF THIS REPORT, GRIZZLY RESEARCH (POSSIBLY ALONG WITH OR THROUGH OUR MEMBERS, PARTNERS, AFFILIATES, EMPLOYEES, AND/OR CONSULTANTS) ALONG WITH OUR CLIENTS AND/OR INVESTORS HAS A DIRECT OR INDIRECT SHORT POSITION IN THE STOCK (AND/OR OPTIONS, SWAPS, AND OTHER DERIVATIVES RELATED TO ONE OR MORE OF THESE SECURITIES) OF THE COMPANY COVERED HEREIN, AND THEREFORE STANDS TO REALIZE SIGNIFICANT GAINS IN THE EVENT THAT THE PRICE OF GSX TECHEDU'S STOCK DECLINES."

"Generac's press release fails to address that it acquired the business from Caledonia Investments, a public investment vehicle listed in the UK. Caledonia acquired the business from its founders, who cashed out in October 2018. The business was sold for £162 million ($213.1 million). Generac's press release also failed to disclose it paid $420.7 million, or a 97% valuation increase, for a business that barely grew revenues and showed margin deterioration in the past few years."

"Spruce Point believes that ELF’s valuation is supported by its above market revenue growth. This revenue is highly dependent on its retail channels through Target, Walmart, and Ulta Beauty along with continued appeal with mostly female Gen Z consumers. To the extent that ELF receives pushback from these customers related to its association with Movers+Shakers and its perceived messaging and association with the NXIVM cult, there could be material downside to the share price."

"Aegon lists three distribution channels for its Individual Solutions business: a wholesale channel, a brokerage channel, and an affiliated retail agency consisting of Aegon's distribution subsidiaries, Transamerica Agency Network, Transamerica Financial Advisors, and World Financial Group. While WFG claims to empower communities through financial education, we will show in subsequent slides how we believe WFG uses questionable tactics in its recruiting and sales programming."

"AS OF THE PUBLICATION DATE OF THIS REPORT, GRIZZLY RESEARCH (POSSIBLY ALONG WITH OR THROUGH OUR MEMBERS, PARTNERS, AFFILIATES, EMPLOYEES, AND/OR CONSULTANTS) ALONG WITH OUR CLIENTS AND/OR INVESTORS HAS A DIRECT OR INDIRECT SHORT POSITION IN THE STOCK (AND/OR OPTIONS, SWAPS, AND OTHER DERIVATIVES RELATED TO ONE OR MORE OF THESE SECURITIES) OF THE COMPANY COVERED HEREIN, AND THEREFORE STANDS TO REALIZE SIGNIFICANT GAINS IN THE EVENT THAT THE PRICE OF 58.COM'S STOCK DECLINES."

"According to BlackRock, it is in the best interest of their clients (and the market) that an over-boarded Director is not appointed to the Board (BCP concurs). However, the very same Director was endorsed by BlackRock to the Board as the sole Director representing their clients (and the market). With the additional consideration that this very same Director was first appointed to the Board at the 2020 AGM as a representative of the controlling shareholder! This is a joke!"

"It appears to us that 3 out of the 5 claimed entities in China in the Moxian group, including the main operating entity Moxian Shenzhen, its purported VIE Moyi Shenzhen and its 100% subsidiary Moxian Shanghai, do not have the basic organization, staff or the small amount of effort required to maintain even the most simple and routine annual reports and have a bad habit of moving and not updating its registered business and operational address or even a working phone line."

"AS OF THE PUBLICATION DATE OF THIS REPORT, GRIZZLY RESEARCH (POSSIBLY ALONG WITH OR THROUGH OUR MEMBERS, PARTNERS, AFFILIATES, EMPLOYEES, AND/OR CONSULTANTS) ALONG WITH OUR CLIENTS AND/OR INVESTORS HAS A DIRECT OR INDIRECT SHORT POSITION IN THE STOCK (AND/OR OPTIONS, SWAPS, AND OTHER DERIVATIVES RELATED TO ONE OR MORE OF THESE SECURITIES) OF THE COMPANY COVERED HEREIN, AND THEREFORE STANDS TO REALIZE SIGNIFICANT GAINS IN THE EVENT THAT THE PRICE OF WUBA'S STOCK DECLINES."

"The current average sell-side price target implies 13% upside, which we believe is hardly exciting in a world where you can earn 5% sitting in cash while avoiding the risks that, 1) Xylem mis-executes (like it has in previous M&A) with integrating Evoqua, 2) That the DOJ brings parallel charges against Evoqua similar to (or worse than) what the SEC charged, and 3) Financial restatement risk as suggested by Xylem’s recent disclosure of two sets of financial statements."

"On face value, Aerojet's revenue and earnings growth are comparable with industry peers. This forms the basis that its valuation is also in-line or at a discount with peers. However, Spruce Point believes that Aerojet's enterprise value does not accurately reflect numerous liabilities, its financial results are inflated with aggressive accounting, and its projected financial results will materially disappoint the Street “consensus” view formed by just a few analysts."

"By carefully analyzing Generac’s own data and assumptions, we see that penetration of portable and home standby generators has severely lagged the penetration of its reference categories while median home values and incomes have increased. Yet, Generac is claiming that the market opportunity for its product keeps expanding from $2 to $3 billion for each 1% penetration, but is narrowing its buyer demographic by now focusing on buyers aged 60 or older vs. 50 or older."

"The CEO alleged practices almost identical to those indicated by ex-TransMedics employees: “they’ll fly planes in from like Arizona and to do stuff in New York because they can charge for all that...they’ll also pay the transplant program or pay somebody, whoever makes the decisions...they’ll give them a kickback to use their transplant logistics services even though they’re excessively more expensive...because whoever makes the decision is getting a piece of that.”"

"Earthworx also connects GFL, Mr. Dovigi and Director Dino Chiesa, to Gordon Churchill of Port Perry. Mr Churchill, in addition to Mr. Villa, were both referenced as directors/owners of Earthworx. Gordon pleaded guilty in June 2007 to charges of production of a controlled substance, unauthorized possession of a firearm and misconduct by peace officer. Gordon’s son Nick Churchill follows Villa’s Campus Auto on Instagram. Nick Churchill was also sentenced to prison."

"Discounted bundling by deep-pocketed medical device companies poses a powerful risk to industry pricing: assuming that its near-term stent retriever market share projections are correct, Medtronic, whose stent retriever has dominant share, is widely regarded as the industry's gold standard, can effectively give away its aspiration catheters for free and still grow profit dollars into FY19, without even assuming any market share gains in the stent retriever space."

"…with Marcato establishing a 6% position in the stock, we think it is likely that 1) management will be under pressure to realize a more meaningful portion of the cost savings to EPS versus potential reinvestment 2) initiates a dialogue around the strategic value of DECK's non-core brands in its portfolio including potential alternatives 3) creates a greater sense of urgency around shareholder value enhancing initiatives including accelerated share repurchases."

"Investigator #6, for example, stated extreme concern about cardiac events, based on extensive experience using diazoxide for hyperinsulinism – “in the other condition we use diazoxide for, pulmonary edema is a massive concern of ours...the main adverse event that I would be worried about with this drug and the potential for that...difficult to predict who will develop that...personally, I would always be ordering echos on any child before and during treatment.”"