{
  "docId": "019dd923-622c-750b-8b9a-2a2468219173",
  "docSlug": "ce565b841c40",
  "documentTitle": "Nevro Corp. (NVRO)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Kir Kahlon",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-01-07 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 10,
  "pageCount": 239,
  "prevPage": 9,
  "nextPage": 11,
  "slideType": "problem_statement",
  "function": "frame_problem",
  "density": "overcrowded",
  "nDataPoints": 2,
  "notes": "The slide uses a 'villain' framing by highlighting the '180 degree unwind' of the company's core messaging and patient complaints about charging.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "photo",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-2a2468219173/10",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173#slide-10",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.3,
        "x": 0.25,
        "y": 0.52
      },
      "kind": "callout",
      "text": "Charging paddle that must be placed next to implant location. On Facebook groups, patients report spending close to an hour or more daily to re-charge Nevro’s stimulators",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "baaa0d35-99e3-4b2e-82cb-ccc7a5e1d8a1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "On Facebook groups, patients report spending close to an hour or more daily to re-charge Nevro’s stimulators",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f3d-76db-b336-f2d2bde551e0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.35,
        "x": 0.6,
        "y": 0.5
      },
      "kind": "image",
      "text": "New Omnia battery/IPG",
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5881e5b8-3055-4adc-b443-3bd05205b93d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.45,
        "x": 0.05,
        "y": 0.5
      },
      "kind": "image",
      "text": "Senza model IPG with remote control and charging unit",
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b6b0799b-acba-4093-a361-7d3811590eea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.9,
        "x": 0.05,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "Spinal cord stimulation has historically been a backwater space with poor economics and little innovation. Nevro entered the US market in 2015 claiming it had found the holy grail of pain relief: a stimulator that delivered pulses at a higher frequency (10khz) versus the low frequencies (eg, 1kHz) used by traditional devices. Nevro patented its high frequency “HF10” technology, saying that “frequencies above 5kHz have a unique inhibitory effect on pain circuitry.” As the first “innovation” in SCS in perhaps decades and armed with clinical data showing superior pain relief, Nevro caught the 3 legacy players asleep and quickly took 15-17% of the market. Launching with the Senza stimulator, Nevro has now bet the company on its Omnia device, which launched in November 2019 and offers both low and high frequencies - an abrupt (and telling...) 180 degree unwind of its HF10-only message.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c845f0e0-b926-4625-a6c1-e4520bcf13ec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Image 1 https://www.medgadget.com/2015/05/nevro-senza-high-frequency-spinal-cord-stimulator-gets-green-light-by-fda.html; image 2 https://s24.q4cdn.com/932612397/files/images/media_kit/Omnia_Implantable_Pulse_Generator.jpg",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "318990c1-037d-4bbb-b33e-8a43028ad43b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.45,
        "x": 0.05,
        "y": 0.04
      },
      "kind": "title",
      "text": "Scorpion Capital | Nevro (NYSE: NVRO)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b788f98f-f3b4-4ed1-a529-3122ec3e527e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.05,
        "y": 0.1
      },
      "kind": "title",
      "text": "1. Introduction to Nevro",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "34ec4d37-7aa2-4b2e-9901-b6906ac8b520",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 20,
      "from": 9,
      "beatId": "531dd341-6a18-4138-9808-503ee7f0f77f",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The deck presents a series of criticisms and contradictions against Nevro",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 10,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "c6d7ccb1-a71b-4960-8866-cbf6a13f3065",
      "evidence": "The deck presents a series of contradictions and criticisms against Nevro",
      "position": 0,
      "objective": "Reveal Nevro's flaws",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.8,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}