{
  "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": 109,
  "pageCount": 239,
  "prevPage": 108,
  "nextPage": 110,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "The slide uses direct quotes from KOLs to frame the company's management as deceptive and manipulative.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-2a2468219173/109",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173#slide-109",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Nevro's response to its explants crisis appears to be marked by denial, cover-up, retaliation, and patient/doc manipulation",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f3d-76db-b340-039fb009532e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.88,
        "x": 0.06,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "High volume KOL's who met with Nevro management regarding explant rates described a disinterested CEO and a company strategy of denial, deflection, and disingenuously blaming the patient or the implanter – which keeps low procedure volume doctors in line as they are easily manipulated by aggressive sales reps. One of the KOL's said Nevro had \"excuses for everything,\" blaming him and other doctors who raised the issue for having poor patient selection. The KOL methodically explained why Nevro's attempts to blame others were simply a deflection tactic.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8c4d390f-c1b6-4d41-861c-8e614f65f475",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.88,
        "x": 0.06,
        "y": 0.69
      },
      "kind": "quote",
      "text": "\"We had dinner with higher ups at Nevro to talk about explant rates. We didn't go to Rami [previous CEO]. He didn't want to hear about it. They have excuses for everything. They were just - whatever they could think of as an excuse. You have bad patient selection, you have more workers comp patients. I'd say all I've ever done are workers comp patients and they've always done great with other stimulators. My stats have always been comparable to regular patients. Nevro would make a bunch of excuses for explants by blaming the patients or blaming the doctors.\" – High volume implanter and KOL",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0c455d0c-b329-4bb9-92b9-f0aa7744764b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.88,
        "x": 0.06,
        "y": 0.31
      },
      "kind": "quote",
      "text": "\"Most doctors that do stimulators only implant six a year. They don't do that many, so they're nervous. They're insecure about it. And the reps are knowledgeable and very aggressive They can run the show. So when you're doing half a dozen a year and they're not all with Nevro and you've had a couple of bad outcomes, the reps blame you, and the doctor accepts it.\"",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "91ad953a-a7e0-45b2-bddc-30a743f8305a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.88,
        "x": 0.06,
        "y": 0.45
      },
      "kind": "quote",
      "text": "\"But I've been doing hundreds of these per year over my career and [doctor name redacted] is the same way. And we told Nevro, no, we do not have bad patient selection. Your stimulator outcomes just suck. Then Nevro would say, well you have more workers comp patients. And I'd say, yeah I've always had more workers comp patients and they've always done great on other stimulators. Nevro complained about [doctor name redacted, who criticized Nevro's explant rates], saying he had bad patient selection. He had the same patient selection he had for years. Same types of patients. He would switch them over to Nevro, when they needed a new one or the battery died.\"",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a4e91c43-01b4-4824-b22a-a92c7b4466b0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Most doctors that do stimulators only implant six a year. They don't do that many, so they're nervous. They're insecure about it. And the reps are knowledgeable and very aggressive They can run the show. So when you're doing half a dozen a year and they're not all with Nevro and you've had a couple of bad outcomes, the reps blame you, and the doctor accepts it.” — High volume implanter and KOL",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-3f3d-76db-b340-05ae5729df36",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.06,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Consultation calls with experts",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0e2f264b-beae-4efa-a5fa-0b4e23042303",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.88,
        "x": 0.06,
        "y": 0.09
      },
      "kind": "title",
      "text": "8. Nevro's response to its explants crisis appears to be marked by denial, cover-up, retaliation, and patient/doc manipulation",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "22baa8e7-5fbf-4259-aadf-ba5770ba6986",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.35,
        "x": 0.06,
        "y": 0.04
      },
      "kind": "title",
      "text": "Scorpion Capital | Nevro (NYSE: NVRO)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7f710b18-5f02-43f9-aaf9-d6ff16ed32b7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "4851a86d-55ec-4d54-851b-f75a0917ccb3",
      "evidence": "Frames Nevro management as the antagonist using KOL testimonials.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 150,
      "from": 51,
      "beatId": "903c076a-f368-4ca1-844c-277874c1afb2",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The deck presents a conclusion that Nevro's problems are insurmountable",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}