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  "documentTitle": "Nevro Corp. (NVRO)",
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  "authorName": "Kir Kahlon",
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  "presentationDate": "2021-01-07 00:00:00",
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  "notes": "Includes a stock chart of Nuvectra and quotes from former executives/KOLs to support the thesis.",
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      "kind": "callout",
      "text": "90% of implants are still done by the top 10% of doctors.",
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      "text": "With the same toxic combination of leverage and cash burn, we believe investors underestimate Nevro’s risk of becoming the next Nuvectra, especially if the FDA takes any action against its product, or if the OIG’s Nov 16th Special Fraud Alert on speakers programs is predictive of what’s coming.",
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      "kind": "paragraph",
      "text": "Nevro's atrocious economics and leverage are a feature of the space, as illustrated by the other pure play SCS stock and closest comp - Nuvectra (NVTR), which filed for chapter 7 liquidation last year and is a canary in the coal mine...",
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      "kind": "quote",
      "text": "There's probably 120 global physicians that represent the majority of Nevro's total revenue. If each of those guys is doing, like a mega Nevro guy doing 70 to 100 devices a year, that's like $300 million.",
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      "kind": "quote",
      "text": "“There’s probably 120 global physicians that represent the majority of Nevro’s total revenue. If each of those guys is doing, like a mega Nevro guy doing 70 to 100 devices a year, that’s like $300 million. The number of physicians doing more than 40 implants a year would surprise you. It’s a very small number.” — Former Nevro executive; “90% of implants are still done by the top 10% of doctors.” — KOL and high volume implanter",
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      "kind": "source-note",
      "text": "Source: Capital IQ; Capital IQ stock chart; consultation calls with experts",
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      "kind": "title",
      "text": "Scorpion Capital | Nevro (NYSE: NVRO)",
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      "kind": "title",
      "text": "1. Introduction to Nevro",
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