{ "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": 151, "pageCount": 239, "prevPage": 150, "nextPage": 152, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "Uses expert quotes to undermine the company's core product claims.", "elementsJson": [ "headline_text", "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-2a2468219173/151", "deckHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173#slide-151", "components": [ { "bbox": null, "kind": "callout", "text": "It's impossible to capture both fields.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f3d-76db-b343-6469a92c17d6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.13 }, "kind": "paragraph", "text": "A KOL bluntly stated that “it’s impossible to capture” both low and high frequency fields and that “you can’t have it both ways,” saying it’s not a “real world” scenario and that Nevro’s claims make him “shake my head.” He detailed worrisome adverse effects from attempting to do so. A Medtronic regional sales manager provided another reason why Omnia is just Nevro’s old high device with different packaging: the handheld controller used by patients to adjust the stimulator is still tailored for high frequency and doesn’t allow the proper adjustments for lower frequency stimulation.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8b617f27-de4e-4c84-ab6b-9655dadec046", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.88, "x": 0.06, "y": 0.68 }, "kind": "quote", "text": "“Honestly, one of the biggest restrictions with Omnia is their handheld patient controller - if you want to turn the volume up on your television, you hit the button once, and it turns up one. You hit the button twice; it turns up two. From my understanding of how the patient programming works, if you do a left and a right, with the Nevro controller, you can’t just turn your left leg up, and have your right leg stay the same. You’re turning them both up. For high frequency, with their components and their design, they don’t need that. But when you have the inability to separate out their programming at low frequency, it will be a challenge for the patients, because it is for us. – Medtronic regional sales manager for one of their largest territories", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cd170cde-7978-40f0-8a24-bdd59f8d9c94", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.88, "x": 0.06, "y": 0.31 }, "kind": "quote", "text": "“Nevro puts their patients to sleep during the trial. They're the only company that does this. When I do a trial, I put the leads in at vertebrae six, seven, and eight, and ask the patient \"How does that feel?\" And they say \"You got it in the wrong spot. You're in my rib on the side.\" We use trial and error to get it right. But with Nevro, it’s always staggered leads at T9/T10. That’s fine for 10,000-Hz but you can’t have it both ways and insist the leads have to be in a certain spot and then say with Omnia they can do both high frequency and paresthesia. It just makes me shake my head. They’re trying to stay afloat with Omnia, but I don’t know how in the real world they can do this. I watched Nevro program one of my patients. They say, \"Turn on 10k. Now, turn on paresthesia-based.\" My patient was pissed-off. The soles of his feet were on fire. And the Nevro rep sitting in my office would hem and haw and go, \"Ah, well, let me try something else.\" It’s impossible to capture both fields.” - KOL", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ce9a795e-01ec-41ea-ae9a-1821d41ab669", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"It's impossible to capture\" both low and high frequency fields and that \"you can't have it both ways,\" saying it's not a \"real world\" scenario and that Nevro's claims make him \"shake my head.\" — KOL; \"Honestly, one of the biggest restrictions with Omnia is their handheld patient controller - if you want to turn the volume up on your television, you hit the button once, and it turns up one. You hit the button twice; it turns up two. From my understanding of how the patient programming works, if you do a left and a right, with the Nevro controller, you can't just turn your left leg up, and have your right leg stay the same. You're turning them both up. For high frequency, with their components and their design, they don't need that. But when you have the inability to separate out their programming at low frequency, it will be a challenge for the patients, because it is for us.\" — Medtronic regional sales manager for one of their largest territories", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f3d-76db-b343-68a1e93dade4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.06, "y": 0.96 }, "kind": "source-note", "text": "Source: Consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "36fa1a02-2dc8-4b6f-831a-1f0af213636f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.06, "y": 0.09 }, "kind": "title", "text": "10. The new Omnia stimulator, the centerpiece of Nevro’s turnaround hopes, is a Hail Mary and colossal flop", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3d3c3f67-852c-41c0-b854-505c2581d33d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.4, "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": "fe4570c0-f7ce-411a-8380-b5ef8b18717e", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "antagonist-introduction", "slug": null, "matchId": "89d498dc-554a-45c1-adb0-ef676a70d5a1", "evidence": "Uses expert testimony to frame the company's product as a failure.", "confidence": 0.8 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }