{
  "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": 155,
  "pageCount": 239,
  "prevPage": 154,
  "nextPage": 156,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "The slide uses a 'quote-heavy' structure to undermine the company's growth narrative.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bullet_list",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-2a2468219173/155",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173#slide-155",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Nevro's PDN study and claims of a new indication elicited a striking level of derision among KOL's: that it's \"putting lipstick on a pig\" and won't change anyone's use of stimulators \"in any way\" and that competitors began pushing stimulators for PDN in 2004.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f3d-76db-b344-308212e87745",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.88,
        "x": 0.06,
        "y": 0.24
      },
      "kind": "list",
      "text": "One KOL called it \"putting lipstick on a pig\" and stated hat \"it won't change my use or anyone else's\" use of stimulators \"in any way.\"",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "631f7fd7-e7bf-420f-88bf-bea3480879d6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.88,
        "x": 0.06,
        "y": 0.38
      },
      "kind": "list",
      "text": "Two of Nevro's highest volume implanters, one in the US and one in Europe, disputed that PDN is a new indication and stated that they've been implanting stimulators for it \"for a long time.\"",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d6031e2b-d6a9-443a-aee4-f3dc57f8fed1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.88,
        "x": 0.06,
        "y": 0.56
      },
      "kind": "list",
      "text": "A KOL stated that Nevro's competitors have been offering stimulators for PDN for a decade or more",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d7ded464-926f-4427-9d73-dc3a6eb50b50",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.88,
        "x": 0.06,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "Nevro's PDN study and claims of a new indication elicited a striking level of derision among KOL's: that it's \"putting lipstick on a pig\" and won't change anyone's use of stimulators \"in any way\" and that competitors began pushing stimulators for PDN in 2004. One of Nevro's most loyal and highest volume implanters confirmed he's been using stimulators for diabetic neuropathy \"for a long time.\"",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ca5feeb1-8310-4cdb-a6e7-48eeb455469a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.83,
        "x": 0.11,
        "y": 0.59
      },
      "kind": "quote",
      "text": "\"Boston Scientific has been doing stimulators for neuropathy in diabetics for close to 10 years, even with Precision-Plus back in 2004. Now all of a sudden, Nevro has some amazing thing? They're trying to hoodwink. I wish they would have gone after something innovative, something new.\" - KOL",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4b9d1c2c-c350-41b8-b65b-341a83dccce7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.83,
        "x": 0.11,
        "y": 0.49
      },
      "kind": "quote",
      "text": "\"We're the biggest stimulator implant unit in Europe. Our experience with Nevro started in 2009 with their EU study. We use it mainly for back pain, back surgery syndrome, and upper/lower neuropathic pain.\" - High volume Nevro implanter and consultant",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5f30f289-42e4-462d-810a-9d40f64c471a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.83,
        "x": 0.11,
        "y": 0.43
      },
      "kind": "quote",
      "text": "\"I have been treating idiopathic peripheral neuropathies, diabetic peripheral neuropathies, complex regional pain syndrome, and other types of painful neuropathies with spinal cord stimulation for a long time.\" - High volume Nevro implanter and loyalist",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "90714b2b-41f6-40a1-a368-f82c3fa608f7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.83,
        "x": 0.11,
        "y": 0.29
      },
      "kind": "quote",
      "text": "\"The diabetic neuropathy study is an example of putting lipstick on a pig. It really is. They're saying, wow we have a study that shows us what we already know. I mean, please. It won't change my use or anyone else's of stimulators in any way.\" - KOL and high volume implanter",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e74ef584-7ef5-451e-b3f1-b95bd9835c34",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"The diabetic neuropathy study is an example of putting lipstick on a pig. It really is. They're saying, wow we have a study that shows us what we already know. I mean, please. It won't change my use or anyone else's of stimulators in any way.\" — KOL and high volume implanter; \"I have been treating idiopathic peripheral neuropathies, diabetic peripheral neuropathies, complex regional pain syndrome, and other types of painful neuropathies with spinal cord stimulation for a long time.\" — High volume Nevro implanter and loyalist; \"We're the biggest stimulator implant unit in Europe. Our experience with Nevro started in 2009 with their EU study. We use it mainly for back pain, back surgery syndrome, and upper/lower neuropathic pain.\" — High volume Nevro implanter and consultant; \"Boston Scientific has been doing stimulators for neuropathy in diabetics for close to 10 years, even with Precision-Plus back in 2004. Now all of a sudden, Nevro has some amazing thing? They're trying to hoodwink. I wish they would have gone after something innovative, something new.\" — KOL",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-3f3d-76db-b344-37b34f6055cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "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": "3ed36a9a-5f3d-4f4d-8ca3-11e2547c81da",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.88,
        "x": 0.06,
        "y": 0.09
      },
      "kind": "title",
      "text": "11. TAM expansion and growth from painful diabetic neuropathy (PDN) and other new indications are a mirage",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "73f1caae-ce5f-4884-86a4-afd30a0908af",
      "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": "f003fe5d-9301-4b26-83f1-e658d2f76809",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}