{ "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": 158, "pageCount": 239, "prevPage": 157, "nextPage": 159, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "Uses a series of quotes to undermine the company's growth narrative.", "elementsJson": [ "headline_text", "paragraph", "bullet_list", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-2a2468219173/158", "deckHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173#slide-158", "components": [ { "bbox": null, "kind": "callout", "text": "Nevro's claims are commercially irrelevant and \"smoke and mirrors.\"", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f3d-76db-b343-cc82ce5aa94d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.88, "x": 0.06, "y": 0.61 }, "kind": "list", "text": "A former Nevro regional sales director, also now at a key competitor confirmed that stimulators have been used for PDN \"for forever\" and that it's not \"going to be a game changer.\"", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "03f5a83e-4c70-4a28-9837-d1f8e09276ca", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.88, "x": 0.06, "y": 0.32 }, "kind": "list", "text": "Stimulation \"has always been approved or used\" for PDN and Nevro's claims are \"smoke and mirrors\"", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "392fbf85-1e6e-4313-ac16-84b763198fef", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.88, "x": 0.06, "y": 0.46 }, "kind": "list", "text": "Former Nevro sales executive now at a key competitor states doctors can freely \"use stimulators for PDN today.\"", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8f5dfbf3-f269-496a-b69d-472084d77f6b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.06, "y": 0.14 }, "kind": "paragraph", "text": "Comments by KOL's that PDN is an established, longstanding indication for spinal cord stimulators were also repeated by Nevro's former executives, sales reps, as well as its main competitors. Nevro may argue that PDN is an off-label indication and that getting it on-label is meaningful, but doctors and former employees forcefully stated that PDN is so widely coded and accepted as regular neuropathy that Nevro's claims are commercially irrelevant and \"smoke and mirrors.\"", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1b484eab-8302-46b2-9e87-252c44baac03", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.83, "x": 0.11, "y": 0.51 }, "kind": "quote", "text": "\"Doctors can use stimulators for PDN today. What you're hearing from the Medtronic rep is completely true. The doctor can just say something is neuropathy.\" – Former Nevro sales executive", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0414e313-df46-4727-949f-40e106653d36", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.83, "x": 0.11, "y": 0.36 }, "kind": "quote", "text": "\"Spinal cord stim has always been approved or used for neuropathy. PDN is just another smoke and mirrors way for Nevro to position their device.\" – Medtronic regional manager in charge of a large multi-state territory", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4ceedb23-a1cf-415c-8999-0e9198cb723a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.83, "x": 0.11, "y": 0.66 }, "kind": "quote", "text": "\"We've been stimulating for diabetic neuropathy for forever, and no, I don't think it's going to be a game changer. I think you will have guys that live by the indication law and they're going to use Nevro because they have an indication for it, but I don't think it's a game changer [...] And then, you have to look at the data and ask if it's really skewed like their Senza data was. Like, is this really real-world data? So, I think there's going to be some skepticism, with the clinical side.\" – Former regional sales director", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cd76056e-313d-4090-a476-826684ce5209", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"Spinal cord stim has always been approved or used for neuropathy. PDN is just another smoke and mirrors way for Nevro to position their device.\" — Medtronic regional manager in charge of a large multi-state territory; \"Doctors can just say something is neuropathy.\" — Former Nevro sales executive; \"We've been stimulating for diabetic neuropathy for forever, and no, I don't think it's going to be a game changer.\" — Former regional sales director", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f3d-76db-b343-d33f248f7e98", "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": "e697dbd6-7060-4696-bb8e-2e7f3084aeb7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.88, "x": 0.06, "y": 0.1 }, "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": "834c33f1-8594-4f59-8111-9f9079c75005", "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": "1fadbf07-447f-4c5c-9e49-dbb414016cbf", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "713851d1-9db9-4998-9ad1-f323d9cf9dfc", "evidence": "The slide uses expert testimonials to expose the company's growth narrative as deceptive.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }