{ "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": 159, "pageCount": 239, "prevPage": 158, "nextPage": 160, "slideType": "testimonial", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "Uses expert quotes to undermine the company's growth narrative.", "elementsJson": [ "headline_text", "subtitle_text", "bullet_list", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-2a2468219173/159", "deckHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173#slide-159", "components": [ { "bbox": null, "kind": "callout", "text": "It's a bit of a quagmire because they announced a PDN study with the potential for a new indication. Well, the physician community is using it for that anyhow. Okay, maybe if the physician community is reimbursed for it, but they're coding funky anyhow. I don't know how much of an uptick it's going to give them in revenue.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f3d-76db-b345-368217c2face", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.06, "y": 0.45 }, "kind": "list", "text": "A territory manager for a key Nevro SCS competitor said he does plenty of PDN cases today, and provided granular reimbursement color to explain why he doesn't \"see how a PDN indication changes the market\" and why PDN is \"nothing new or different.\"", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "504ed3e4-4932-4c54-88e9-14613df8e536", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.06, "y": 0.2 }, "kind": "list", "text": "A longtime C-level executive in the SCS space echoed the widespread skepticism regarding PDN's potential revenue contribution for Nevro", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ea5e8b5d-8390-45e6-a1fd-2c6d754274bf", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.82, "x": 0.09, "y": 0.26 }, "kind": "quote", "text": "It's a bit of a quagmire because they announced a PDN study with the potential for a new indication. Well, the physician community is using it for that anyhow. Okay, maybe if the physician community is reimbursed for it, but they're coding funky anyhow. I don't know how much of an uptick it's going to give them in revenue.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5e2e0830-a194-4598-a839-e3f6e70b6dd4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.28, "w": 0.82, "x": 0.09, "y": 0.55 }, "kind": "quote", "text": "I did twenty PDN cases in my territory in 2019. Stimulation is already approved for PDN. With Medicare, you need a primary and secondary pain indication. You just put in foot and the second as PDN and it will get approved. You can say today that the secondary indication is neuropathic pain. I don't see how a PDN indication changes the market. I've been walling to podiatrists and endocrinologists for years on PDN. It's the same indication as regular stimulation. Foot pain is the same codes, same delivery system, same placement of leads. It's nothing new or different. Doctors who want to use stimulation for PDN are already using it. If you have tingling in your hands and feet, they already use it. Off label, on label, they use it. A new PDN indication just allows you to have more of a conversation.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7ab4e925-985d-4f5e-9261-a444d66ea8ca", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"It’s a bit of a quagmire because they announced a PDN study with the potential for a new indication. Well, the physician community is using it for that anyhow. Okay, maybe if the physician community is reimbursed for it, but they’re coding funky anyhow. I don’t know how much of an uptick it’s going to give them in revenue.\" — C-level executive in the SCS space; \"I did twenty PDN cases in my territory in 2019. Stimulation is already approved for PDN. With Medicare, you need a primary and secondary pain indication. You just put in foot and the second as PDN and it will get approved. You can say today that the secondary indication is neuropathic pain. I don’t see how a PDN indication changes the market. I’ve been walling to podiatrists and endocrinologists for years on PDN. It’s the same indication as regular stimulation. Foot pain is the same codes, same delivery system, same placement of leads. It’s nothing new or different. Doctors who want to use stimulation for PDN are already using it. If you have tingling in your hands and feet, they already use it. Off label, on label, they use it. A new PDN indication just allows you to have more of a conversation.\" — Territory manager at one of Nevro’s 3 key SCS competitors", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f3d-76db-b345-3b2c57a40d1c", "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": "7396d6df-411c-4b38-8ebe-82410ab4091d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.85, "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": "5af278ed-7094-4e7d-bde5-7a575c2fb439", "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": "d349eaf3-9a56-4784-9a67-bb60aa5112ac", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.06, "y": 0.13 }, "kind": "title", "text": "Skepticism of PDN opportunity by Nevro's former executives and competitors (continued)", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "85b7ac7d-aaa2-45b3-a97d-b9a107c100cb", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }