{
  "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": 161,
  "pageCount": 239,
  "prevPage": 160,
  "nextPage": 162,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "The slide uses testimonial quotes from KOLs to undermine the credibility of the company's clinical data.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bullet_list",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-2a2468219173/161",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173#slide-161",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "KOL's and former executives blasted the study for using the same tricks and gimmicks as the SENZA trial: an open-label design (i.e., no blinding), a loosy-goosy comparator arm guaranteed to produce a \"successful\" trial, cherry-picked patients, and patient manipulation.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f3d-76db-b344-9735042bb20f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.06,
        "y": 0.44
      },
      "kind": "list",
      "text": "Nevro has a history of playing “games” with trials, is “just a lot of smoke and mirrors,” and now “no one buys their data.”",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0ec7e61d-2ae5-449e-ae4f-0f16d4990a92",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.06,
        "y": 0.71
      },
      "kind": "list",
      "text": "A KOL states “I don't believe anything they say” and doubts “their PDN claims”",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a152e512-1aaa-4360-b71f-0eb80a910510",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.06,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "In chapter 3 we detailed widespread skepticism of Nevro's pivotal SENZA-RCT study... KOL's indicated that the PDN study was the latest example of Nevro's suspect pattern of clinical trial conduct and making up new indications:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "59927a51-2cb7-43b3-960c-fe3cb3fc3609",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.85,
        "x": 0.1,
        "y": 0.52
      },
      "kind": "quote",
      "text": "Nevro's always played a lot of games... They put this data out that people don't even read anymore. It always shows these ridiculous numbers. They'll come up with numbers to show that high frequency treats cancer. No one buys their data.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8b7ee67d-5058-457a-8a0d-2829f7df9f88",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.85,
        "x": 0.1,
        "y": 0.76
      },
      "kind": "quote",
      "text": "Nevro has one size fits all. I don't believe anything they say and I doubt that their PDN claims are going to be any better. Every Nevro study is the same. It's a bunch of shit and you might get some initial improvement and then the same problems a year later.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d4b3b401-674f-4c84-9ba3-2b68b48ec8db",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"Nevro's always played a lot of games. Rami, their previous CEO, was a notorious [redacted]. He just wasn't very on the up-and-up....It's just a lot of smoke and mirrors. There's not a lot there. There's a joke going around that we're one annual NANS meeting away from proving that Nevro's high frequency cures Covid. No matter what it is, Nevro says their device treats that, They put this data out that people don't even read anymore. It always shows these ridiculous numbers. They'll come up with numbers to show that high frequency treats cancer. No one buys their data.\" — KOL and high volume implanter; \"Nevro has one size fits all. I don't believe anything they say and I doubt that their PDN claims are going to be any better. Every Nevro study is the same. It's a bunch of shit and you might get some initial improvement and then the same problems a year later.\" — KOL and former high volume Nevro implanter",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-3f3d-76db-b344-9997433466f7",
      "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": "31ea0097-540c-4f55-b5c9-abc26da7f666",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "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": "5b0ebfe4-fdfe-4f32-8081-e0275243a181",
      "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": "9ed42254-bb2e-4853-bf93-ea47a98c4b05",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "fdf25b14-36ed-4906-984e-709069cfde3d",
      "evidence": "The slide frames the company as a deceptive actor using 'smoke and mirrors' and 'tricks'.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}