{
  "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": 162,
  "pageCount": 239,
  "prevPage": 161,
  "nextPage": 163,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "The slide uses expert testimony to undermine the credibility of the company's clinical research and growth narrative.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-2a2468219173/162",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173#slide-162",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Nevro studies are not blinded and are skewed by well-known placebo effects",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f3d-76db-b344-b3e7f88e04a9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.85,
        "x": 0.06,
        "y": 0.23
      },
      "kind": "list",
      "text": "Another KOL states that Nevro is defined by “the flawed design of their studies” and reflects a desperation to survive",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1a7b280c-2d31-4fdb-8d22-ef3a3d987914",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.85,
        "x": 0.06,
        "y": 0.72
      },
      "kind": "list",
      "text": "Nevro studies are not blinded and are skewed by well-known placebo effects",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "88c848ad-8da8-4561-b0d7-bf03bf65e97c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.85,
        "x": 0.06,
        "y": 0.43
      },
      "kind": "list",
      "text": "The PDN study is the latest example of Nevro claiming that high frequency cures everything",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "92691824-a337-49a9-b6fe-9b0fdaba040f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.85,
        "x": 0.06,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "PDN study as the latest example of Nevro's suspect pattern of clinical trial conduct and making up new indications (continued)",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "895a4df0-fa2d-4bcf-b7e4-d0d785cad62d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.85,
        "x": 0.1,
        "y": 0.77
      },
      "kind": "quote",
      "text": "“The Hawthorne effect is well documented in science. If a person knows they're getting the experimental product or treatment they tend to have more of a placebo effect. Every patient in Nevro's study knew which device they got. Doctors believe the Hawthorne effect completely skewed Nevro's results. It happens in all their studies. Everybody knows which device they're getting. Nevro's always played a lot of games.” – KOL",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0dd4ac06-92d8-42cf-a1d5-c0b1d51cb443",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.85,
        "x": 0.1,
        "y": 0.48
      },
      "kind": "quote",
      "text": "“There's no Rosetta Stone in medicine. There's no one thing that can treat everything but Nevro will have you believe that one therapy can treat every type of pain and all you have to do is put it in the same spot. They would have you believe that the same spot treats phantom limb pain and pelvic pain, that they can treat everything known to man, even though no one can replicate these studies with results in real life. Nevro's publications say you can use the same treatment for back and leg pain, the same spot for diabetic foot pain, for pelvic pain, for CRPS. Every single thing is the same thing for them and it's just it doesn't make sense. It goes against everything in science and medicine.” – KOL and high volume implanter",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "10466a9a-71ae-45de-a359-a606cd950088",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.1,
        "y": 0.29
      },
      "kind": "quote",
      "text": "“Nevro tried to innovate, and I give them credit for that, but they're struggling and trying to survive. So they're trying to come up with these studies demonstrating superiority. The flawed design of their studies defines them as a company and they're failing.” – KOL and high volume implanter",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c1019a2d-a59e-41e3-96c5-55f9a0255940",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"Nevro tried to innovate, and I give them credit for that, but they're struggling and trying to survive. So they're trying to come up with these studies demonstrating superiority. The flawed design of their studies defines them as a company and they're failing.\" — KOL and high volume implanter; \"There's no Rosetta Stone in medicine. There's no one thing that can treat everything but Nevro will have you believe that one therapy can treat every type of pain and all you have to do is put it in the same spot... It goes against everything in science and medicine.\" — KOL and high volume implanter; \"The Hawthorne effect is well documented in science... Every patient in Nevro's study knew which device they got. Doctors believe the Hawthorne effect completely skewed Nevro's results. It happens in all their studies. Everybody knows which device they're getting. Nevro's always played a lot of games.\" — KOL",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-3f3d-76db-b344-b6448396d3a3",
      "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": "0194c8fc-0fc9-4462-a6b5-4181af7c08a0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.85,
        "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": "c6b3ea3b-56fd-4a46-a330-ca13cb8f6c25",
      "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": "0e86c1d5-26c8-4242-a83c-bb025cbef83a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}