{ "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": 180, "pageCount": 239, "prevPage": 179, "nextPage": 181, "slideType": "testimonial", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "Uses expert consultation quotes to undermine the credibility of the CEO's turnaround narrative.", "elementsJson": [ "headline_text", "bullet_list", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-2a2468219173/180", "deckHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173#slide-180", "components": [ { "bbox": null, "kind": "callout", "text": "Internally at Nevro, I don't think they see the substance, based on what I've been told, and they're scratching their heads and saying, \"Hey, whatever. I'll take it. I hope the stock keeps going.\" There aren't fundamentals behind it.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f3d-76db-b346-c4c4263c0b61", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.88, "x": 0.06, "y": 0.13 }, "kind": "paragraph", "text": "He added that Nevro’s staff are equally mystified by the stock and underwhelmed at the supposed turnaround, and that Grossman’s various excuses – the former CEO, COVID, a declining market – will soon run out and expose his lack of performance.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a7e89b47-e54e-46d0-b543-b7be8a2108c2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.09, "y": 0.33 }, "kind": "quote", "text": "A bunch of the guys that are [titles redacted] at Nevro used to work for me... Internally at Nevro, I don't think they see the substance... There aren't fundamentals behind it.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0a78ae4c-fd34-44ac-9824-09ebc6c1e2d9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.85, "x": 0.09, "y": 0.61 }, "kind": "quote", "text": "On his first two quarterly calls he basically said, 'I'm too new to give you numbers... His timing is pretty damn good because I know the people on the street at Nevro who are selling product... It's that they were losing market share.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "43a9d8e4-2e95-47fa-83c5-5fd7ab9dce38", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"A bunch of the guys that are [titles redacted] at Nevro used to work for me. I hired them into the neuromodulation space. Grossman's chief commercial officer doesn't know this space. I don't know that she understands the war that she's in for [...] Internally at Nevro, I don't think they see the substance, based on what I've been told, and they're scratching their heads and saying, \"Hey, whatever. I'll take it. I hope the stock keeps going.\" There aren't fundamentals behind it.\" — Longtime SCS executive; \"On his first two quarterly calls he basically said, 'I'm too new to give you numbers. I'm not going to commit to anything.' I've said all along; eventually, this guy is going to have to perform. His timing [in getting a pass from COVID] is pretty damn good because I know the people on the street at Nevro who are selling product, and I know the roadblocks they're up against. They haven't out-performed from a revenue standpoint. They've been given a 24-month pass. Rami was the scapegoat, and then it was, \"Okay, let's give Grossman a year to get his feet under him,\" and now it's COVID. So, when does Nevro actually have to perform in Wall Street's eyes? They were the first company to say that that SCS market was shrinking and that just wasn't true. It's that they were losing market share, and they didn't know how to explain it away.\" — Longtime SCS executive", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f3d-76db-b346-c857630b6932", "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": "a59b9e92-7aaa-43cc-a982-7541b7e32d4d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.06, "y": 0.09 }, "kind": "title", "text": "12. Investors betting on a Keith Grossman-driven turnaround will shortly face a rude awakening", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f50a57fd-4d6c-4c6d-bec6-c3e4ac3f3b2b", "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": "28d49159-07aa-4657-a491-ff83da708238", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "antagonist-introduction", "slug": null, "matchId": "fff6fdc9-4284-4cd6-a697-57f6304ff4d1", "evidence": "Frames the CEO as the antagonist whose excuses are running out.", "confidence": 0.8 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }