{ "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": 181, "pageCount": 239, "prevPage": 180, "nextPage": 182, "slideType": "quote_slide", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a direct quote from a 'Longtime C-level executive' to undermine investor confidence in the CEO.", "elementsJson": [ "headline_text", "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-2a2468219173/181", "deckHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173#slide-181", "components": [ { "bbox": null, "kind": "callout", "text": "The longtime SCS executive stated his belief that Grossman “doesn’t have a strategy” beyond initially wanting to “flip it in six months,” did little diligence before taking the CEO role, and is in now in over his head.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f3d-76db-b346-2a0cd46751b3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.88, "x": 0.06, "y": 0.13 }, "kind": "paragraph", "text": "The longtime SCS executive stated his belief that Grossman “doesn't have a strategy” beyond initially wanting to “flip it in six months,” did little diligence before taking the CEO role, and is in now in over his head. He stated this is “why I don't own a penny of Nevro.” We view his opinion as credible given his relationships with Nevro's staff.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d486af43-3a56-4dee-a338-e912152ab88b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.88, "x": 0.06, "y": 0.29 }, "kind": "quote", "text": "“Grossman doesn't have a strategy. This is what concerns me. This is why I don't own a penny of Nevro. Keith Grossman may have wanted to flip it in six months. If you do not know the neuromodulation space and you're listening to the Board tell you that Rami [prior CEO] screwed this up. You think, I've talked to Kasra Amirdelfan [implanter who is the #1 recipient of Nevro payments*] and David Caraway, their Chief Medical Officer, these guys are high on it. I can come in here and look like a rock star and just not be an [redacted] like Rami, and I can flip this thing in no time because I know the investment community because of my history. I would bet that that's about the due diligence that Keith Grossman did, and he was sold hook, line, and sinker. Now he's going to have to roll up his sleeves and say, ‘What do I do with this thing?’” –Longtime C-level executive in the space", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7388947c-a940-4ef1-a4fd-43fba6bbcec3", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“Grossman doesn’t have a strategy. This is what concerns me. This is why I don’t own a penny of Nevro. Keith Grossman may have wanted to flip it in six months. If you do not know the neuromodulation space and you’re listening to the Board tell you that Rami [prior CEO] screwed this up. You think, I’ve talked to Kasra Amirdelfan [implanter who is the #1 recipient of Nevro payments*] and David Caraway, their Chief Medical Officer, these guys are high on it. I can come in here and look like a rock star and just not be an [redacted] like Rami, and I can flip this thing in no time because I know the investment community because of my history. I would bet that that’s about the due diligence that Keith Grossman did, and he was sold hook, line, and sinker. Now he’s going to have to roll up his sleeves and say, ‘What do I do with this thing?’” — Longtime C-level executive in the space", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f3d-76db-b346-2cc80e543f45", "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": "ef249ac1-b99b-4020-ad6e-ca48b3ae66df", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.88, "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": "6028f417-2edd-402a-89a7-ea6f61c39168", "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": "604fc9f9-ca49-41af-9990-c709bbb6e356", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "authority-citation", "slug": null, "matchId": "47ec7f2e-9184-44f1-8af1-5afaedba795a", "evidence": "Uses expert testimony to validate the thesis", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }