{ "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": 183, "pageCount": 239, "prevPage": 182, "nextPage": 184, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 3, "notes": "Uses expert testimony to debunk market optimism regarding M&A.", "elementsJson": [ "headline_text", "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-2a2468219173/183", "deckHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173#slide-183", "components": [ { "bbox": null, "kind": "callout", "text": "The former executive provided a particularly damning data point that illustrates the depth of investor misunderstanding of Nevro’s m&a potential.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f3d-76db-b346-5e78b892f3dc", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.88, "x": 0.06, "y": 0.13 }, "kind": "paragraph", "text": "The former executive provided a particularly damning data point that illustrates the depth of investor misunderstanding of Nevro’s m&a potential. Nevro disrupted the stimulator space when it launched in 2015 and took 15% of the market...", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e1170952-6fc9-4139-b33a-44e7bd083e1b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.06, "y": 0.52 }, "kind": "quote", "text": "When you look at M&A, you have too many emerging spinal cord stimulation technologies out there. You’ve got Nalu that’s coming out. That came out of Stanford. You’ve got companies like Saluda. They’ve been trying to shop that thing for the last 18 months and they have no buyers and the reason is, how are you going to come in and compete when price erosion is happening all around you? – Former Nevro executive", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5f4e3906-73b0-4b41-bc6e-4f0bc9016b18", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.06, "y": 0.67 }, "kind": "quote", "text": "If Saluda could have sold for a couple hundred million bucks, they would have sold it. John Parker has said publicly that he wants a billion dollars for the company. Nobody’s going to spend a billion dollars for that company. Nobody. Nobody. Like $800 million is nuts. Had he positioned it at $500 to $700 million, it probably would have been sold, but John Parker is out of his mind.” – Former Nevro executive", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8141a8d7-eeea-405b-8b8b-247031858291", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“When you look at M&A, you have too many emerging spinal cord stimulation technologies out there. You’ve got Nalu that’s coming out. That came out of Stanford. You’ve got companies like Saluda. They’ve been trying to shop that thing for the last 18 months and they have no buyers and the reason is, how are you going to come in and compete when price erosion is happening all around you?” — Former Nevro executive; “If Saluda could have sold for a couple hundred million bucks, they would have sold it. John Parker has said publicly that he wants a billion dollars for the company. Nobody’s going to spend a billion dollars for that company. Nobody. Nobody. Like $800 million is nuts. Had he positioned it at $500 to $700 million, it probably would have been sold, but John Parker is out of his mind.” — Former Nevro executive", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f3d-76db-b346-634c2bce10f9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.06, "y": 0.95 }, "kind": "source-note", "text": "Source: Consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5e7eeaab-4246-4721-970e-c998f1ea7419", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.06, "y": 0.09 }, "kind": "title", "text": "13. Investor hopes of a Nevro acquisition are delusional and misinformed", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2a0e788b-78bd-4402-ae74-2f70a1315158", "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": "02c8b44c-a45f-4717-9009-65737fac00f5", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "antagonist-introduction", "slug": null, "matchId": "7649df24-a1c2-4a28-b3ea-29129629e797", "evidence": "Frames Saluda and other competitors as the 'next disruptor' and 'catastrophe' for Nevro.", "confidence": 0.8 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }