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  "notes": "The slide uses expert testimony to debunk the bull case of a potential acquisition.",
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      "text": "At these multiples, I can't see anybody digesting a business that isn't diversified.",
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      "text": "A longtime C-level executive in the spinal cord stimulator space provided an equally devastating assessment of Nevro’s m&a prospects. He echoed that Nevro is a one-trick company that companies like Stryker or J&J would have no interest in, and corroborated that the space “is becoming increasingly competitive” with a “line of” new entrants “behind Saluda” that are also looking to get bought. He added that Biotronik, a leading European medical device company – privately held with an estimated 9,000 employees – is also shortly entering the stimulator space but is building in-house versus acquiring.",
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      "text": "“At these multiples, I can’t see anybody digesting a business that isn’t diversified. With St. Jude, I understood the Abbott acquisition because all of your eggs aren’t in one basket, and they were a proven entity. But with Nevro, I don’t know that a Stryker or a J&J is going to want to bite off that much. I can’t see Stryker making an acquisition in the SCS space. I really can’t see it. If Boston Scientific wanted to spin off their neuromodulation business, I think their product portfolio is better than Nevro’s. But I can’t see it.” – Longtime C-level executive in the spinal cord stimulation space",
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      "text": "“The market is becoming increasingly competitive. There are a line of people behind Saluda. Nalu Medical is probably next. All of these companies just want to get bought and I just don’t know that it’s going to happen with Nevro.” – Longtime C-level executive in the spinal cord stimulation space",
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      "text": "“Biotronik has a keen interest in the SCS space, but I don’t think they’re going to buy into it. I think they’re going to develop their own product. They’ve hired a chief technology officer to make sure that their product is shored up before they hire a commercialization expert. Biotronik is going to be, in my opinion, a competitor in that space in the next 24 months.” – Longtime C-level executive in the spinal cord stimulation space",
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