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  "documentTitle": "Nevro Corp. (NVRO)",
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  "authorName": "Kir Kahlon",
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  "presentationDate": "2021-01-07 00:00:00",
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  "notes": "Uses OpenPayments data to link Nevro's top paid KOLs to the Saluda clinical trial authorship.",
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      "text": "Unknown to most investors, Nevro faces an impending, disruptive competitive threat within 6 to 12 months: Saluda",
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      "text": "Top Entities Receiving General Payments in All Years",
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      "text": "14. Unknown to most investors, Nevro faces an impending, disruptive competitive threat within 6 to 12 months: Saluda. One research interview after another – whether KOL’s or Nevro’s ex-executives – indicated that the SCS space is driven by product cycles based on the shiny new thing. Nevro was the last such launch, in 2015, and rapidly went from zero to ~15-17% share in the US. With Nevro’s high frequency fad having come and gone, KOL’s – especially Nevro’s highest volume implanters – are eagerly awaiting Saluda. Whether Saluda’s efficacy is as spectacular as the data suggest or not, our research indicates that mass trialing of their device is imminent, followed by a market share disaster for Nevro. If we assume that Nevro’s share today is 17%, that Saluda quickly reaches 15% as Nevro did, and that share loss is weighted by current market share, then Nevro stands to lose ~2.6% of its share - yet another headwind after basically no growth in 2 years. As an ominous sign that share loss will be far worse than this simple estimate, we note that the authors of Saluda’s US study – published in 2020 – are the lead investigator for Nevro’s pivotal SENZA trial as well many of its highest volume implanters, including *all 3* of its highest compensated KOL’s per OpenPayments.",
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      "text": "These objective measurements, collected in a double-blind randomised controlled trial, provide a level of evidence that is unmatched in this field.",
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      "text": "These objective measurements, collected in a double-blind randomised controlled trial, provide a level of evidence that is unmatched in this field. — Evoke Study Group (Lancet)",
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      "text": "Source: https://pubmed.ncbi.nlm.nih.gov/31870766/; https://openpaymentsdata.cms.gov/company/100000136428",
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      "text": "Scorpion Capital | Nevro (NYSE: NVRO)",
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