{ "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": 203, "pageCount": 239, "prevPage": 202, "nextPage": 204, "slideType": "testimonial", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses a series of testimonials to undermine the company's growth narrative.", "elementsJson": [ "headline_text", "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-2a2468219173/203", "deckHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173#slide-203", "components": [ { "bbox": null, "kind": "callout", "text": "The SCS market growth story fueled by Wall Street is false and undermined by escalating payor backlash", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f3d-76db-b348-6b40ef9e0f5f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.88, "x": 0.06, "y": 0.14 }, "kind": "paragraph", "text": "Former Nevro employees as well as key competitors like Medtronic corroborated the reimbursement pressure highlighted by KOL's: payors are getting smart and pushing back; denials accelerated in 2019/2020; and CMS is poised to cut reimbursement yet again.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7ebd39f6-daf4-4637-8758-d01959ac7787", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.69 }, "kind": "quote", "text": "The payors say keep the prices down... The payors don't care about the bells and whistles. They care about low infection rates. They care about low explant rates... According to the MAUDE database, Nevro is actually pretty high in complications.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "24d45e5e-1c93-4456-85f9-fb6c68c9d516", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.23 }, "kind": "quote", "text": "I agree with doctors who are saying the reimbursement environment is getting more difficult... The payers are getting more educated in this market and pushing back more... we've been noticing a lot more... people not getting through the insurance process.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5a118dbe-2e34-4c0b-bbb7-86418226d145", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.41 }, "kind": "quote", "text": "There are insurance companies now that are getting much more stringent with the way they approve these. One of the insurance companies hired a third party company to actually deny cases and they're getting a lot more strict...", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a2bfa809-0232-4245-ab0b-e508d66cd4ae", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.88, "x": 0.06, "y": 0.52 }, "kind": "quote", "text": "CMS is watching. They will cut reimbursement like they did with the stimulator leads.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bc2e7d55-1141-4d9c-8be6-be2cf437612e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.59 }, "kind": "quote", "text": "There's huge amounts of pressure from a worker's comp perspective in California. The key doctor who worked on eliminating workers comp reimbursement in Washington is same person who is leading the charge within California.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d3cf753f-93b7-4382-b4bd-6245f168be35", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"I agree with doctors who are saying the reimbursement environment is getting more difficult... The payers are getting more educated in this market and pushing back more... we've been noticing a lot more, I felt like this year, more than ever, people not getting through the insurance process.\" — Medtronic territory manager; \"There are insurance companies now that are getting much more stringent with the way they approve these...\" — Former Nevro territory manager, now at Abbott; \"CMS is watching. They will cut reimbursement like they did with the stimulator leads.\" — Medtronic territory manager; \"There's huge amounts of pressure from a worker's comp perspective in California...\" — Former Nevro executive; \"The payors say keep the prices down... The payors don't care about the bells and whistles. They care about low infection rates. They care about low explant rates...\" — Medtronic territory manager", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f3d-76db-b348-6e5d6488b76b", "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": "69cc4b1b-0fee-481c-96e4-a6f8ecf4885b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.88, "x": 0.06, "y": 0.09 }, "kind": "title", "text": "16. 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