{ "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": 226, "pageCount": 239, "prevPage": 225, "nextPage": 227, "slideType": "villain_critique", "function": "name_villain", "density": "overcrowded", "nDataPoints": 1, "notes": "Uses direct quotes from KOLs (Key Opinion Leaders) to build a case of unethical business practices.", "elementsJson": [ "headline_text", "bullet_list", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-2a2468219173/226", "deckHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173#slide-226", "components": [ { "bbox": null, "kind": "callout", "text": "Over-utilization, unnecessary implants, and patient exploitation are key drivers of Nevro's sales", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f3d-76db-b34a-582b5b6fcba6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.06, "y": 0.31 }, "kind": "list", "text": "A KOL stated that Nevro reps bombard patients during the trial phase", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "12d3e39b-4fcf-43a4-9220-7e62ff6d3430", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.88, "x": 0.06, "y": 0.61 }, "kind": "list", "text": "A KOL and Nevro implanter indicated that the company, more recently began pressuring reps to allow implants when not medically warranted and bemoaned the lack of regulation.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "76d6bd76-9802-4f32-88db-5042734d8e18", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.06, "y": 0.13 }, "kind": "paragraph", "text": "One KOL stated that Nevro reps were the worst offenders in badgering and manipulating patients during the trial. Another opined that Nevro began pressuring reps more so in the last 18 months to push implants when not medically warranted, which we note coincided with about when Grossman came on as CEO and began to push trials. He added that the industry is “not well regulated.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3de7d7c9-46f1-42ca-9ee4-d106cd141dc4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.82, "x": 0.12, "y": 0.69 }, "kind": "quote", "text": "Nevro was strict on patient selection early on then they started recommending their device for everything... There's pressure on them. They have to generate X number of patients. The industry is not well regulated.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4feafdda-a7e1-4152-b167-66b85a36e485", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.82, "x": 0.12, "y": 0.36 }, "kind": "quote", "text": "Reps will hammer patients with questions... According to my patients that have a Nevro trial, they'll get on average of ten calls over the course of two days.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "835bfef1-1eaf-4d7d-ad8e-8bb3e986ac3c", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"Reps will hammer patients with questions... According to my patients that have a Nevro trial, they'll get on average of ten calls over the course of two days.\" — KOL; \"Nevro was strict on patient selection early on then they started recommending their device for everything. They overshot... There's pressure on them. They have to generate X number of patients. The industry is not well regulated.\" — KOL", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f3d-76db-b34a-5f98ab3d26e6", "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": "8ad4aa60-5906-4307-8e25-d24b1524b4f0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.88, "x": 0.06, "y": 0.09 }, "kind": "title", "text": "Over-utilization, unnecessary implants, and patient exploitation are key drivers of Nevro's sales", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "80cc346f-5614-4fb4-b6e6-dfa78135582b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.45, "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": "8625fb39-ea4f-49ce-85c3-5a4d37962c88", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "antagonist-introduction", "slug": null, "matchId": "c848cfb2-893b-4976-9283-4ca801e04894", "evidence": "The slide explicitly frames Nevro's management and sales practices as the 'villain' causing patient harm.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }