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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": "The slide uses yellow highlighting to emphasize critical claims about the CEO's lack of engagement and the company's underlying performance issues.",
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      "text": "Another former Nevro executive implied Grossman is already checked out and “very busy on a lot of other things” with “other people who are running the ship.”",
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      "text": "Another former Nevro executive implied Grossman is already checked out and “very busy on a lot of other things” with “other people who are running the ship.” An industry executive stated his belief that even Grossman is confused by the stock, and suggested Nevro staff are skeptical of “the substance” of his efforts. The executive opined that Grossman lucked out with COVID, as it gave him a free pass for 2020, describing him as shifting from one excuse to another during his ~2 year tenure - adding that his moment of truth is imminent as the pandemic fades and the gravity of Nevro’s situation becomes obvious to Wall Street.",
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      "text": "“I study a leader's history to see what adversity they've dealt with. Did they pull a company out of the hole against all odds? Grossman's product sold itself at Thoratec. I don't think he has an appreciation for what motivates the spinal cord stimulator customer...I know for a fact, on the inside, Grossman has said he's scratching his head over why the stock has done what it's done. He may have bitten off more than he can chew...Internally at Nevro, I don't think they see the substance, based on what I've been told, and they're scratching their heads and saying, \"Hey, whatever. I'll take it. I hope the stock keeps going.\" There aren't fundamentals behind it.” – Longtime C-level executive in the space",
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      "text": "“I also got a sense this wasn't a role that he was expecting and that he's very busy on a lot of other things he's doing. A lot of other things, and I don't know how much attention - I mean obviously he's spending a lot of time on Nevro - but I think there are other people who are running the ship largely and that's sort of the sense I got from these people on the leadership team” – Former Nevro executive",
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      "text": "“On his first two quarterly calls he basically said, 'I'm too new to give you numbers. I'm not going to commit to anything.' I've said all along: eventually, this guy is going to have to perform. His timing [in getting a pass from COVID] is pretty damn good because I know the people on the street at Nevro who are selling product, and I know the roadblocks they're up against. They haven't out-performed from a revenue standpoint. They've been given a 24-month pass. Rami was the scapegoat, and then it was, \"Okay, let's give Grossman a year to get his feet under him,\" and now it's COVID. So, when does Nevro actually have to perform in Wall Street's eyes? They were the first company to say that that SCS market was shrinking and that just wasn't true. It's that they were losing market share, and they didn't know how to explain it away.” – Longtime C-level executive in the space",
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      "text": "“I also got a sense this wasn't a role that he was expecting and that he's very busy on a lot of other things he's doing. A lot of other things, and I don't know how much attention - I mean obviously he's spending a lot of time on Nevro - but I think there are other people who are running the ship largely and that's sort of the sense I got from these people on the leadership team” — Former Nevro executive; “I don't think he has an appreciation for what motivates the spinal cord stimulator customer...I know for a fact, on the inside, Grossman has said he's scratching his head over why the stock has done what it's done.” — Longtime C-level executive in the space; “It's that they were losing market share, and they didn't know how to explain it away.” — Longtime C-level executive in the space",
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      "text": "Scorpion Capital | Nevro (NYSE: NVRO)",
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      "text": "1. Introduction to Nevro",
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