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  "documentTitle": "Nevro Corp. (NVRO)",
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  "authorName": "Kir Kahlon",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-01-07 00:00:00",
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      "text": "Exploiting individual patients are sources of recurring implant revenue is so prevalent that one KOL described stimulators as simply “a lease that you trade in.”",
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      "text": "A longtime C-level executive described it as “flipping implants” whether patients need a new one or not",
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      "text": "KOL’s and territory managers described pain practices seeking to make money on repeated device removals in the same patient, on top of reimbursement for the repeated new implants",
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      "text": "Repeated implants are so prevalent that one KOL described stimulators as just “lease that you trade in,” implying the industry is run by the same questionable doctors who fomented the opioid crisis",
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      "text": "Exploiting individual patients are sources of recurring implant revenue is so prevalent that one KOL described stimulators as simply “a lease that you trade in.” An executive in the space described the practice as “flipping implants.” Disturbingly, reps describe pain practices seeking to profit from both multiple implants as well as multiple removals in the same patient, which one said is “like going long and short.”",
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      "text": "“There’s a whole group of doctors down the street. They suck patients in. They implant the device at their surgery centers because they can make a fat amount of cash. They put it in and if they explant it, who cares? An explant is just another surgery they can bill for, so let’s take it out.” - High volume KOL and former Nevro implanter",
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      "text": "“Medicare pays them to do the explant. If Medicare doesn’t pay, I guarantee they won’t explant. They get paid on both sides. It’s like going long and short. Premier Pain will put them in, take them out, put them in, take them out.” - Territory manager at a large Nevro competitor",
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      "text": "“One of their top reps is in [city redacted], Whether a patient needed it or not, he had his doctors flip those implants. He did $6-7 million in revenue in one year just because of those flips.” - SCS executive",
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      "text": "“Stimulators have a reputation as a lease that you trade in. It’s probably the same guys who were selling opioids. They’re not the academics, not the ones coming to conferences and meetings.” - KOL",
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      "text": "“Stimulators have a reputation as a lease that you trade in. It’s probably the same guys who were selling opioids. They’re not the academics, not the ones coming to conferences and meetings.” — KOL; “One of their top reps is in [city redacted], Whether a patient needed it or not, he had his doctors flip those implants. He did $6-7 million in revenue in one year just because of those flips.” — SCS executive; “Medicare pays them to do the explant. If Medicare doesn’t pay, I guarantee they won’t explant. They get paid on both sides. It’s like going long and short. Premier Pain will put them in, take them out, put them in, take them out.” — Territory manager at a large Nevro competitor; “There’s a whole group of doctors down the street. They suck patients in. They implant the device at their surgery centers because they can make a fat amount of cash. They put it in and if they explant it, who cares? An explant is just another surgery they can bill for, so let’s take it out.” — High volume KOL and former Nevro implanter",
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      "text": "18, Over-utilization, unnecessary implants, and patient exploitation are key drivers of Nevro’s sales",
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      "text": "Scorpion Capital | Nevro (NYSE: NVRO)",
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