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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 historical revenue data from two previous companies to discredit the CEO's reputation as a turnaround specialist.",
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      "kind": "callout",
      "text": "Quarterly trend at Conceptus and Thoratec during Grossman's stints (in red) showed zero \"turnaround\" – canaries in the coal mine for Nevro investors",
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      "text": "Grossman's skill is not in fixing companies, but in smearing lipstick and punting as fast as possible - in other words, a promoter.",
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      "text": "We delved into the ex-Nevro executive's skepticism of Grossman's playbook – cutting costs and window dressing for a quick sale – by looking at the two acquisitions that are the source of his acclaim. From 1996 to 2006, Grossman was CEO of Thoratec, which sold a ventricular assist device for heart failure. By 2014, following a spate of injuries and fatalities, the stock collapsed and Grossman returned as CEO for a little over a year, flipping the company and doubling the stock. In December 2011, he joined as CEO of Conceptus, which sold a birth control device and had also hit the skids, flipping it in ~1.5 years. The quarterly trajectories at both Thoratec and Conceptus during his brief tenures show that he trimmed some costs but failed to return either company to growth. Grossman's skill is not in fixing companies, but in smearing lipstick and punting as fast as possible - in other words, a promoter. He has now been at Nevro longer than either of his last two flips, which makes us wonder: having presumably scrambled to flip Nevro since 2019 and failed, and with no skill at returning failed device companies to growth, what exactly are Nevro investors betting on after a 3-4X run?",
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      "text": "Source: Capital IQ",
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      "text": "Scorpion Capital | Nevro (NYSE: NVRO)",
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      "text": "1. Introduction to Nevro",
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