{ "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": 41, "pageCount": 239, "prevPage": 40, "nextPage": 42, "slideType": "executive_summary", "function": "summarize", "density": "dense", "nDataPoints": 2, "notes": "The slide uses a combination of analyst commentary and a direct testimonial to frame the company as a 'one-trick pony' in decline.", "elementsJson": [ "headline_text", "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-2a2468219173/41", "deckHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173#slide-41", "components": [ { "bbox": null, "kind": "callout", "text": "We can't figure it out - they continue to do well on Wall Street, but I do not see any movement or any changes here. If anything, they're shrinking here.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f3d-76db-b339-85bb94130de3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.12 }, "kind": "paragraph", "text": "Irrespective of existential risks due to lack of efficacy, explants, and regulatory scrutiny, we expect 2021 to be a disaster for Nevro and a reckoning for the bull case. Consensus expects comical 26% yoy growth...", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9b955d67-d6cc-4039-99ff-84e31ae73e20", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.3, "w": 0.9, "x": 0.05, "y": 0.6 }, "kind": "quote", "text": "To be honest, we watch their stock and we're like 'What are we missing?' In our market, we don't see a ton of good outcomes. Omnia has really not done anything. We hear rumbling from Caraway [Nevro Chief Medical Officer] that they're researching more indications, and we just don't know how a one-trick pony makes any headway. We can't figure it out - they continue to do well on Wall Street, but I do not see any movement or any changes here. If anything, they're shrinking here. Frankly, there's very little discussion of Nevro at this point at Medtronic, at our national sales meeting. or really any talk about their taking business away. A lot of the reps that they hired away are now either back with Medtronic or have moved on. That's pretty common from what I can tell in territories across the country.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a0c5ab78-4489-4c00-b88b-982d79371feb", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“To be honest, we watch their stock and we’re like ‘What are we missing?’ In our market, we don't see a ton of good outcomes. Omnia has really not done anything. We hear rumbling from Caraway [Nevro Chief Medical Officer] that they're researching more indications, and we just don't know how a one-trick pony makes any headway. We can't figure it out - they continue to do well on Wall Street, but I do not see any movement or any changes here. If anything, they're shrinking here. Frankly, there's very little discussion of Nevro at this point at Medtronic, at our national sales meeting. or really any talk about their taking business away. A lot of the reps that they hired away are now either back with Medtronic or have moved on. That's pretty common from what I can tell in territories across the country.” — Longtime Medtronic territory manager", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f3d-76db-b339-88bf126b9e94", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "Source: Consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "75c9bae9-1bbd-423e-b198-8f169b153312", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.05, "y": 0.04 }, "kind": "title", "text": "Scorpion Capital | Nevro (NYSE: NVRO)", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cfa1cb54-a48a-4f47-90c9-b40ec0e2d3b4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.05, "y": 0.09 }, "kind": "title", "text": "1. Introduction to Nevro", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2f2ef63e-fd2e-4522-8024-8a7cca1a518f", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "antagonist-introduction", "slug": null, "matchId": "ac7b90a6-4fef-4068-aa5b-ff424990ac82", "evidence": "The slide frames Nevro as a failing entity ('disaster', 'reckoning', 'one-trick pony') to be dismantled by the activist.", "confidence": 0.9 } ], "arcBeats": [ { "to": 50, "from": 21, "beatId": "88afdd76-4cd8-403f-9d7e-4634fdd1d420", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Struggle", "beatSlug": "overcoming-monster-the-struggle", "evidence": "The deck details the struggles faced by Nevro's patients and the company's response", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }