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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": "This slide uses aggressive, activist-style language to frame Nevro as a failing company and Saluda as a disruptive competitor.",
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      "text": "The launch of Saluda Medical’s “closed loop” spinal cord stimulator – supported by the best pain relief data ever published in the space - is an impending disruptive threat to Nevro within 6 to 12 months.",
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      "text": "The superlatives used by KOL's, including high-volume Nevro implanters, when we asked about Saluda suggest an impending fervor and reinforce the severity of the threat.",
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      "text": "A longtime C-level executive in the spinal cord stimulator space provided an equally devastating assessment of Nevro's M&A prospects.",
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      "text": "Industry executives and KOL's stated that Saluda has locked up the most influential KOL's, whose control and leverage over papers, conferences, and other doctors ensures that Saluda will drive substantial conversion to its device.",
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      "text": "A Nevro ex-executive stated that Nevro is the most vulnerable among SCS players to Saluda, given that it attracted a fickle implanter base that quickly bounces to the next hot launch.",
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      "text": "As an ominous sign that share loss may be far worse than this estimate, we note that the authors of Saluda's US study - published earlier this year - are the lead investigator for Nevro's pivotal SENZA trial.",
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      "text": "Interviews with KOL's, Nevro ex-executives/reps, and competitors indicate tremendous enthusiasm and anticipation for Saluda's device, including among some of Nevro's highest volume implanters.",
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      "text": "“is becoming increasingly competitive” — A longtime C-level executive in the spinal cord stimulator space; “never seen anything like it”; “very exciting”; “the best tonic data ever”; “beats Nevro’s data.” — KOLs",
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      "text": "2. Summary of key findings",
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      "text": "Scorpion Capital | Nevro (NYSE: NVRO)",
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