{
  "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": 77,
  "pageCount": 239,
  "prevPage": 76,
  "nextPage": 78,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "The slide uses highlighted text to emphasize key pain points regarding battery life and charging frequency.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-2a2468219173/77",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173#slide-77",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The patient burden and resulting non-compliance and dissatisfaction were a recurring theme of our KOL interviews.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f3d-76db-b33d-17265afa18b2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.88,
        "x": 0.06,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "Unlike conventional stimulators, high frequency devices impose a number of significant tradeoffs on patients and doctors. By definition, they consume large amounts of power and rapidly drain the battery implanted inside the patient, requiring the patient to be next to a charging paddle for long periods of time on a daily basis. On Facebook groups some patients report charging times that can approach an hour. The patient burden and resulting non-compliance and dissatisfaction were a recurring theme of our KOL interviews.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d3532c53-3cc7-40e5-929e-468ec1d68841",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.88,
        "x": 0.06,
        "y": 0.65
      },
      "kind": "quote",
      "text": "The average duration between recharges is one of the biggest detriments for high frequency. Patients are charging daily. For the older folks who struggle with technology, it's a significant detriment. I won't implant Nevro in folks over 60. It's a big turn off for me and my patients.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4837600b-d86f-43d9-a80f-24db818a8a93",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.88,
        "x": 0.06,
        "y": 0.34
      },
      "kind": "quote",
      "text": "There were a couple of other problems with Nevro besides loss of efficacy. One, the size of battery. When you put in a huge generator like Nevro's original device, you can't hide it well. The other is charging it every day. It's a burden and now you see Abbott going huge into non-rechargeable devices. Their device lasts 5-7 years. When I switch people out of Nevro or whatever into an Abbott they're like, \"I don't have to charge it? Are you kidding me, why didn't we do this in the first place?\" Patients don't understand the burden of charging every day until they actually have to charge it every day. Initially people don't mind, but after 6 months it becomes a problem.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "904f663a-58cf-43bc-8a99-c2da14451b64",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.88,
        "x": 0.06,
        "y": 0.56
      },
      "kind": "quote",
      "text": "The problem with a 10kHz device is that battery is going to be gone in a day. You have to recharge it like your iPhone. You don't need to do that. You can have 1kHz, and you have the same outcome. That's been shown.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9c5ae206-ed03-4985-a740-7712018c44ff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.88,
        "x": 0.06,
        "y": 0.74
      },
      "kind": "quote",
      "text": "I haven't seen any better efficacy with 10kHz versus other frequencies. I would also say that one of the downsides of Nevro is that because of the high energy requirements, patients need to recharge very frequently and there are patient populations who may not be compliant and there's data on that, patients don't charge them, that the devices don't last as long and that the patients just don't use the device as much.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ac7918d3-82bd-4b7e-84b0-82734e2a4e3e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.88,
        "x": 0.06,
        "y": 0.86
      },
      "kind": "quote",
      "text": "Nevro has to be charged every couple of days or every day versus others every 1 or 2 weeks.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e39ca8f6-c9e3-4d75-978b-c7d7561b1ae9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"There were a couple of other problems with Nevro besides loss of efficacy. One, the size of battery. When you put in a huge generator like Nevro’s original device, you can’t hide it well. The other is charging it every day. It’s a burden and now you see Abbott going huge into non-rechargeable devices. Their device lasts 5-7 years. When I switch people out of Nevro or whatever into an Abbott they’re like, 'I don’t have to charge it? Are you kidding me, why didn’t we do this in the first place?' Patients don’t understand the burden of charging every day until they actually have to charge it every day. Initially people don’t mind, but after 6 months it becomes a problem.\" — KOL and former high volume Nevro implanter and consultant; \"The problem with a 10kHz device is that battery is going to be gone in a day. You have to recharge it like your iPhone. You don’t need to do that. You can have 1kHz, and you have the same outcome. That’s been shown.\" — KOL and high volume implanter; \"The average duration between recharges is one of the biggest detriments for high frequency. Patients are charging daily. For the older folks who struggle with technology, it’s a significant detriment. I won’t implant Nevro in folks over 60. It’s a big turn off for me and my patients.\" — KOL and high volume implanter; \"I haven’t seen any better efficacy with 10kHz versus other frequencies. I would also say that one of the downsides of Nevro is that because of the high energy requirements, patients need to recharge very frequently and there are patient populations who may not be compliant and there’s data on that, patients don’t charge them, that the devices don’t last as long and that the patients just don’t use the device as much.\" — High volume implanter; \"Nevro has to be charged every couple of days or every day versus others every 1 or 2 weeks.\" — High volume implanter",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-3f3d-76db-b33d-18b7a8dfa595",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.06,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Consultation calls with experts",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "34b0e668-2d1b-490a-9b6a-b1bc2dfb3c0b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.6,
        "x": 0.06,
        "y": 0.1
      },
      "kind": "title",
      "text": "5. High frequency is Nevro's fatal flaw and dooms any turnaround",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5a598946-5645-4dee-823f-c2076fdd59c7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.35,
        "x": 0.06,
        "y": 0.04
      },
      "kind": "title",
      "text": "Scorpion Capital | Nevro (NYSE: NVRO)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "652fe91c-c037-4af3-b232-ac6eebdb4c29",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.06,
        "y": 0.31
      },
      "kind": "title",
      "text": "Comments by 5 different KOL's and high volume implanters",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8f5a9075-61df-4984-b31a-98fd6d98aa6e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Call-and-Response",
      "slug": "call-and-response",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "3ee1c2f8-bf8e-4791-bb0b-db44b5142adf",
      "evidence": "The slide includes multiple quotes from KOLs and experts, creating a call-and-response structure to build a narrative.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "c548cbb4-6075-430b-a024-9cd11c828670",
      "evidence": "The slide frames Nevro's high-frequency technology as a 'fatal flaw' and a burden to patients.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 150,
      "from": 51,
      "beatId": "903c076a-f368-4ca1-844c-277874c1afb2",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The deck presents a conclusion that Nevro's problems are insurmountable",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}