{ "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": 87, "pageCount": 239, "prevPage": 86, "nextPage": 88, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses a series of quotes from KOLs (Key Opinion Leaders) to build a narrative of systemic failure and industry skepticism.", "elementsJson": [ "headline_text", "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-2a2468219173/87", "deckHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-2a2468219173#slide-87", "components": [ { "bbox": null, "kind": "callout", "text": "The talk attracted an overflow crowd, and numerous doctors in attendance confirmed that they too had seen similarly abnormal rates of explants. Another KOL indicated that Nevro would try to undermine the presenter.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f3d-76db-b33e-3d35ea58eb2d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.88, "x": 0.06, "y": 0.13 }, "kind": "paragraph", "text": "The paper generated significant buzz at the NANS conference, despite representing early data from only two sites. Our research indicates that other papers and studies on Nevro's explants rate may either be in process or in peer review, to expand upon the initial data and findings, which we expect to further undermine Nevro's credibility with KOL's and its trajectory. We believe it was the first time doctors publicly began to confront the elephant in the room regarding Nevro's explant rates. We spoke to several KOL's who were in attendance or intimately familiar with the research and its authors. The talk attracted an overflow crowd, and numerous doctors in attendance confirmed that they too had seen similarly abnormal rates of explants. Another KOL indicated that Nevro would try to undermine the presenter.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ac1f405a-1b4f-4ba4-8075-32810c76b886", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.88, "x": 0.06, "y": 0.65 }, "kind": "quote", "text": "After Nevro's explant rate was publicly presented, several doctors came up to say that more research needs to be done on this because we're seeing a lot of explants as well. A lot of pain doctors aren't willing to say much about the negative aspects of spinal cord stimulation, but a lot of them at the conference approached the author about their explant rates. They said we're seeing about the same numbers. They of course didn't look into their data. When you're a provider, you're noticing trends. It's not a day to day thing, but you're thinking that for some reason in the past few months I'm explanting a lot of high frequency spinal cord stimulators.\" – KOL", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "366e1e0b-9077-4e71-b451-5bd2caa70717", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.55 }, "kind": "quote", "text": "The NANS talk was well-attended. I was surprised. It was at 6AM and a lot of people came. It filled up like three rooms. They had to take the dividers out. I'd say there were 100 to 150 attendees – KOL", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8281a2bb-7071-4f26-88cc-484a61b2678c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.88, "x": 0.06, "y": 0.85 }, "kind": "quote", "text": "The most important thing the presenter said was that 5 or 6 implanters came up to him after the talk and said they had the same experience. Another paper shows that doctors who did big volumes had the same explant rate. This study will be big and show what's going on because right now Nevro is going to try and throw [redacted] under the bus and say [redacted] is getting paid by somebody else to do this.\" – KOL", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d74d0816-fb69-487d-ba2f-fff8693748c2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.06, "y": 0.41 }, "kind": "quote", "text": "There are doctors that are saying, \"I saw [doctor name redacted] speak at NANS, and I saw [doctor name redacted's] outcomes and other doctors' outcomes, and I dug into it, and I'm having the same outcomes. I'm not using high-frequency anymore.\" – One of the most senior and plugged in executives in the SCS space", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e3d2af11-0a06-4d8c-ba58-8404c8192960", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"There are doctors that are saying, 'I saw [doctor name redacted] speak at NANS, and I saw [doctor name redacted's] outcomes and other doctors' outcomes, and I dug into it, and I'm having the same outcomes. I'm not using high-frequency anymore.'\" — One of the most senior and plugged in executives in the SCS space; \"The NANS talk was well-attended. I was surprised. It was at 6AM and a lot of people came. It filled up like three rooms. They had to take the dividers out. I'd say there were 100 to 150 attendees\" — KOL; \"After Nevro's explant rate was publicly presented, several doctors came up to say that more research needs to be done on this because we're seeing a lot of explants as well. A lot of pain doctors aren't willing to say much about the negative aspects of spinal cord stimulation, but a lot of them at the conference approached the author about their explant rates. They said we're seeing about the same numbers. They of course didn't look into their data. When you're a provider, you're noticing trends. It's not a day to day thing, but you're thinking that for some reason in the past few months I'm explanting a lot of high frequency spinal cord stimulators.\" — KOL; \"The most important thing the presenter said was that 5 or 6 implanters came up to him after the talk and said they had the same experience. Another paper shows that doctors who did big volumes had the same explant rate. This study will be big and show what's going on because right now Nevro is going to try and throw [redacted] under the bus and say [redacted] is getting paid by somebody else to do this.\" — KOL", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-3f3d-76db-b33e-41bcc2968401", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.06, "y": 0.97 }, "kind": "source-note", "text": "Source: Consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "64591eab-d8cd-41c7-9338-593164d34006", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.06, "y": 0.09 }, "kind": "title", "text": "6. A covered-up device failure and explants crisis", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f2212162-144f-42d4-baac-c6ebe76e6819", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.45, "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": "e64414d1-1c6a-49c2-8762-f4ea85bc6009", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "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 }