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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 testimonials to build a narrative of industry-wide dissatisfaction and lack of transparency regarding explant data.",
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      "text": "The explant rate is higher for Nevro than anyone else.",
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      "text": "KOL's stated that Nevro's explant rate was the highest in the industry and an outlier, and questioned why the company won't publish proper explant data",
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      "text": "Doctors confirmed the ~33% explant rates in the NANS paper. Some provided figures a bit lower based on their own experience, while others (as we shall detail) said their personal explant rates for Nevro were 80%+.",
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      "text": "explant rate: 33%",
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      "text": "The explant rate was more than 25%. It was a lot. A lot of time I’d replace Nevro with a Medtronic unit because it was so tiny.",
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      "text": "What is the explant data? Nevro will not publish it. They have to keep information on every patient that gets explanted. With Nevro's high frequency device, I have never seen so many explants from one company.",
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      "text": "For every 100 Nevro devices implanted, 30% of them will be explanted within a year or two. What Nevro has done hurts the rest of us because then people are less likely to use any company's devices.",
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      "text": "I had stopped using Nevro. I know so many of their devices that were explanted because patients couldn't stand the size and programs that drain battery life. The explant rate is higher for Nevro than anyone else.",
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      "text": "\"The explant rate was more than 25%. It was a lot. A lot of time I’d replace Nevro with a Medtronic unit because it was so tiny.\" — High volume KOL; \"For every 100 Nevro devices implanted, 30% of them will be explanted within a year or two. What Nevro has done hurts the rest of us because then people are less likely to use any company’s devices. What one greaseball does affects the rest of us. It’s flawed. Nevro’s research is deeply flawed.\" — High volume KOL; \"I had stopped using Nevro. I know so many of their devices that were explanted because patients couldn’t stand the size and programs that drain battery life. The explant rate is higher for Nevro than anyone else. I’m so frustrated with how I put it in. I’ve had zero results with Nevro in trials and it’s so unusual. I’ve had more failed Nevro trials than with any other device. I don’t have an explant rate with other devices. Maybe some three to fours years out. Maybe once a year I explant out of someone. Colleagues tell me Nevro’s explant rates are higher than anything else. I hear that from other doctors. Walk around the next NANS meeting and ask people about explant rates.\" — High volume KOL; \"What is the explant data? Nevro will not publish it. They have to keep information on every patient that gets explanted. With Nevro’s high frequency device, I have never seen so many explants from one company. Every once in a while, I’ll see a crap Medtronic or Abbott device and I need to put in something else. But just in terms of lack of efficacy and explants, Nevro is clearly number one.\" — High volume KOL",
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      "text": "Source: Consultation calls with experts",
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      "text": "The 33% explant rate (cont'd)",
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      "text": "Scorpion Capital | Nevro (NYSE: NVRO)",
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      "text": "6. A covered-up device failure and explants crisis",
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