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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 highlighted quotes to emphasize the severity of the alleged device failures and the high volume of Nevro patients requiring salvage therapy.",
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      "text": "Another high volume KOL provided a separate data point substantiating Nevro's abnormal explant rate",
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      "text": "KOL’s who didn’t provide exact explant percentages nonetheless provided qualitative color that was similar",
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      "text": "Another high volume KOL provided a separate data point substantiating Nevro’s abnormal explant rate",
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      "text": "Doctors indicated that Nevro’s devices begin to fail fast, requiring explantation as soon as 6 months out",
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      "text": "High frequency seemed to have a lot of traction when it first started off. We’re trying to figure out if the initial pain improvement is still there, a year out, two years out, five years out. It seems like a lot of the high frequency implants have been explanted, or exchanged for something else.",
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      "text": "It’s rare to see a device not working at all, but I’ve seen with Nevro at 6 months that it’s not helping patients.",
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      "text": "The biggest reason for Nevro explants is device failure. That’s probably the biggest reason, over 80-90%. And then infection rates. But it’s almost always failure. Anecdotally and from the data there’s a range, but it seems to be within about a year. But some of them fail later, within three years.",
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      "text": "Abbott is currently doing a study called Prolong. The study’s not specifically going up against Nevro. It’s just using the Abbott device as a salvage therapy for failed spinal cord stimulation patients. But, most of the salvage appears to be for Nevro patients. I think almost 50% of the enrollment so far in the study has been Nevro patients. Abbott’s study was never meant to be a superiority study. The study wasn’t meant to bash Nevro. But Nevro didn’t like that the overwhelming majority of patients that needed to be salvaged in the study were all theirs.",
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      "kind": "quote",
      "text": "\"It’s rare to see a device not working at all, but I’ve seen with Nevro at 6 months that it’s not helping patients.\" -KOL; \"The biggest reason for Nevro explants is device failure. That’s probably the biggest reason, over 80-90%. And then infection rates. But it’s almost always failure. Anecdotally and from the data there’s a range, but it seems to be within about a year. But some of them fail later, within three years.\" -KOL; \"High frequency seemed to have a lot of traction when it first started off. We’re trying to figure out if the initial pain improvement is still there, a year out, two years out, five years out. It seems like a lot of the high frequency implants have been explanted, or exchanged for something else.\" -KOL; \"Abbott is currently doing a study called Prolong. The study’s not specifically going up against Nevro. It’s just using the Abbott device as a salvage therapy for failed spinal cord stimulation patients. But, most of the salvage appears to be for Nevro patients. I think almost 50% of the enrollment so far in the study has been Nevro patients. Abbott’s study was never meant to be a superiority study. The study wasn’t meant to bash Nevro. But Nevro didn’t like that the overwhelming majority of patients that needed to be salvaged in the study were all theirs.\" -KOL",
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      "text": "Source: Consultation calls with experts",
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      "kind": "title",
      "text": "6. A covered-up device failure and explants crisis\nThe 33% explant rate (cont'd)",
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      "kind": "title",
      "text": "Scorpion Capital | Nevro (NYSE: NVRO)",
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