{ "docId": "019dd923-622c-750b-8b9a-40e2965928db", "docSlug": "e5bffbaac707", "documentTitle": "TransMedics (TMDX)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-01-10 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 104, "pageCount": 342, "prevPage": 103, "nextPage": 105, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a Q&A transcript format to highlight defensive behavior from a subject.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/104", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-104", "components": [ { "bbox": null, "kind": "callout", "text": "One of TransMedics highest volume users played dumb and denied any interaction with TransMedics", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-70f3-714d-84bf-c0e3c111d7bf", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.51 }, "kind": "list", "text": "One of TransMedics highest volume users played dumb and denied any interaction with TransMedics", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ce7233ac-db86-4ab2-a706-3816c24f67e6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.38, "w": 0.86, "x": 0.07, "y": 0.55 }, "kind": "paragraph", "text": "A: “I don’t know the CEO at all. I don’t know him personally. Have I actually seen him, met him? Yes, but I don’t have any personal connection. I honestly don’t have any personal connection to anyone at the company. They’ve never asked for my opinion about anything. They’ve never asked me to do - nothing, really. I’ve never had an email from TransMedics.”\nQ: “Based on your volume, you are one of their highest volume users. Usually, companies do a full court press to at least stay in touch.”\nA: “Our transplant institute director may have more contact, but I certainly don’t. Honestly, I don’t invest in healthcare on purpose in any healthcare sector so that there’s no conflict of interest with my job. But I don’t know what their stock is doing. I have no idea what any of that stuff is doing. Because they’re a publicly traded company, right?... I am not by any means an insider to that circle....for kidney, I think we selectively use OCS. I do not have any involvement in kidney, so I don’t know.”\nQ: “They don’t have a kidney product.”\nA: “They don’t? Okay. Well then, there’s heart and lung, right?”\nQ: “And you run the liver transplant program there? You’re in charge of it?”\nA: “On the medical side, correct. I run the liver center. If I was someone that TransMedics in any way engaged with and I was involved in activities that they in any way sponsor, which I absolutely never have. I literally have never received as much as an email or communication from TransMedics other than updates on the data that they have or anything like that.” – Transplant hepatologist and director of the liver program at a Midwest academic center", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "32ba958f-1e51-4455-9a9b-10cece4d1c3d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.42, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "Our interview with one of the high-volume users of Middle East origin - we redact his name - was particularly amusing for the number of times he protested his “innocence,” a classic case of mens rea - “guilty mind” in Latin, a concept from criminal law - as we never asked about his ties to TransMedics. When we finally noted that he was a top user, he tap danced faster: “I don’t know the CEO at all. I don’t know him personally. Have I actually seen him, met him? Yes, but I don’t have any personal connection. I honestly don’t have any personal connection to anyone at this company. I’ve never had an email from TransMedics...honestly... there’s no conflict of interest...I don’t know what their stock is doing....I am not by any means an insider to that circle...I do not have any involvement...if I was someone that TransMedics in any way engaged with and I was involved with activities that they in any way sponsor...which I absolutely never have...I literally have never received as much as an email or communication from TransMedics...”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "81045da9-8b19-46e8-a5c3-8db319e1acd4", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "I don't know the CEO at all. I don't know him personally. Have I actually seen him, met him? Yes, but I don't have any personal connection. I honestly don't have any personal connection to anyone at this company. I've never had an email from TransMedics...honestly... there's no conflict of interest...I don't know what their stock is doing....I am not by any means an insider to that circle...I do not have any involvement...if I was someone that TransMedics in any way engaged with and I was involved with activities that they in any way sponsor...which I absolutely never have...I literally have never received as much as an email or communication from TransMedics other than updates on the data that they have or anything like that. — Transplant hepatologist and director of the liver program at a Midwest academic center", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-70f3-714d-84bf-c421e0b36167", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8c98c337-2927-479c-be08-f834fcb74de3", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }