{
  "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": 125,
  "pageCount": 342,
  "prevPage": 124,
  "nextPage": 126,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses a legal statute to frame the company's business model as criminal activity.",
  "elementsJson": [
    "paragraph",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/125",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-125",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We conclude, based on extensive research, that TransMedics is engaging in a sinister scheme whereby organs are illegally steered to centers under the implicit or explicit quid pro quo that a) they accept the organ on its device and b) that it is transported via its NOP service on its private jets.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5373-719d-a97a-c11d962f28ba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.13,
        "w": 0.86,
        "x": 0.07,
        "y": 0.61
      },
      "kind": "paragraph",
      "text": "(a) PROHIBITION\nIt shall be unlawful for any person to knowingly acquire, receive, or otherwise transfer any human organ for valuable consideration for use in human transplantation if the transfer affects interstate commerce. The preceding sentence does not apply with respect to human organ paired donation.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b818f78-b27f-45b9-9a37-138a3c7c1769",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.86,
        "x": 0.07,
        "y": 0.83
      },
      "kind": "paragraph",
      "text": "(b) PENALTIES\nAny person who violates subsection (a) shall be fined not more than $50,000 or imprisoned not more than five years, or both.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ba31e5ac-2666-4970-86a1-96556e72449e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.86,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "paragraph",
      "text": "We conclude, based on extensive research, that TransMedics is engaging in a sinister scheme whereby organs are illegally steered to centers under the implicit or explicit quid pro quo that a) they accept the organ on its device and b) it is transported via its NOP service on its private jets. The organ, we believe, therefore constitutes a kickback under the Anti-Kickback Statute (“Stark Law”) and also, in our opinion, meets the legal definition of organ trafficking per the National Organ Transplant Act which makes it unlawful to “acquire, receive, or transfer any human organ for valuable consideration” – under penalty of fines and/or imprisonment; and per international conventions, such as the Istanbul Declaration and others.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c0fbba56-0c50-46fb-b293-0765adcf9e01",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "It shall be unlawful for any person to knowingly acquire, receive, or otherwise transfer any human organ for valuable consideration for use in human transplantation if the transfer affects interstate commerce. — 42 U.S. Code § 274e",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-5373-719d-a97a-c4ac7932ce60",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.07,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Scorpion Capital consultation calls with experts; https://www.law.cornell.edu/uscode/text/42/274e",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0e098e9-4b17-42aa-a07a-09151e6df9a3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.86,
        "x": 0.07,
        "y": 0.49
      },
      "kind": "title",
      "text": "42 U.S. Code § 274e - Prohibition of organ purchases",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "16c5040d-3ae6-4b7d-9fb8-60b4fcd786c6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.45,
        "x": 0.07,
        "y": 0.44
      },
      "kind": "title",
      "text": "National Organ Transplant Act of 1984 (NOTA)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3fd3cc39-2606-4839-96b0-b4416e4556f1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Authority citation",
      "slug": "authority-citation",
      "agent": null,
      "layer": "slide",
      "matchId": "2ec0256c-6995-4832-8156-365997bc8e5b",
      "evidence": "The reference to the National Organ Transplant Act of 1984 (NOTA) provides a legal basis for the accusations.",
      "confidence": 0.8
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}