{ "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": 131, "pageCount": 342, "prevPage": 130, "nextPage": 132, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "balanced", "nDataPoints": 0, "notes": "The slide uses a Q&A transcript format to highlight a competitor's critique of the subject company's business model.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/131", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-131", "components": [ { "bbox": null, "kind": "callout", "text": "it’s only useful for a small centers looking to jump the UNOS organ allocation algorithm and access organs via the NOP service", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5373-719d-a97b-450892387759", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.55, "w": 0.86, "x": 0.07, "y": 0.38 }, "kind": "paragraph", "text": "No value for large centers ;just small centers looking to jump UNOS allocation and get organs via NOP\nA: “Like I mentioned, not every case needs to be a TransMedics case.”\nQ: “So, you think there’s overutilization?”\nA: “Yeah, I think there’s overutilization when there clearly is not a clear clinical indication that it’s going to be beneficial for the patient…Let’s say I’m a very small center with limited resources, and I need an organ…it’s probably advantageous to do a TransMedics case in that regard because I’ll be able to get the organ faster…I’ll be able to probably get a match faster than I would with my current OPO infrastructure because I’m a small center, I’m going to have a small utilization from the OPO who’s going to want to give organs to a larger center. So, it helps me in that regard. Conversely, let’s say I’m a very large center, and I’m doing hundreds and hundreds of transplants a year. Do I really need this extra TransMedics case in order to do what exactly what I’m doing on my own? That’s what I’m talking about: for large centers, perhaps there is less clinical utility than for a small center.”\nQ: “What I’m hearing is that there’s tremendous overutilization, that it’s used for perfectly fine organs that would be fine on ice with no issue.”\nA: “Yeah, I agree. If it’s a donor service area that’s very small, like if you’re near a very large metropolitan area like New York or something, it’s out of the question. Why would you ever do that? You just have to drive across the river or something. It makes no sense.” – Senior medical employee at OrganOx", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fbdf754b-bab8-4da8-a039-7e832c927a3d", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“Yeah, I think there’s overutilization when there clearly is not a clear clinical indication that it’s going to be beneficial for the patient...it’s probably advantageous to do a TransMedics case in that regard because I’ll be able to get the organ faster...for large centers, perhaps there is less clinical utility than for a small center.” — Senior medical employee at OrganOx", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5373-719d-a97b-4bd05d273bc1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "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": "3cf3ef13-da2f-4635-a023-6943a183466f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "A senior medical employee of OrganOx, a competitor with a near-identical normothermic pump, provided the same color – that TransMedics makes no sense for large transplant centers, particularly in large metropolitan areas like New York, and it’s only useful for a small centers looking to jump the UNOS organ allocation algorithm and access organs via the NOP service: “let’s say I’m a very small center with limited resources and I need an organ…it’s probably advantageous to do a TransMedics case…I’ll be able to probably get a match faster than I would with my current OPO.”", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b76a9daa-ce2b-4500-9fc7-7a1fb23c6d78", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "expose_contradiction", "slug": null, "matchId": "21891a65-e559-4297-a82b-17618005689a", "evidence": "The slide presents a competitor's testimony to undermine the value proposition of the subject company.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }