{ "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": 138, "pageCount": 342, "prevPage": 137, "nextPage": 139, "slideType": "villain_critique", "function": "name_villain", "density": "dense", "nDataPoints": 0, "notes": "The slide presents a Q&A format with a surgeon, highlighting allegations of unethical business practices and operational friction.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/138", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-138", "components": [ { "bbox": null, "kind": "callout", "text": "TransMedics is just pushing, and they’re rubbing people the wrong way.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5373-719d-a97b-99d6e7ed3aec", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.86, "x": 0.07, "y": 0.51 }, "kind": "paragraph", "text": "TransMedics alleged trying to take over the organ allocation process from OPO's; some OPO's pushing back", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "04d9d62c-db16-49a7-9dfa-0bbee5927774", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.56 }, "kind": "paragraph", "text": "Q: “Are there any games that they played with your local OPO, where they’re trying to press their thumb on the OPO to run up TransMedics device volumes? I heard they’re doing that with OPO’s, like storing machines at the OPO. For example, the OPO says the patient’s already on TransMedics and they’re trying to leverage relationships with OPOs to get more utilization. Have you seen anything like that?”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "183599e1-51fa-49bf-9605-9f4b84d601d1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.68 }, "kind": "paragraph", "text": "A: “Definitely...I heard a lot of complaints about how TransMedics is trying to take over the case; TransMedics is trying to take over the organ allocation; TransMedics is just pushing, and they’re rubbing people the wrong way. What you saw is some fallout from that - this putting a liver onto the TransMedics device requires five units of blood. For the heart, it comes from the donor. For the liver, it comes from the blood bank. And the practice is then for TransMedics to ask the OPO or to request the hospital where the donor is located to procure five units of blood so that they can arrive there, and you get the blood from the blood bank to put the organ on the machine. And the OPOs, the one in Los Angeles, in particular, was starting to refuse to do that. They were starting to say we will not supply blood for TransMedics. And that became a real big sticking point that would get transplant programs in the middle of it. You’ve got to call the OPO and tell them to get the blood, or you’ve got to ship the blood—it was just a big mess. So, OPOs were looking at a way to retaliate or somewhat to put some pressure onto TransMedics. You can see that relationship is already under a lot of strain.” - Transplant surgeon", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1d4ecd89-f3cc-48ea-94d9-fc0739bb1928", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "One of TransMedics’ highest-volume users, a surgeon at an academic center, provided extensive color on what we interpret as an organ steering scheme and suggested that the company has hijacked the UNOS organ allocation process and national transplant waiting list.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7968a325-cce2-4bb4-b55c-20fcc0b8e07d", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“Definitely...I heard a lot of complaints about how TransMedics is trying to take over the case; TransMedics is trying to take over the organ allocation; TransMedics is just pushing, and they’re rubbing people the wrong way...the OPOs, the one in Los Angeles, in particular, was starting to refuse to do that...OPOs were looking at a way to retaliate or somewhat to put some pressure onto TransMedics. You can see that relationship is already under a lot of strain.” — Transplant surgeon", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5373-719d-a97b-9c290d908ba9", "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": "54a12453-d39d-4a82-aaef-d42c4a191cd4", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Anadiplosis", "slug": "anadiplosis", "agent": "Storyteller", "layer": "slide", "matchId": "53148255-b8f4-4fd8-b6f3-d437baa25fab", "evidence": "The text repeats similar phrases, such as 'TransMedics is trying to take over the case; TransMedics is trying to take over the organ allocation; TransMedics is just pushing'.", "confidence": 0.7 }, { "name": "Villain naming", "slug": "villain-naming", "agent": null, "layer": "slide", "matchId": "99cfba8c-6406-4867-93cb-189e9b14b6ec", "evidence": "The slide describes TransMedics as hijacking the UNOS organ allocation process and national transplant waiting list.", "confidence": 0.9 } ], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }