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  "documentTitle": "TransMedics (TMDX)",
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  "notes": "The slide uses a combination of qualitative expert interview summaries and quantitative data from the company's own investor presentation to frame the company's clinical claims as a 'ruse'.",
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      "text": "Moreover, even high-volume users told us the “clinical benefit” is just a charade so they can get away with using it for scheduling and convenience.",
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      "text": "~50% Reduction in Night-Time Transplants",
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      "text": "Overall Impact of NOP Model in the U.S.",
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      "text": "TransMedics entire premise is that its pump and aircraft enable organ transport for longer duration and farther distances than on ice, thus improving their viability and use. No one disputes that a liver with both a donor and recipient in Salt Lake City is perfectly fine on ice and does not require a $90,000 device and retrieval staff flown in on three separate jets - a real example from a Utah surgeon. TransMedics may claim that putting an organ on pump still enables assessment of biomarkers and viability, but the claim is specious: every single surgeon we interviewed admitted they have never seen an NOP retrieval surgeon decline an organ, as we shall detail – naturally, given the obvious incentive to sling every organ possible onto the device no matter how defective and move it via its private jets. Moreover, even high-volume users told us the “clinical benefit” is just a charade so they can get away with using it for scheduling and convenience. The ruse is visible in the company’s investor presentation:",
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      "text": "Source: TransMedics' OCS Liver Perfusion (OLP) Registry & Scientific Registry of Transplant Recipients (SRTR) Presented at the 2024 ASTS & ILTS Annual Meetings",
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      "text": "Source: Scorpion Capital consultation calls with experts; https://investors.transmedics.com/static-files/5ed8fa71-5a64-4043-b1d4-025252b36ea1",
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