{ "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": 158, "pageCount": 342, "prevPage": 157, "nextPage": 159, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 1, "notes": "The slide uses a testimonial/interview format to challenge the necessity of the OCS device for local transplants.", "elementsJson": [ "paragraph", "callout_box", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/158", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-158", "components": [ { "bbox": { "h": 0.03, "w": 0.45, "x": 0.07, "y": 0.62 }, "kind": "callout", "text": "Substantial percentage of device usage is local and intra-city", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cfe187cf-2925-4184-8128-cf1deb2f37d8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.22 }, "kind": "paragraph", "text": "Leaving an organ on a $90,000 pump for 30 hours and mandating the use of private long-haul aircraft is therefore preposterous and unnecessary – unless you’re a surgeon abusing payors to avoid going to an OR at 2AM. We spoke withan ex-logistics employee at TransMedics, who revealed the audacious nature of the scheme and indicated that half the utilization of the device – as well as of the NOP service – is not only within driving distance, but that a large percentage is where both the donor and recipient are intra-city: “we get a huge volume of share from...within the city, like Boston to Boston, New York to New York...why would they use it when it costs a lot...you’re figuring out your logistics...we’ve had cases where the OCS device was used and our service was used within the same hospital...within a three-hour radius, about 50% of the cases.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "27d416df-d8b2-4a9e-9560-d2e8b265ca91", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "Leaving aside that neither TransMedics surgeons nor transplant centers ever seem to reject an organ irrespective of whatever “data” the pump spits out, the majority of transplants that the device and NOP service are utilized for appear to be ones where both the donor and recipient are nearby – within driving distance.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ac71f73c-5a65-416e-8a91-bfff8e37ca5e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.65 }, "kind": "quote", "text": "A: “We get a huge volume of share from local - within the city, like Boston to Boston, New York to New York type of transplant on our device. And you would ask why would they use it when it costs a lot of money. It costs a lot of money...you keep it there for whatever, a few hours while you’re figuring out your logistics between hospital A and hospital B. We’ve had cases where the OCS device was used, and our service was used within the same hospital. So, they take out the organ, they put it on the OCS device, and a couple of hours later.”", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6fb713ad-af41-4dca-bc36-b586c1cfa296", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.78 }, "kind": "quote", "text": "Q: “What percentage of transplants are really close, like within a hospital? Within the city, an hour or two?”\nA: “Within a three-hour radius, about 50% of the cases, the donors and recipient are within a three-hour driving range. Roughly 50% within a three-hour driving range.” - Ex-logistics employee at Transmedics", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "77089ea8-488e-47e9-a8d3-21b6c823c888", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“We get a huge volume of share from local - within the city, like Boston to Boston, New York to New York type of transplant on our device. And you would ask why would they use it when it costs a lot of money. It costs a lot of money...you keep it there for whatever, a few hours while you’re figuring out your logistics between hospital A and hospital B. We’ve had cases where the OCS device was used, and our service was used within the same hospital. So, they take out the organ, they put it on the OCS device, and a couple of hours later.” — Ex-logistics employee at Transmedics", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5373-719d-a97d-d9a9861e8c23", "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": "23905d0a-5c67-4144-9cf7-631ac6935807", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }