{
  "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": 16,
  "pageCount": 342,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The slide uses a 'wink-wink' narrative to frame the company's own marketing as evidence of a non-clinical value proposition.",
  "elementsJson": [
    "paragraph",
    "bar_chart_grouped",
    "callout_box"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/16",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-16",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": ">76% of liver transplants have shifted to day-time transplants using OCS NOP",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f3-714d-84be-cfceacfb0881",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.42,
        "x": 0.07,
        "y": 0.59
      },
      "kind": "chart",
      "text": "Day-Time Liver Transplant - Game Changer",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8c0416db-b2e3-4c56-a7ab-369f360f10aa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.42,
        "x": 0.51,
        "y": 0.63
      },
      "kind": "list",
      "text": ">7,000 US NOP transplants performed to-date & growing rapidly; ~75% & ~55% of US DCD transplants for heart and liver respectively are done using OCS today; 12% US national growth in heart and liver transplant volume primarily driven by OCS and NOP; >76% of liver transplants have shifted to day-time transplants using OCS NOP",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f1ae3e67-2f44-4219-bbdd-aa643d3624d4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "day-time transplant shift: >76%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-70f3-714d-84be-d6f14935e782",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.86,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "paragraph",
      "text": "TransMedics was the first company to get FDA approval for its warm perfusion pump... The wink-wink is visible in TransMedics presentations.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5c27c385-c6d4-47b0-b849-1ef1e31ce17b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Don't know, don't care.” — Transplant surgeon",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-70f3-714d-84be-d1cf5224676b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.68,
        "x": 0.07,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Scorpion Capital consultation calls with experts; https://investors.transmedics.com/static-files/ae80ac5c-1729-44f6-9c45-4cbb1ff14d7f",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aa089db9-9171-4e8b-8a32-74522345968d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "906b1912-3aef-4fc1-b9ce-e5d7ba9875fc",
      "evidence": "The slide explicitly frames the company's marketing as a 'dirty little secret' to expose a contradiction between clinical claims and actual usage drivers.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 11,
      "beatId": "c9fa8ec4-9e59-45eb-9317-74367547147c",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Critique of TransMedics Group Inc.",
      "beatSlug": null,
      "evidence": "The section presents a critical analysis of TransMedics Group Inc.'s practices and leadership.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 30,
      "from": 12,
      "beatId": "072007ec-5fd3-4416-b852-0e181a364efd",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Exposure of Contradictions",
      "beatSlug": null,
      "evidence": "The section highlights contradictions in TransMedics Group Inc.'s statements and actions.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}