{ "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": 17, "pageCount": 342, "prevPage": 16, "nextPage": 18, "slideType": "villain_critique", "function": "name_villain", "density": "dense", "nDataPoints": 0, "notes": "The slide uses highly charged, aggressive language to frame the company and its leadership as predatory and unprofessional.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/17", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-17", "components": [ { "bbox": null, "kind": "callout", "text": "In 20 years of research, we have never heard anything like the seething, rage, and desire for retribution as on these calls with surgeons and hospitals.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-70f3-714d-84be-eb6c5501c96f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "Surgeons described the “lifestyle device” as a game-changer, with a disingenuous clinical pretense to badger hospital administrators into letting them use it – that is, Medicare and the US taxpayer footing the bill for hundreds of thousands of dollars per case, just to accommodate a surgeon’s scheduling preferences. They described it like crack cocaine. And as the only FDA-approved pump that you could sling organs on for days, liver degradation be damned if you have golf on Sunday - TransMedics was the only dealer. Predatory pricing ensued, as it must with any good “FDA monopoly” story. The CEO overplayed a weak hand, after a quarter-century of walking the desert with nothing to show for it except a pulled offering in 2007 - only to promptly shat in and thoroughly poison his own well. Transplant medicine is a small world. In 20 years of research, we have never heard anything like the seething, rage, and desire for retribution as on these calls with surgeons and hospitals.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2f476c7a-8894-4a8b-a4ec-72bdbe4757e9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.62 }, "kind": "quote", "text": "CEO viewed as “an arrogant prick” due to “price gouging”; “people don’t like him”\n“Their CEO is pretty arrogant. He’s an arrogant prick. I mean, look at what they did. They bought $12-13 million aircraft...it works just as well as a $2 million aircraft or lease the damn thing and have a reasonable logistics expense, but it’s just price gouging. It’s unbelievable. It’s not what transplant is meant to be...people don’t like him... If you ask any questions, they are very aggressive and confrontational...it is frankly putting people’s lives in jeopardy. It’s crazy. Personally, we did not agree with some of their business practices...the CEO was on the call... he just launched on me, threatening that if we didn’t want to work with them, then that’s fine. They could take their device elsewhere. I really don’t know how else to explain it. It was just very aggressive. They don’t like receiving questions...” – CEO of a major OPO (Organ Procurement Organization), longtime industry executive", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0918d4bf-6607-4d49-a708-ef0155f569ea", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.88 }, "kind": "quote", "text": "CEO is “very short-tempered” and “screamed at people a lot”; called customers “idiots”\n“Waleed is very short-tempered. He screamed at people a lot and he could be pretty unprofessional...whenever a customer is asking too many questions, the moment they would leave, he’d be like, “Oh my God, such and such idiots.” – Former longtime employee in senior roles including medical safety and clinical affairs", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "235ba08b-fd32-4f92-b367-66bb9b5b3477", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.45 }, "kind": "quote", "text": "CEO is “so disingenuous” and company is “dishonest”\n“I don’t like Waleed or a lot of their upper management...he’s doing the fake it ’til you make it thing...this goes to show you what a fuck-face he is...he’s so disingenuous... their company, from a corporate culture point of view, is dishonest, to be blunt, and I think their claims are exaggerated.” – Prominent surgeon, Director of a leading academic transplant center", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "36aee401-a440-4d64-88ce-c6e878b97646", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "I don't like Waleed or a lot of their upper management...he's doing the fake it 'til you make it thing...this goes to show you what a fuck-face he is...he's so disingenuous... their company, from a corporate culture point of view, is dishonest, to be blunt, and I think their claims are exaggerated. — Prominent surgeon, Director of a leading academic transplant center", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-70f3-714d-84be-ed5b11290241", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.07, "y": 0.96 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3cc2f10b-ee46-4aa8-a6fa-3eef0e091844", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Anadiplosis", "slug": "anadiplosis", "agent": "Storyteller", "layer": "slide", "matchId": "4293e050-da7b-4ee3-8417-343e27d91a14", "evidence": "The slide uses repetition of negative quotes about the CEO and the company, which is a rhetorical device similar to anadiplosis.", "confidence": 0.7 }, { "name": "Villain slide", "slug": "villain-slide", "agent": null, "layer": "slide", "matchId": "e5695b61-d5b6-4930-a3c8-778c9b429d0e", "evidence": "The slide presents a critical view of TransMedics' CEO, describing him as \"an arrogant prick\" and the company as \"dishonest\", which aligns with the characteristics of a villain slide.", "confidence": 0.9 } ], "frameworks": [], "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 }