{ "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": 184, "pageCount": 342, "prevPage": 183, "nextPage": 185, "slideType": "villain_critique", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 1, "notes": "The slide uses a Q&A transcript format to frame the company's business model as 'quackery' and reliant on 'marginal' organs.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/184", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-184", "components": [ { "bbox": null, "kind": "callout", "text": "By definition, the surgeons that TransMedics depends on are prolific only because they traffic in rejects – under the pretense that the pump magically restores them, the quackery at the heart of TransMedics business model.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5373-719d-a97f-c3fa105269ab", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.64 }, "kind": "list", "text": "Using livers others won’t touch, “very old” donors or “fatty liver”", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b6a3533b-03c8-467d-805e-b30091eff4e1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.86, "x": 0.07, "y": 0.22 }, "kind": "paragraph", "text": "By definition, the surgeons that TransMedics depends on are prolific only because they traffic in rejects – under the pretense that the pump magically restores them, the quackery at the heart of TransMedics business model.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "053436f3-b901-4a70-b7f1-89e6f9011ae3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.48 }, "kind": "paragraph", "text": "The surgeon stated that the livers they transplant are “almost always” this marginal to the point you have to be “really, really sick to get a normal liver offer here,” as though needing a transplant is not sick enough – “one was over 70, fatty liver or abnormal lab test, and a lot of people pass...enzymes are a little abnormal...most of them.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "70927f33-4331-49fd-ae5c-50ea15b438c2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "Every top TransMedics center told us their volumes are driven by marginal organs that most other centers reject – geriatric donors, excessive warm ischemic time, and fatty. Organs are scarce with ~10,000 patients on the national waiting list for a liver.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "72d8c5cc-9e26-4d63-a815-8a1ef18a1147", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.67 }, "kind": "paragraph", "text": "A: “We’re using it for donors who are pretty much challenged...if there’s a good donor that comes up, a young, healthy donor who’s brain dead, you’re going to take that donor; you’re pretty much not going to need to use anything TransMedics or anything else. If you’ve had a lot of people say no to an organ because that donor is not “standard” – they may be very old, over 70 or 65. They may have some problems with their liver like a fatty liver. That’s called DCD, donation after cardiac death. And those livers get many more complications. You have to have a really high score; you have to be really, really sick to get a normal liver offer here.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9d449cf0-698c-4fdd-93ec-90c8f83da4a6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.33 }, "kind": "quote", "text": "A head of a major liver transplant program in Pennsylvania is typical: “we’re using it for organs who pretty much challenged...if you’ve had a lot of people say no...because that donor is not ‘standard’....very old, over 70 or 65...some problems...like a fatty liver.”", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ef442bc9-f7de-492b-a560-563889a7caaa", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“We’re using it for organs who pretty much challenged...if you’ve had a lot of people say no...because that donor is not ‘standard’....very old, over 70 or 65...some problems...like a fatty liver.” — Transplant surgeon and transplant program director at a major academic center in Pennsylvania", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5373-719d-a97f-c532c684a752", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "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": "773b6ab1-a036-4e3f-9dcf-460390ee4e74", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }