{ "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": 209, "pageCount": 342, "prevPage": 208, "nextPage": 210, "slideType": "testimonial", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses direct quotes to expose a gap between customer perception and the company's actual practices.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/209", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-209", "components": [ { "bbox": null, "kind": "callout", "text": "The OPO CEO appears prescient - “it’s a ticking time bomb...wait til somebody finds out” - judging by the reactions we observed.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5373-719d-a982-7efe3640665e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.52 }, "kind": "list", "text": "Transplant centers would be “shocked” to find out TransMedics surgeons are unlicensed and “probably put a stop to it”. Q: “Would a medical director ever hire a procurement surgeon that didn’t have a California medical license?” A: “No. We have a new transplant center that might open up in Reno, and the person they hired from the New York team, he’s only credentialed to do kidneys. He’s not credentialed to do abdomen and other organs and UCSF and Stanford said until he gets credentialed, he’s not coming out on cases.” Q: “Yet, those same hospitals are forced to use a TransMedics NOP with a non-credentialed surgeon.” A: “If they knew that, they’re either accepting that risk or they’re not aware of it...yeah, they’d be shocked. They would probably put a stop to it. I would think they’d have to because I don’t know if they absorb the risk of a poor recovery or surgical mistakes. The OPO wouldn’t.” – C-level officer of one of the largest OPO’s (organ procurement organizations) in the country", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "52b66772-cbcf-4aa6-bcdd-759a08b02c7c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.35 }, "kind": "list", "text": "High volume user unaware that TransMedics surgeons are licensed; thinks requirements will become more stringent. Q: “The TransMedics people, a lot of their surgeons are not licensed in the US. They’re importing them from Pakistan, India, and stuff like that. “ A: “Oh really? I didn’t know that.” – Transplant surgeon and surgical director at a high-volume academic center in the western US", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "babeb985-c649-4df3-b3f9-1e62a44c101d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.79 }, "kind": "list", "text": "MGH appears to have no idea NOP surgeons are not licensed. “Their surgical procurement is the black box that I’ve never known anything about. Here I am thinking a national organ program could be surgeons from accredited centers who are hired guns for the company. But that’s such a simplistic assumption.” – Transplant hepatologist Massachusetts General Hospital", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ec5f0389-b0ec-4164-a1fe-abefccb37bc5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "When we queried customers about TransMedics alleged use of unlicensed surgeons, particularly high-volume users, they were stunned and/or embarrassed: “Oh really? I didn’t know that.”. The OPO CEO appears prescient - “it’s a ticking time bomb...wait til somebody finds out” – judging by the reactions we observed. A transplant physician in a leadership role at Massachusetts General appeared shaken and then admitted that “their surgical procurement is the black box that I’ve never known anything about...here I am thinking a national organ program could be surgeons from accredited programs who are hired guns for the company...but that’s such a simplistic assumption.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "afe163fc-fdf5-4133-a8f1-803c5d91573b", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“Oh really? I didn’t know that.” — Transplant surgeon and surgical director at a high-volume academic center in the western US; “Their surgical procurement is the black box that I’ve never known anything about. Here I am thinking a national organ program could be surgeons from accredited centers who are hired guns for the company. But that’s such a simplistic assumption.” — Transplant hepatologist Massachusetts General Hospital", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5373-719d-a982-8212455cd9f6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "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": "99118dc3-9683-4e00-a321-e19d40ce95ce", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }