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  "documentTitle": "TransMedics (TMDX)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2025-01-10 00:00:00",
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      "text": "The bull case - a multi-organ platform - leaves out a few inconvenient facts: it flopped in Europe; has no kidney product, the largest market by far, as a cheap device has a lock with 90% share; lung, its first FDA-approval in 2018, is a colossal failure; heart, approved in 2021, is crashing and burning; leaving it, best case, as a one-trick pony for a single organ - liver.",
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      "text": "Since the 1960's, static cold storage has been the standard of care... TransMedics sells a 'normothermic machine perfusion' (NMP) system... The bull case... leaves out a few inconvenient facts...",
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      "text": "Source: Scorpion Capital consultation calls with experts; image is from TransMedics SEC filings",
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      "text": "The speed of TransMedics meltdown is due to a simple fact: it has no clinical value proposition.",
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