{ "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": 228, "pageCount": 342, "prevPage": 227, "nextPage": 229, "slideType": "villain_critique", "function": "name_villain", "density": "dense", "nDataPoints": 2, "notes": "The slide uses a Q&A format to highlight alleged unethical practices regarding organ safety and corporate pressure.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/228", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-228", "components": [ { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.68 }, "kind": "callout", "text": "Allegedly ignored their procurement surgeons’ judgment that a liver is not usable\nA: “The fact that I didn’t want to really work with TransMedics anymore is due to their not respecting the professional judgment of the surgeon and pushing for stuff that might not be reasonable or safe from the perspective of a transplant surgeon.”\nQ: “Who was pushing in a way it was not safe?”\nA: “On every case, at least two to three people watching this case from TransMedics.”\nQ: “What are they pushing that you think that doesn’t respect the judgment of the transplant surgeon?”\nA: “They don’t want you to give professional judgments. They want you to do the job, that’s it.” – Transplant procurement surgeon previously working with TransMedics", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "60c97c62-9939-4b3e-ad06-de04988a5d0e", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "We believe that a key part of TransMedics modus operandi is preventing its procurement surgeons from communicating with recipient surgeons and centers, in order to conceal or overrule their concerns about defective or unusable organs when they arrive at the donor site.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5373-719d-a984-0c2baa436c2a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "We believe that a key part of TransMedics modus operandi is preventing its procurement surgeons from communicating with recipient surgeons and centers, in order to conceal or overrule their concerns about defective or unusable organs when they arrive at the donor site – any organ not accepted means the loss of $90,000 in device revenue plus potentially another $25,000 to $300,000 in dubious air transport charges.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "491f686c-c05d-4151-ba1e-da06f0a8cb63", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.32 }, "kind": "paragraph", "text": "An ex-procurement surgeon who worked with TransMedics – who was “one of the top three surgeons” and “probably did 100 to 150 livers – stated he resigned because TransMedics was “not respecting the professional judgement of the surgeon and pushing for stuff that might not be reasonable or safe from the perspective of the transplant surgeon.” When we asked who was pushing to retrieve and put unsafe organs on the device, he stated it was the headquarters, which we interpret as the executive team given color from other ex-employees about their alleged active participation on internal case chats: “on every case, at least two or three people watching this case from TransMedics...they don’t want you to give professional judgments...they want you to do the job, that’s it.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5bdff4e4-861d-42a8-8f5e-d8eb0f89471f", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "The fact that I didn't want to really work with TransMedics anymore is due to their not respecting the professional judgment of the surgeon and pushing for stuff that might not be reasonable or safe from the perspective of a transplant surgeon. They don't want you to give professional judgments. They want you to do the job, that's it. — Transplant procurement surgeon previously working with TransMedics", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5373-719d-a984-109957793cd5", "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": "948d44bc-18b9-473e-a786-0020cafcbdb0", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "antagonist-introduction", "slug": null, "matchId": "e0eac642-a409-4f3e-9d1a-4bfe0d7da9a1", "evidence": "The slide explicitly frames TransMedics as a villain prioritizing revenue over safety.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }