{ "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": 251, "pageCount": 342, "prevPage": 250, "nextPage": 252, "slideType": "villain_critique", "function": "name_villain", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses highlighted text to emphasize key grievances (dishonesty, forced bundling, anger).", "elementsJson": [ "paragraph", "callout_box", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/251", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-251", "components": [ { "bbox": null, "kind": "callout", "text": "The alienation...some of us really hate Waleed because we just think he’s dishonest with the way he talks...and he gets angry when people say, no, we’re not getting reimbursed, and it pisses him off and his people off.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5373-719d-a985-ea61bba8dcb5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.86, "x": 0.07, "y": 0.41 }, "kind": "paragraph", "text": "“The alienation” - CEO and his team “get angry” when hospitals indicate the product is uneconomic to use", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "09481d05-11c0-4d6d-a7bd-fb498e929003", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.58 }, "kind": "paragraph", "text": "Alienated the field by forcing NOP use; “ridiculous” for organs nearby", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1dbdf2f3-34aa-4a83-824b-243cc1a10c93", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.8 }, "kind": "paragraph", "text": "“Push down your throat” – pushing people to use any competitor, like LifePort", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fb0a65e1-7a0c-4399-af7a-c6308dcf34e1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.83 }, "kind": "quote", "text": "“Cleveland Clinic and the guys at the University of Chicago, two centers I think are really good, both are on board with the LifePort study and, in addition, because of the fact that TransMedics acted as this hard sell, push down your throat approach to the surgical community saying this is our way or the highway, there are a lot of people they pissed off. So, I think even if LifePort trials showed the exact same results as TransMedics, I think there’s actually be people who would say I’m using LifePort just because it’s not TransMedics.” – Prominent surgeon, Director of a leading academic transplant center", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0023d06b-f0a1-4666-882f-716a2b8e2dbd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.86, "x": 0.07, "y": 0.61 }, "kind": "quote", "text": "“TransMedics has been charging a lot of money for not only the device but also their NOP program, their aviation company - all the stuff that they’ve rolled in and they tried to force it down everybody’s throat that to use their liver device, you had to do everything. It was a price-fixed dinner; you couldn’t do a la carte...the push from all of us in the surgical community saying this is ridiculous that you are forcing us to use your hired surgeon and aviation company when we would prefer to use our own surgeon...if you’re going to be getting an organ that’s from a DCD donor that’s only 150 miles away and you can drive there with your liver team, why would you need to use their aviation company and their surgeon when you could provide those services yourself and improve your contribution margin because these technologies do really whittle away at your bottom line for the hospital.” – Prominent surgeon, Director of a leading academic transplant center", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "aa329128-1d39-49e9-8016-eee11c1f834a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.45 }, "kind": "quote", "text": "“The alienation...some of us really hate Waleed because we just think he’s dishonest with the way he talks...and he gets angry when people say, no, we’re not getting reimbursed, and it pisses him off and his people off. They always get angry at the meetings when people get up and say, yeah, but we actually did a financial analysis, and they’ve also presented at a symposium at the ATC.” – Prominent surgeon, Director of a leading academic transplant center", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e3974a58-e24f-4a22-9795-09825f8cc9ce", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“The alienation...some of us really hate Waleed because we just think he’s dishonest with the way he talks...and he gets angry when people say, no, we’re not getting reimbursed, and it pisses him off and his people off. They always get angry at the meetings when people get up and say, yeah, but we actually did a financial analysis, and Duke University did a beautiful analysis - they presented it at the meetings where they showed how much of a hit they took with TransMedics liver use at their center. They presented this at one TransMedics user meeting, and then they've also presented it at a symposium at the ATC.” — Prominent surgeon, Director of a leading academic transplant center", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5373-719d-a985-ec739241790f", "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": "53d9e019-21d1-4a25-8439-037e8b93ca84", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "The surgeon commented on the alienation and backlash in the transplant community, and noted the CEO’s allegedly reactive personality – a recurring theme of interviews which described “screaming” episodes", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "579f01d1-3dc3-4c09-bbbe-05af589703b7", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }