{ "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": 266, "pageCount": 342, "prevPage": 265, "nextPage": 267, "slideType": "villain_critique", "function": "name_villain", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses direct quotes to characterize the CEO as 'arrogant' and the company's behavior as 'extortion' and 'aggressive'.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/266", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-266", "components": [ { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.68 }, "kind": "callout", "text": "Large OPO ceased working TransMedics; “putting people’s lives in jeopardy”", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1c4094f0-992b-49e6-8a24-b47deb64f5cf", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.51 }, "kind": "callout", "text": "CEO viewed as “an arrogant price” due to “price gouging”; “people don’t like him”", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8f03e78b-38fe-44e2-b5a9-4bc0e5d57311", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "The CEO of a major OPO stated “their CEO is pretty arrogant...he’s an arrogant prick....I mean, look at what they did...they bought $12-13 million aircraft...it’s just price gouging...it’s unbelievable...it’s not what transplant is meant to be...people don’t like him.”", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5373-719d-a987-7ad2fd713bf3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "In addition to surgeons and transplant center administrators, executives at leading OPO's - organ procurement organizations – provided similar examples of hardball conduct suggestive of extortion, and exhibited the same animus toward TransMedics.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4619a930-4aa6-44a0-b184-b6653d8b351e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.23, "w": 0.86, "x": 0.07, "y": 0.72 }, "kind": "quote", "text": "Q: “Some surgeons have used words like racket, mafia, and extortion to describe TransMedics when I spoke to them. I’m just quoting verbatim. It’s a complex space and I get the sense that they are engaging in some sketchy behavior through OPO’s.” A: “We were a customer and we bailed for these reasons... some of the business practices were starting to come to light that we didn’t agree with...I’ve been on a few calls with them. If you ask any questions, they are very aggressive and confrontational...what they charge for it and what they expect you to do to be able to have their blessing to use it is frankly putting people’s lives in jeopardy. It’s crazy. Personally, we did not agree with some of their business practices...the CEO was on the call... he just launched on me, threatening that if we didn’t want to work with them, then that’s fine. They could take their device elsewhere. I really don’t know how else to explain it. It was just very aggressive. They don’t like receiving questions or perceiving that they’re being questioned.” - Executive at a leading OPO, longtime industry veteran", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "28120883-ffa2-4260-9e14-f2f0574a8511", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.22 }, "kind": "quote", "text": "The CEO of a major OPO stated “their CEO is pretty arrogant...he’s an arrogant prick....I mean, look at what they did...they bought $12-13 million aircraft...it’s just price gouging...it’s unbelievable...it’s not what transplant is meant to be...people don’t like him.”", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "294f6459-acbf-4ad1-b0c0-3db23696161d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.34 }, "kind": "quote", "text": "A second executive, at one of the largest OPO’s, stated they ceased working with the company after repeated cases of aggressive, improper behavior and described a volatile CEO: “we bailed for these reasons...the business practices were starting to come to light...if you ask any questions, they are very aggressive and confrontational...it is frankly putting people’s lives in jeopardy...it’s crazy...[Waleed] just launched on me...threatening that if we didn’t work with them...it was just very aggressive.”", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "76a519d1-841c-45ce-96d7-dddd4a6c6d4a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.55 }, "kind": "quote", "text": "“Their CEO is pretty arrogant. He’s an arrogant prick. I mean, look at what they did. They bought $12-13 million aircraft. It’s beautiful, but guess what? It works just as well as a $2 million aircraft or lease the damn thing and have a reasonable logistics expense, but it’s just price gouging. It’s unbelievable. It’s not what transplant is meant to be. It’s not meant to be this crazy. I don’t care. Make your margin, crush it, but don’t withhold it and make it almost impossible to use your technology that’s going to help people just because you’re a prick. People don’t like him.” - CEO of a major OPO (Organ Procurement Organization), longtime industry executive", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b0aa7a01-37ef-430d-9dee-c45ef15862b2", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“Their CEO is pretty arrogant. He’s an arrogant prick. I mean, look at what they did. They bought $12-13 million aircraft. It’s beautiful, but guess what? It works just as well as a $2 million aircraft or lease the damn thing and have a reasonable logistics expense, but it’s just price gouging. It’s unbelievable. It’s not what transplant is meant to be. It’s not meant to be this crazy. I don’t care. Make your margin, crush it, but don’t withhold it and make it almost impossible to use your technology that’s going to help people just because you’re a prick. People don’t like him.” — CEO of a major OPO (Organ Procurement Organization), longtime industry executive", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5373-719d-a987-7f7548d7c5a0", "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": "386d7cb3-020c-4183-8c87-ec09be6714c3", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }