{ "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": 267, "pageCount": 342, "prevPage": 266, "nextPage": 268, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses a combination of summary text and direct interview transcripts to build a case of corporate misconduct.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/267", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-267", "components": [ { "bbox": null, "kind": "callout", "text": "TransMedics will look you in the eye and say, we’re going to leave them in the body unless you pay us $3,000.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5373-719d-a987-63584482b7bc", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.37 }, "kind": "paragraph", "text": "“The other thing they do - in the transplant community, often there are donors where seven organs get procured, but most of the time it's livers and kidneys. Historically, the liver team goes in and procures the liver for their patient and they're already. It takes an extra five minutes to recover the kidneys for transplant. I've been here for [redacted] years. This is just standard professional surgical courtesy. If you're on the liver team, you're going to spend a few hours dissecting the liver, procuring it for transplant, and by that point, the kidneys are almost detached from the body. You spend an extra five minutes - TransMedics, if they're sending their liver team, they won't do it. They blanketly just refuse to do it. For most OPOs out there, they tell them that if you want us to recover your kidneys, it's going to be $3000 - extortion.” – Executive at a leading OPO, longtime industry veteran", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "18647e86-e840-4a63-a745-ad276af450b1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.33 }, "kind": "paragraph", "text": "Refusing to procure kidneys, standard practice; allegedly trying to extort another $3,000, “extortion”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "82489b9c-1743-4fa6-9fea-29ded51f1963", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.86, "x": 0.07, "y": 0.65 }, "kind": "paragraph", "text": "A: “We're a non-profit. The kidney side of the operation is totally paid for by Medicare. So, we just refused that. Just to tell you about their business practices, it's all back and forth favors. Because we happened to credential one of their surgeons, we were able to negotiate that they recover the kidneys for us without these additional fees. But I know for a fact that they're charging the OPO in Sacramento or these other OPOs when they're in a bind because it's only the TransMedics surgeon present; they threaten to leave the kidneys in the body and risk two people not being able to come off dialysis because they want to charge these crazy fees.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9de3bfba-7006-43e8-9755-b56e7df64219", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.61 }, "kind": "paragraph", "text": "“Back and forth favors”; “threaten to leave kidneys in the body and risk two people coming off dialysis”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cbe1ed33-1f2a-463e-bd54-fcef2ea4d9a2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.83 }, "kind": "paragraph", "text": "Q: “You said standard operating procedure is a transplant surgeon goes to get the liver, and at the end, it's an extra five minutes and $3000 to get the kidneys. So, just out of professional courtesy, every procurement team does that. Their surgeon won't do that, so they're forcing people to send a whole other team?”\nA: “It's standard courtesy, and Medicare tells us that what we can pay for that surgical service, $625 per kidney, so $1250 for the two. TransMedics will look you in the eye and say, we're going to leave them in the body unless you pay us $3,000.” – Executive at a leading OPO, longtime industry veteran", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d0a265bb-bbe2-4abd-8e88-a9ec28a46ef3", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“if they’re sending their liver team...they just blanketly refuse to do it...they tell them if you want us to recover your kidneys, it’s going to be $3,000 - extortion....just to tell you about their business practices, it’s all back and forth favors...they threaten to leave the kidneys in the body and risk two people not being able to come off dialysis because they want to charge these crazy fees.” — Executive at a leading OPO, longtime industry veteran", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5373-719d-a987-67f614deaf56", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "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": "b1b346fd-8706-4f44-9592-48620e413a72", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "The OPO executive detailed particularly disturbing behavior where TransMedics allegedly threatens to leave organs such as kidneys in a donor body unless paid double the Medicare rate for extraction", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "844a8ab8-8eb5-48a7-aded-555b03f06f5e", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "f4905bc4-95b4-493f-875a-65f18875ec61", "evidence": "The slide explicitly frames the narrative as exposing unethical and potentially illegal business practices (extortion).", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }