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  "notes": "The slide uses direct quotes from surgeons to build a narrative of financial unviability and institutional pushback against the product.",
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      "text": "One stated his margin per case drops by more than 90%, from $100-120K to $10K with the device; the other stated “you are eating up a very, very substantial amount of the margin, no doubt about it.”",
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      "text": "margin per case: 90%",
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      "text": "The surgeon stated that TransMedics largest users are beginning to curtail usage – we heard from others that Duke and Massachusetts General were ~100% of the usage during the trial, and that both are moving on.",
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      "text": "Margin drops 90% or more if using TransMedics... my margin on the case is $10,000 because I still have to pay for using the TransMedics device out of that global contract.",
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      "text": "Duke analysis was the talk of the conference... I heard Waleed’s head almost exploded. And they said, yeah, they don’t like us very much anymore.",
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      "text": "Eats up “very substantial amount of the margin”... you are eating up a very, very substantial amount of the margin, no doubt about it.",
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      "text": "“I heard Waleed’s head almost exploded” — Prominent surgeon, Director of leading academic transplant center. “Whether I use TransMedics or whether I put it in a cooler of ice, I still get $300,000. But when I put it in the cooler of ice and bring the organ, my margin on the case is, let’s say, $100,000-120,000 or something. When I do it, and I then use the OCS device, my margin on the case is $10,000” — Transplant surgeon and transplant program director at a leading Northeast academic center. “All of this is very true and it very much eats up your margin...you are eating up a very, very substantial amount of the margin, no doubt about it.” — Transplant hepatologist and director of the liver program at a Midwest academic center.",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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