{ "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": 273, "pageCount": 342, "prevPage": 272, "nextPage": 274, "slideType": "villain_critique", "function": "name_villain", "density": "dense", "nDataPoints": 0, "notes": "The slide uses direct quotes to build a narrative of customer churn and institutional resistance.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/273", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-273", "components": [ { "bbox": null, "kind": "callout", "text": "The Vanderbilt surgeon’s sharp comments are representative of the tsunami of anger and new entrants causing TransMedics customers to flee.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5373-719d-a987-ceb4c764f1f7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "The Vanderbilt surgeon’s sharp comments are representative of the tsunami of anger and new entrants causing TransMedics customers to flee. He stated his colleagues on the heart side loathe TransMedics, which we confirmed by interviewing a transplant cardiologist there: “Vanderbilt is the biggest heart transplant program not in the country but in the world. The volume is gigantic. They do zero TransMedics...they are so upset...they hate the company.” A surgeon and head of the program at a major Pennsylvania academic center echoed the comments, stating his hospital has cracked down and rationed usage, and that he would get fired if he uses the device too much: “we started using TransMedics a year ago...we had to talk about using it a reasonable amount because of the cost...the price of the plane, I mean...let’s be honest...the question you have to ask yourself is hard...I know I can’t use it too much, or I’m not going to be making any money, and then I’m not going to have a job.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "889d2ef4-5f7a-460f-8555-77e4a6abdd77", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.45 }, "kind": "quote", "text": "Vanderbilt heart program refuses to use TransMedics. “Vanderbilt is the biggest heart transplant program not in the country but in the world. The volume is gigantic. They do zero TransMedics. Zero because they are so upset. They were extremely upset. So, they don’t use TransMedics at all. They hate it. They hate the company. They hate is so much. They really hate it.” -Transplant surgeon at Vanderbilt", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7c5beba6-59ae-44ad-9081-15f6d2d05c24", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.83 }, "kind": "quote", "text": "Surgeon stated he’ll get fired if using the device too much. “I know I can’t use it too much, or I’m not going to be making any money, and then I’m not going to have a job...if a hospital thinks they’re losing money by providing a service, are they really going to go out and provide a service? So, that’s why I said I had to have an actual financial talk with my head of finance and describe the margins and how they’re doing.” - Transplant surgeon and transplant program director at a major academic center in Pennsylvania", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9aa4b3c9-dba2-4648-88e3-18f230f7a6d0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.2, "w": 0.86, "x": 0.07, "y": 0.62 }, "kind": "quote", "text": "Had to ration usage because of the cost. “We do about mid-80s to mid-90s, so just under 100 liver transplants a year...we started using TransMedics about a year ago...We had to talk about using it at a reasonable volume because of the cost and we have a budgeted percentage of transplants we’re allowed to use it in...Yeah, their technician has to put it on the pump and has to run the pump. They keep the pump, and they run the pump...The price of the plane, I mean...let’s be honest. And then the cost of the disposables and the charge, it’s a lot. The question you have to ask is hard.” - Transplant surgeon and transplant program director at a major academic center in Pennsylvania", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ffb12ac6-0c56-4fce-bb00-842f667f14da", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"Vanderbilt is the biggest heart transplant program not in the country but in the world. The volume is gigantic. They do zero TransMedics...they are so upset...they hate the company.\" — Transplant surgeon at Vanderbilt. \"I know I can’t use it too much, or I’m not going to be making any money, and then I’m not going to have a job...if a hospital thinks they’re losing money by providing a service, are they really going to go out and provide a service? So, that’s why I said I had to have an actual financial talk with my head of finance and describe the margins and how they’re doing.\" — Transplant surgeon and transplant program director at a major academic center in Pennsylvania.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5373-719d-a987-d341b81d5214", "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": "77894f8e-137c-456c-839e-15da1b0f5148", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }