{ "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": 277, "pageCount": 342, "prevPage": 276, "nextPage": 278, "slideType": "quote_slide", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses direct quotes from a high-volume TransMedics user to illustrate market vulnerability and the shift toward competitors offering more autonomy.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/277", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-277", "components": [ { "bbox": null, "kind": "callout", "text": "I don't see any advantage in using their pump anymore.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5373-719d-a987-e368afcc448c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.38, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "The surgeon laid out a competitive and regulatory avalanche, such as a cap on the device cost: “competitors are coming down the pipe pretty quickly...they’re not going to have the monopoly anymore....there’s going to be regulatory change...we really can’t justify the cost...there’s going to have to be some kind of cap...again, as a consumer, I am shopping.” The surgeon noted irksome calls and pressure from TransMedics to use the device even when not clinically indicated – “I don’t see any advantage in using their pump anymore” – and chafed at the lack of control after being forced to use and pay up for TransMedics device technicians and procurement, versus newer entrants that give the surgeon full control and autonomy: “then we can control the procurement...what goes on the pump, and we can decide...the field is going to move towards companies that are willing to sell their pump to the actual transplant center.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e5d22c0d-9ca3-4f7f-b9e0-c91186172023", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.48 }, "kind": "quote", "text": "No advantage in using the pump\n“I think the biggest risks are that, one, there are competitors coming down the pipe pretty quickly. So, they’re not going to have the monopoly anymore. I think that there’s going to be regulatory change. I think pretty soon the US government is going to or insurance companies are going to say yes, you guys are increasing the total number of transplants for this country but we really can’t justify the cost. So, there’s going to have to be some kind of cap or something. I think that it could be that some of these negative stories also make the company more vulnerable...again, as a consumer, I am shopping...they will reach out to us and they’ll say, we notice that you haven’t been using our pump a lot recently. What’s going on? I do find it off-putting. Like, I will use your pump when I decide to use your pump. I don’t see any advantage in using their pump anymore. They want us to use their pump as much as possible. They’ll call and say, we noticed there was a drop-off. You had a great January, February - and now you’re not really using our pump in March. What’s going on?” – Chief of transplant surgery at a major transplant center; high-volume TransMedics user", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2d85da8f-adf6-44e6-83ac-bb25bbc31862", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.86, "x": 0.07, "y": 0.75 }, "kind": "quote", "text": "Competitors coming online; allow centers to control the device; field moving in that direction\n“The FDA just approved LifePort, which is a hypothermic pump. Sometime this year, and it’s been around a lot longer than TransMedics. But they have been around a lot longer than TransMedics. But they have been really slow at getting their FDA approval. So, now they’re ready to roll and sell LifePort...we are interested in purchasing LifePort. Another company is called XVIVO, another hypothermic platform. And the benefit of those pumps is that you can sell the actual pump to a transplant center, and then we can control the procurement, and we can control what goes on pump, and we can decide. So, I think that the field is going to move towards companies that are willing to sell their pump to the actual transplant center.” – Chief of transplant surgery at a major transplant center; high-volume TransMedics user", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e31ad82b-3d47-43e9-9eea-12713eb7c80d", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"I think the biggest risks are that, one, there are competitors coming down the pipe pretty quickly. So, they're not going to have the monopoly anymore... I don't see any advantage in using their pump anymore.\" — Chief of transplant surgery at a major transplant center; high-volume TransMedics user", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5373-719d-a987-e45c8e852ad8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7d2e0fbc-84a1-4fd3-bd42-8e29486aa6af", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }