{ "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": 279, "pageCount": 342, "prevPage": 278, "nextPage": 280, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses direct quotes from an UCSF administrator to build a case against TransMedics' long-term viability at the institution.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/279", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-279", "components": [ { "bbox": null, "kind": "callout", "text": "we really don't love doing business with them...they're gouging us...as soon as we can detangle ourselves from them, the better.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5373-719d-a988-54f67a46f313", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.42 }, "kind": "paragraph", "text": "Liver is highest volume and seeking to use other options “whenever possible”\n“The liver program is our highest volume. We, also on the liver side, are interested in doing more NRP and using other devices as alternatives whenever possible...we don’t want to have to rely so heavily on TransMedics...I’m struggling from an administrative standpoint. These costs are really making it challenging for us.” – UCSF administrator", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2200c346-30d6-46ca-9c7f-8347cc6bf1d2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.15 }, "kind": "paragraph", "text": "and replied affirmatively when we asked if they expect their usage to “drop off a cliff”: ‘that’s our plan, yeah’; “we’re trying to reduce our utilization”; “we will shorty be up and running with OrganOx...which would negate the need for TransMedics altogether”; “our surgical director is a not a fan...he’s actively working on strategies to minimize our reliance on it”; “we really don’t love doing business with them...they’re gouging us...as soon as we can detangle ourselves from them, the better.” UCSF also indicated they plan to shift aggressively to NRP in addition to OrganOx, with an NRP procurement service starting in Jan 2025 for both liver and heart.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "82e13aee-e736-44a8-96db-4e8dc7951df6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.4, "w": 0.86, "x": 0.07, "y": 0.55 }, "kind": "paragraph", "text": "UCSF eliminating TransMedics by early 2025 through combination of OrganOx and NRP\nQ: “Is there a timeline for when you guys think you’ll reduce your usage? You used them 70 times in about the last 12 months - walk me through what the usage has been the last couple of years on liver and where you think it will go.”\nA: “I was just doing this analysis recently because we’re trying to reduce our utilization. We’re trying to identify—our OPO and then our neighboring OPO both recently finally got OrganOX machines, and their staff is being trained right now. Our surgeons are scheduled for training. So, we will shortly be up and running with OrganOX...which would negate the need for TransMedics altogether.”\nQ: “When do you think your NRP usage will eliminate your DCD use of TransMedics?”\nA: “There’s a procurement company that we’ve contracted with for thoracic, and we’re trying to get them to do liver NRP for us. I would suspect that by January 2025, they could be doing NRP for us.”\nQ: “So, theoretically, your usage of TransMedics could fall off the cliff in 2025?”\nA: “That’s our plan, yeah. I hope...for liver transplant, we use it obviously a lot more than heart or lung. I know our surgical director is not a fan of TransMedics and he’s actively working on strategies to minimize our reliance on it. I think the surgeons really like it because of the convenience of being able to send someone out to get the organ for you. But I think everybody’s totally on board with adopting something new, and I can speak for the surgical director; he and I are on the same page. We really don’t love doing business with them and it really does feel like they’re gouging us. And as soon as we can detangle ourselves from them, the better.” – UCSF administrator", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "87d25ed1-cf3c-423e-9dd1-a4f8fd5c8305", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“That’s our plan, yeah. I hope...for liver transplant, we use it obviously a lot more than heart or lung. I know our surgical director is not a fan of TransMedics and he’s actively working on strategies to minimize our reliance on it.” — UCSF administrator", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5373-719d-a988-5b7151b7e217", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "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": "6ffde006-c6b0-4c3a-a23c-4511488b376f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "UCSF indicated the same intention as MGH – that they expect to eliminate TransMedics usage starting in early 2025", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b405d4d4-db50-407a-b5c9-e1cdfc6b08d6", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }