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  "documentTitle": "TransMedics (TMDX)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2025-01-10 00:00:00",
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  "notes": "The slide uses a combination of anecdotal evidence from centers and financial logic to frame the company's business model as fraudulent.",
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      "kind": "callout",
      "text": "The purpose of the jets, at face value, is disingenuous: the company is a one-trick pony in liver, with liver at 73% of total revenue in the most recent quarter.",
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      "text": "TransMedics aircraft fleet -investor presentation, aircraft subsidiary website",
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      "text": "TransMedics went full bling with what appear to be 18 Embraer Phenom 300 jets, which seat 11 with a 2,000 mile range – naturally, as one can jam Medicare with a far higher hourly rate with a $13MM jet than, for example, a PC-12 with similar range at 10-15% of the cost, typical of organ transport services. NOP fees can run $25K-$100K per case, plus a $70-90K disposable, per CEO Q&A on a call. Centers told us they’ve been billed $300k-$400K without explanation. The purpose of the jets, at face value, is disingenuous: the company is a one-trick pony in liver, with liver at 73% of total revenue in the most recent quarter. Given the way the national organ allocation system works, livers rarely travel far. Various centers told us that 100% of their liver transplants involve a donor and recipient within a driving radius of 250 miles, as we detail in chapter 6. Thus, no jets are necessary, and neither is a device to enable extended transportation times – making it obvious that TMDX is just a Medicare rig.",
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      "text": "Source: Scorpion Capital consultation calls with experts; TransMedics IR presentations https://investors.transmedics.com/; https://flysummit.com/careers/phenom-300-captain",
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