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  "documentTitle": "TransMedics (TMDX)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2025-01-10 00:00:00",
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  "notes": "The slide uses a testimonial from a transplant surgeon to support a bearish thesis on the company's market position.",
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      "text": "In reality, it is a one-trick pony in liver, with zero chance in kidney, the most widely transplanted organ by orders of magnitude; OCS Lung, run by the CEO’s sister, is a colossal failure; and OCS Heart is currently in freefall.",
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      "text": "The TMDX bull case is that the OCS pump is a multi-organ platform for lung, heart, liver, with kidney in development, that revolutionizes transport, preservation, and monitoring. In reality, it is a one-trick pony in liver, with zero chance in kidney, the most widely transplanted organ by orders of magnitude; OCS Lung, run by the CEO’s sister, is a colossal failure; and OCS Heart is currently in freefall. That leaves only OCS Liver, a gimmick used not for any clinical benefit but for a) off-label use for scheduling; b) by questionable centers whom we believe receive kickbacks and organs in exchange for taking them on the device. We cover each organ in turn – starting with the failure of OCS in Europe, the canary in the coal mine – proof that it exists in the US solely due to a Medicare loophole. The head of a large transplant center: “You should look at the European market...you know what market share TransMedics has in Europe? Zero because they understand that they don’t have a shot at competing...there are so many competitors and options...they cost 20% of TransMedics.”",
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      "text": "No market opportunity for TransMedics in Europe\n“To do your due diligence, you should look at the European market. The Europeans have been using pumps a lot longer than the Americans and they use a variety of different pumps at their disposal: normothermic, hypothermic. And you know what market share TransMedics has in Europe? Zero because they understand that they don’t have a shot at competing in the European market because there are so many other competitors and options for a transplant center to use that are much cheaper. They cost 20% of TransMedics.” – Transplant surgeon and division head at a major transplant center; high-volume TransMedics user",
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      "text": "“To do your due diligence, you should look at the European market. The Europeans have been using pumps a lot longer than the Americans and they use a variety of different pumps at their disposal: normothermic, hypothermic. And you know what market share TransMedics has in Europe? Zero because they understand that they don’t have a shot at competing in the European market because there are so many other competitors and options for a transplant center to use that are much cheaper. They cost 20% of TransMedics.” — Transplant surgeon and division head at a major transplant center; high-volume TransMedics user",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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