{ "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": 285, "pageCount": 342, "prevPage": 284, "nextPage": 286, "slideType": "testimonial", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a 'villain critique' approach by aggregating expert opinions to undermine the company's value proposition.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/285", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-285", "components": [ { "bbox": null, "kind": "callout", "text": "Our liver transplant surgeons don't use TransMedics...a lot of people don't think you need it on the liver...cold storage works very, very well...ischemic times can be 8 hours...our liver guys are not interested in using it at all.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5373-719d-a989-6b93b67f56c5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "We quote three other surgeons as well as an executive at one of the largest OPO's in the US, who provided equally damning color on the lack of any value proposition and TransMedics dismal future – we note two of the below are among its highest-volume users, suggesting its precarious position. One stated “our liver transplant surgeons don't use TransMedics...a lot of people don't think you need it on the liver...cold storage works very, very well...ischemic times can be 8 hours...our liver guys are not interested in using it at all.” A high-volume liver user stated “our heart surgeons...do not care much for the machine...they're going to continue to lose cardiac volume.” An OPO executive confirmed that “there's not a ton of utilization of their heard device out here on the West Coast.” And one of its top liver users stated cold storage is just fine – “you don't need the Cadillac to transport the organ...you can get by with a less expensive version.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b65097aa-47ee-439f-8a87-1e787741d61f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "x": 0.07, "y": 0.48 }, "kind": "quote", "text": "Cold storage works fine for liver: “Our liver transplant surgeons don't use TransMedics. I think a lot of people don't think you need it on the liver. Cold storage works very, very well. Ischemic times can be 8 hours. They've turned that operation into a quasi-elective case...Our liver guys are not interested at all in using it.” – Cardiac transplant surgeon at a major Midwest academic center", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "46b08cc3-5461-4b98-b768-613eadf944a6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "x": 0.07, "y": 0.61 }, "kind": "quote", "text": "Ice and cheap machines are sufficient for liver: “TransMedics and OrganOX are examples of normothermic machine perfusion, which is the most expensive way to preserve an organ. Less effective in preservation but still pretty good is something called hypothermic machine perfusion, for example, Bridge to Life or LifePort. And that costs significantly less. It provides better preservation than just putting it in a cooler of ice. But for many cases, you don't need the Cadillac to transport the organ. You can get by with a less expensive version.” – Transplant surgeon and transplant program director at a leading Northeast academic center", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7f251ae6-ec84-4ee8-b6d5-ac467c94a39f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "x": 0.07, "y": 0.85 }, "kind": "quote", "text": "Cardiac surgeons have no interest in TransMedics pump: “I do think and I hear the same from our heart surgeons. They do not care much for the machine and prefer other modalities for their hearts...they're going to continue to lose cardiac volume.” -Transplant surgeon at a high-volume academic center", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c6aac96d-1dc5-4f87-a3c8-86611ef67738", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "x": 0.07, "y": 0.78 }, "kind": "quote", "text": "Minimal heart use left on West Coast: “There's not a ton of utilization of their heart device out here on the West Coast...” – Executive at a leading OPO, longtime industry veteran", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c9bc85bc-7b3b-44e9-9d08-51a46b372ec9", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"Our liver transplant surgeons don't use TransMedics. I think a lot of people don't think you need it on the liver. Cold storage works very, very well. Ischemic times can be 8 hours. They've turned that operation into a quasi-elective case...Our liver guys are not interested at all in using it.\" — Cardiac transplant surgeon at a major Midwest academic center; \"TransMedics and OrganOX are examples of normothermic machine perfusion, which is the most expensive way to preserve an organ. Less effective in preservation but still pretty good is something called hypothermic machine perfusion, for example, Bridge to Life or LifePort. And that costs significantly less. It provides better preservation than just putting it in a cooler of ice. But for many cases, you don't need the Cadillac to transport the organ. You can get by with a less expensive version.\" — Transplant surgeon and transplant program director at a leading Northeast academic center; \"There's not a ton of utilization of their heart device out here on the West Coast.\" — Executive at a leading OPO, longtime industry veteran; \"I do think and I hear the same from our heart surgeons. They do not care much for the machine and prefer other modalities for their hearts...they're going to continue to lose cardiac volume.\" — Transplant surgeon at a high-volume academic center", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5373-719d-a989-6d3863a1b14e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "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": "7a4751b2-85dd-422f-bebd-6d68d13e0490", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }