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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 'before-after' style comparison between a conceptual timeline and actual competitor hardware.",
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      "text": "TransMedics has – and will never have – any opportunity in kidney as 1) only 40% of kidneys are pumped due to cost, despite the pumps being around for decades; 2) LifePort has 85% market share with its kidney pump; and 3) their pump is a third of TransMedics OCS cost at $30K.",
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      "text": "TMDX OCS Kidney Timeline - Gear 3",
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      "text": "as kidneys are by far the largest transplant market with 25K transplants per year in the US, versus only 10K livers, 4k hearts, and 3K lungs, per OPTN data. It purports to have a kidney product in development - for 2029 launch, amusingly - but showed nothing but a conceptual vaporware slide during its recent investor day. TransMedics has – and will never have – any opportunity in kidney as 1) only 40% of kidneys are pumped due to cost, despite the pumps being around for decades; 2) LifePort has 85% market share with its kidney pump; and 3) their pump is a third of TransMedics OCS cost at $30K.",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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      "text": "TransMedics lack of a kidney pump is a critical tell that undermines the OCS bull case as a multi-organ platform",
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