{ "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": 289, "pageCount": 342, "prevPage": 288, "nextPage": 290, "slideType": "villain_critique", "function": "name_villain", "density": "overcrowded", "nDataPoints": 4, "notes": "The slide uses expert quotes to undermine the competitive moat of TransMedics by comparing it to existing, commoditized kidney perfusion technology.", "elementsJson": [ "headline_text", "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/289", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-289", "components": [ { "bbox": null, "kind": "callout", "text": "To date, TransMedics and XVIVO have no device even in trials for kidney that I know of.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5374-767b-b3bb-865b396ea7c4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.52 }, "kind": "paragraph", "text": "LifePort has 85% share of kidney pump market", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6245a2d1-bfe7-4ef0-8f57-3c27615d7b4d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.33 }, "kind": "paragraph", "text": "Kidney pumps used for 40 years but less than 40% pumped “for financial reasons”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d581d0e9-b4d7-49c0-bb86-9c9537eb189a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.55 }, "kind": "quote", "text": "“Right now, the only people in that space, which is the largest, with their 20,000-25,000 kidneys a year, are the egg-shaped devices that have been around for four decades. The company that’s emerged as being the largest in terms of the market share is the one we use, when we have a kidney rigged from an older donor, somebody, say in their 60s or 70s, is the LifePort kidney device. Bridge to Life may have something, but right now, LifePort, of the kidneys that are pumped, which in the U.S. is probably about 30% of the kidneys total in the U.S. are pumped, 85% of that is under LifePort. To date, TransMedics and XVIVO have no device even in trials for kidney that I know of. They’ve just prototypes in the lab. Kidney is really easy to talk about. There is no other company out there other than LifePort. When we pump a kidney, it’s an extra $30,000 per case.” – Prominent surgeon, Director of leading West Coast academic transplant center", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9098bd8a-cd22-410f-bafc-4a5fb1f65cfe", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.36 }, "kind": "quote", "text": "“For kidney, there’s actually been pumping technologies, portable perfusion devices that have been around for literally 40 years, and that’s a good example of a technology that’s similar to TransMedics. But despite the fact that kidney transporting technology has been around for 40 years, less than 40% of kidneys in the United States per year are pumped for financial reasons. All of these companies - XVIVO, LifePort - had to segue to liver transplantation...because those are the fields that there are tens of thousands of transplants as opposed to just a few thousand hearts and lungs per year.” – Prominent surgeon, Director of leading West Coast academic transplant center", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ea8280ec-c357-4e03-a737-35b4f8d1f3ec", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“For kidney, there’s actually been pumping technologies, portable perfusion devices that have been around for literally 40 years, and that’s a good example of a technology that’s similar to TransMedics. But despite the fact that kidney transporting technology has been around for 40 years, less than 40% of kidneys in the United States per year are pumped for financial reasons. All of these companies - XVIVO, LifePort - had to segue to liver transplantation...because those are the fields that there are tens of thousands of transplants as opposed to just a few thousand hearts and lungs per year.” — Prominent surgeon, Director of leading West Coast academic transplant center", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5374-767b-b3bb-888460910e5b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "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": "636a29be-385e-442f-988a-9fef99dcc71e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Indicating the commodity nature of TransMedics OCS device, transplant surgeons indicated that kidney “portable perfusion pumps...have been around for literally 40 years” and are “a good example of technology that’s similar to TransMedics...but despite the fact that kidney transporting technology has been around for 40 years, less than 40% of kidneys are pumped...for financial reasons...TransMedics and XVIVO have no device even in trials....kidney is really easy to talk about....there is no other company out there other than LifePort.”", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "93854657-47db-4380-aa3f-aee292b6212a", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }