{
  "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": 29,
  "pageCount": 342,
  "prevPage": 28,
  "nextPage": 30,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses a Q&A format to highlight specific allegations from an industry executive regarding OIG, DOJ, and IRS involvement.",
  "elementsJson": [
    "paragraph",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/29",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-29",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "In reality, the abuses it has spawned are too extreme to avoid scrutiny.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f3-714d-84bf-2475d13c32fe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.86,
        "x": 0.07,
        "y": 0.48
      },
      "kind": "list",
      "text": "Multiple regulatory and law enforcement agencies at a federal and state level allegedly investigating industry practices",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "109b6405-a306-4eb0-83e6-69454266d4ec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.86,
        "x": 0.07,
        "y": 0.53
      },
      "kind": "paragraph",
      "text": "Q: “A surgeon I just talked to said I’ll tell you who their whores are. He mentioned a couple of very high-volume users. It sounds to me like a bribery, pay-to-play kind of thing.”\nA: “There’s so much that’s going on to be found out. Do you know everything that’s going on with the OIG and DOJ and the IRS?”\nQ: “I read that Washington Post article.”\nA: “It’s deeper than that, and I’ll let you know because I’ve been interviewed for it.”\nQ: “Walk me through what you’re seeing. And how TransMedics may be a part of this stuff that the Washington Post is talking about as far as kickbacks.”\nA: “Here’s all the drama. I recently interviewed with the Department of Justice, the OIG, and the IRS. And with the DOJ out of Washington and out of New York, in particular. And then the state attorney general is getting involved in this as well because if there’s Medicare fraud, then there’s Medicaid fraud. And probably the most prominent attorney general that’s getting involved is Virginia, and the reason why that’s important is because UNOS is there, and so is A-OPO, which is the OPO governing body, not a governing body but a trade association, and they also have a terrible OPO based there.”– CEO of a major OPO (Organ Procurement Organization), longtime industry executive",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e2a10010-7115-41e8-aba5-34d9f518d5a2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.86,
        "x": 0.07,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "In reality, the abuses it has spawned are too extreme to avoid scrutiny. We spoke with the CEO of major organ procurement organization, who shared color about an unfolding investigation into the industry's practices, and who implied that TransMedics is at risk.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e6d609cb-20b1-44f1-b6f0-0614d66ff33a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.86,
        "x": 0.07,
        "y": 0.31
      },
      "kind": "quote",
      "text": "“there’s so much that’s going on to be found out...do you know everything that’s going on with the OIG and DOJ and the IRS...it’s deeper than [the Washington Post]...here’s the drama...I recently interviewed with the Department of Justice, the OIG, and the IRS...and with the DOJ out of Washington and out of New York, in particular...and then the state attorney general...Medicare fraud...the most prominent attorney general that’s getting involved is Virginia....”",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a2e064f0-a2a0-43b9-9f92-3e404daaf5c5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“There’s so much that’s going on to be found out...do you know everything that’s going on with the OIG and DOJ and the IRS...it’s deeper than [the Washington Post]...here’s the drama...I recently interviewed with the Department of Justice, the OIG, and the IRS...and with the DOJ out of Washington and out of New York, in particular...and then the state attorney general...Medicare fraud...the most prominent attorney general that’s getting involved is Virginia....” — CEO of a major OPO (Organ Procurement Organization), longtime industry executive",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-70f3-714d-84bf-2a82b1922d37",
      "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": "0a97463a-b164-43b6-beeb-69214f1dcaa6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.86,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "title",
      "text": "The TransMedics bull case boils down to a simple hope: that the Medicare organ acquisition charge boondoggle continues - into perpetuity.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da827cf3-e526-4434-a6ac-d49e4ada2a42",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "3ed6fbda-0191-4e03-baeb-d34307a283c6",
      "evidence": "The slide explicitly frames the company's business model as a 'boondoggle' and cites expert testimony regarding DOJ/OIG investigations into fraud and bribery.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 30,
      "from": 12,
      "beatId": "072007ec-5fd3-4416-b852-0e181a364efd",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Exposure of Contradictions",
      "beatSlug": null,
      "evidence": "The section highlights contradictions in TransMedics Group Inc.'s statements and actions.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}