{
  "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": 290,
  "pageCount": 342,
  "prevPage": 289,
  "nextPage": 291,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses a Q&A format to highlight the perceived lack of value proposition for the OCS Lung product.",
  "elementsJson": [
    "paragraph",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/290",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-290",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.86,
        "x": 0.07,
        "y": 0.72
      },
      "kind": "callout",
      "text": "“Majority of cases” can be “safely preserved on ice”\nQ: “Does the device add any value versus the status quo in cold storage? It’s almost $100,000 for the device.”\nA: “It’s pretty expensive. I do believe that the majority of the cases can be safely preserved on ice. This is a method that was working pretty well. There’s a competitor who actually preserves organs on ice and then connects them to the circuit for assessment purposes only, not for the transfer.” - Former employee in senior roles including medical safety and clinical affairs",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8185117a-3313-4cf1-aac6-0172e1a8473d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.86,
        "x": 0.07,
        "y": 0.42
      },
      "kind": "callout",
      "text": "“Product doesn’t work” for lung\nA: “I think the worst-performing product is definitely the lung. I think internally, that organ is preserved on ice just as well, if not better, just because of the complexity of the physiology and anatomy of the lung.”\nQ: “You’re saying that the device doesn’t add any value for the lung?”\nA: “I don’t think it does, yeah. I think there are very isolated cases, maybe like a long-distance retrieval that lasts 11 hours, 12 hours, something from Hawaii to New York and such. But anything within six hours, I don’t think they really need that device for the lung.”\nQ: “The entire U.S. is less than six hours flight time.”\nA: “Exactly, that’s what I’m saying.” - Former employee in senior roles including medical safety and clinical affairs",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bafe930b-7e07-49f0-8840-30ae50878fab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "the worst-performing product is definitely the lung...that organ is preserved on ice just as well, if not better, because of the complexity of the physiology and anatomy of the lung...it’s pretty expensive...the majority of the cases can be safely preserved on ice...this is a method that was working pretty well.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5373-719d-a989-2893641b8860",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.86,
        "x": 0.07,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "We next turn to OCS Lung, which TransMedics began commercializing in late 2018 after receiving PMA approval, its first FDA-approved product and the one it has marketed the longest – making its failure an inconvenient fact for the bull case, as it remains a negligible percent of total sales. A former employee in senior medical/clinical affairs roles stated the product serves no purpose versus storing lungs on ice: “the worst-performing product is definitely the lung...that organ is preserved on ice just as well, if not better, because of the complexity of the physiology and anatomy of the lung...it’s pretty expensive...the majority of the cases can be safely preserved on ice...this is a method that was working pretty well.”",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4009957b-b022-4706-ac31-cf2f999475c6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“the worst-performing product is definitely the lung...that organ is preserved on ice just as well, if not better, because of the complexity of the physiology and anatomy of the lung...it’s pretty expensive...the majority of the cases can be safely preserved on ice...this is a method that was working pretty well.” — Former employee in senior roles including medical safety and clinical affairs",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-5373-719d-a989-2d9d0be4776f",
      "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": "5e698038-7ac7-4c96-9663-0b2460ec9a1d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.15,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "title",
      "text": "OCS Lung",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "daadf1e4-ec46-4fce-aac3-9a4f8e2f1465",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "130a87cf-185a-41c2-a11d-c2a1cd704a80",
      "evidence": "The slide contrasts the company's commercialization of the product with internal expert testimony claiming it is ineffective.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}