{ "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": 292, "pageCount": 342, "prevPage": 291, "nextPage": 293, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses highlighted text to emphasize key negative claims from a surgeon.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/292", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-292", "components": [ { "bbox": null, "kind": "callout", "text": "They initially got traction in lung. I think their peak year - and this is again where the company's dishonest. They won't tell you, but I can tell you what they did.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5373-719d-a989-7d8ef3710535", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.51 }, "kind": "paragraph", "text": "Allegedly trying to hide failure in lung; “have not see a pair of lungs rigged” in “over a year”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1df3e793-93b6-4d7a-a68c-981a96000442", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.27 }, "kind": "paragraph", "text": "Initial traction only due to special offer; killed off by XVIVO and cold storage", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5e0510ba-49e3-4025-9815-986d04bfd6ab", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.72 }, "kind": "paragraph", "text": "Lung business has disappeared, Paragonix has taken share in lung", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f5e89147-9607-4a93-a3b5-ab0ceaf62db7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.76 }, "kind": "quote", "text": "A: “Just be aware that TransMedics’ competition is with 10 degrees, with XVIVO through Lung Bioengineering as its collaborator, and then Paragonix is eroding some of the market for TransMedics because I’ve seen actually more lungs put on the Paragonix device; even if I think the Paragonix device is a waste of money for lung, they are definitely putting lungs on that device that in 2022 would have been put on the TransMedics device. Just for completeness, I just wanted to make sure you know that Paragonix does have a growing business in lung.” Q: “But the main takeaway is their lung business is gone.” A: “At least in the U.S., lung is only going to be 100 cases a year at best, is my guess.”", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "11bd3688-c7ba-4022-b07e-dbe8d1604778", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.55 }, "kind": "quote", "text": "My understanding is that, and you can get this directly from the company if they don’t smoke-and-mirror you with total sales and revenue but the number of disposable kits per organ sold year-to-year or quarter-to-quarter...they know exactly how many lung kits they’re selling. My guess would be without having actual proof, but based on everybody that I know in the field, my guess would be that you’d see that their peak year for lung usage was in 2022, it plummeted in 2023 and 2024. I personally have not seen a pair of lungs rigged on a TransMedics device in over a year.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3fab274e-25e1-43f8-97ac-50452e5a774a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.86, "x": 0.07, "y": 0.31 }, "kind": "quote", "text": "They initially got traction in lung. I think their peak year - and this is again where the company’s dishonest. They won’t tell you, but I can tell you what they did. In 2022, post-FDA approval, to gin up interest, they had a deal, which they did with liver, too, I believe. They would not charge the transplant center if the organ was rejected while it was on the device. You only paid for lungs that were used. And then when 2022 ended, in calendar year 2023, you paid whether you took the organ or not. And a lot of transplant centers got really pissed with that. In fact, that’s the reason why there was a lot of enthusiasm in 2022, which I believe was their peak year for lung usage in the U.S. It plummeted for two reasons. One, you now had to pay for an organ whether you used it or not. Two, enthusiasm for XVIVO’s device with Lung Bioengineering. Number three, which really put the nail on the coffin, was the 10-degree Celsius storage story.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "50351fd1-047e-41dc-924b-9ebbde056060", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“They initially got traction in lung. I think their peak year - and this is again where the company's dishonest... It plummeted for two reasons. One, you now had to pay for an organ whether you used it or not. Two, enthusiasm for XVIVO's device with Lung Bioengineering. Number three, which really put the nail on the coffin, was the 10-degree Celsius storage story.” — Prominent surgeon, director of leading academic transplant center", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5373-719d-a989-808deeca67b2", "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": "1fac6456-1037-4363-80c1-8551a75e9baf", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "The cardiothoracic surgeon indicated that the only reason OCS Lung even got any initial traction was due to a promotion and then plummeted after a bait-and-switch – “this is again where the company’s dishonest”; “I personally have not seen a pair of lungs rigged on a TransMedics device in over a year”; and indicated a fatal blow to its chances not just from 10-degree Celsius, but by “enthusiasm for XVIVO’s device with Lung Bioengineering” and Paragonix which has also taken TransMedics share: “I just wanted to make sure you know that Paragonix does have a growing business in lung,” versus TMDX which has flatlined.", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d974abd7-12ba-4859-a582-132fecefbe75", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }