{ "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": 300, "pageCount": 342, "prevPage": 299, "nextPage": 301, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "density": "dense", "nDataPoints": 0, "notes": "The slide uses direct quotes from surgeons and an ex-employee to build a case against the viability of the NOP service for heart transplants.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/300", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-300", "components": [ { "bbox": null, "kind": "callout", "text": "Lack of trust in third-party procurement surgeons is an insurmountable barrier in heart", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5374-767b-b3bb-6dd3aa478d9e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.86, "x": 0.07, "y": 0.8 }, "kind": "paragraph", "text": "TransMedics NOP unable to meet heart surgeon requirements. The heart community is less comfortable with us. They rush to the point that if you are flying a plane that needs to stop to refuel, they will say no, get us a bigger plane that can fly farther.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3dfa3813-2a5b-4cc9-aeba-24c017d89ddd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.51 }, "kind": "paragraph", "text": "Zero value proposition for NOP in heart. Liver surgeons are more likely to use the NOP program because they're okay with having someone else recover the liver. Whereas in cardiac transplantation, you're going to have a dead recipient on your hands.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "62ba2fb9-4245-480e-ba11-127ad95722e3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.86, "x": 0.07, "y": 0.67 }, "kind": "paragraph", "text": "Lack of trust in third-party procurement surgeons is an insurmountable barrier in heart. A procurement service is counter to the way hearts and lungs have been harvested because they are infrequent events compared to routine heart operations.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "996c721a-cded-438f-bd23-d90da5104d53", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.86, "x": 0.07, "y": 0.73 }, "kind": "quote", "text": "Do I trust somebody that I don't know personally to go cut out an organ from a donor, bring it back to me, and I trust that they've done it correctly and haven't screwed it up? That's a big trust factor that's a hard to overcome.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0068db0f-1ae5-41ca-8d65-8d3b32112dcf", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.58 }, "kind": "quote", "text": "I don't know anybody in cardiac transplant as opposed to liver that are using a TransMedics-hired surgeon...the NOP market, the soup-to-nuts offering, is useless for cardiac because I don't know many cardiac surgeons that would ever trust anybody except their own surgeons.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6020cef5-bc6a-4a06-bf8c-eddfc3e763a9", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“I don't know anybody in cardiac transplant as opposed to liver that are using a TransMedics-hired surgeon...the NOP market, the soup-to-nuts offering, is useless for cardiac because I don't know many cardiac surgeons that would ever trust anybody except their own surgeons.” — Prominent surgeon, Director of leading academic transplant center", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5374-767b-b3bb-71bc483ab960", "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": "73d3f5c4-fe55-4366-b5cc-6c650cf138b6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Cardiac surgeons indicated that TransMedics NOP procurement/transport service has no value proposition for heart, leaving aside the device – they have no trust in third-party retrieval surgeons; and they demand hearts back faster than the NOP service can fly them", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9795e534-442c-4a78-8c28-721638fa35d2", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "preempt_rebuttal", "slug": null, "matchId": "5dde01d7-e6c7-45f4-8707-3c85507a9f73", "evidence": "The slide systematically presents negative expert testimony to invalidate a specific business offering.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }