{ "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": 312, "pageCount": 342, "prevPage": 311, "nextPage": 313, "slideType": "testimonial", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses direct quotes from an industry expert to build a bearish case against TransMedics.", "elementsJson": [ "paragraph", "callout_box", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/312", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-312", "components": [ { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.7 }, "kind": "callout", "text": "OPO’s aggressively moving to OrganOx; costs transplant centers nothing", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2bdee6b9-0b12-4a86-a78b-8ed3cef7b7d8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.52 }, "kind": "callout", "text": "Tsunami of OrganOx and NRP will lead to collapse of TransMedics usage “soon”", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7f0c068b-9203-460f-8940-abde5c9031b8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "The West Coast OPO - which works with some of the highest-volume centers like UCSF, Stanford, and Sutter - stated they are simultaneously kicking off NRP and OrganOx, which they would use on “100% of our DCD donors, which is the bulk of the TransMedics liver machine use” – killing off their TransMedics use completely.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "578d3517-009b-4734-ac1c-2c4f159d8796", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.25 }, "kind": "paragraph", "text": "Given the dire situation he painted for TransMedics, we asked when the window would close: “you’ll see it happen soon because of all these OPO’s...OrganOx has been having trouble producing the machines in these volume...they’re dropping them at an OPO, at this point, every couple of weeks with us being the second one”; “you want to know why TransMedics is going to blow up?...it’s really liver...most OPO’s I know hate working with them...to the point where’s we’ll all out there getting OrganOx devices...we’re going to do trainings at Stanford, CPMS, and UCSF...and then we’re live.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5d02a7bf-4e4f-424f-b5f3-aa882de4a0c2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.74 }, "kind": "quote", "text": "“You want to know why TransMedics is going to blow up? You’ve picked up on their heart and lung products have gone nowhere. It’s really liver. Most OPO’s I know hate working with them even though they’re not our vendor, to the point where we’re all out there getting OrganOX devices. We just got ours, and the manufacturer is sending reps out here, and we’re going to go do trainings at Stanford, CPMC, and UCSF. And then we’re live.” – Executive at a West Coast OPO, longtime industry veteran", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "395577f5-40f4-4a9f-813c-08b454ef27ed", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.56 }, "kind": "quote", "text": "Q: “How long do you think the window is? It seems like it’s a fast-approaching wave, like a tsunami between OrganOX and NRP. It sounds to me like UCSF could be at risk, Washington could be at risk, Vanderbilt’s gone away. It seems like wildfire that people are just getting sick of them and are looking for alternatives.” A: “I think you’ll see it happen soon because all of these OPOs, OrganOX has been having trouble producing the machines in these volumes, and it seems like they’re dropping them at an OPO, at this point, every couple of weeks with us being the second one.” – Executive at a West Coast OPO, longtime industry veteran", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d7893cd5-d832-4c1b-ae08-f49b32706821", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“I think you’ll see it happen soon because all of these OPOs, OrganOX has been having trouble producing the machines in these volumes, and it seems like they’re dropping them at an OPO, at this point, every couple of weeks with us being the second one.” — Executive at a West Coast OPO, longtime industry veteran", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5374-767b-b3bc-5a7e81d4ae18", "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": "f578dacf-1283-4eee-94fb-c5d2ddc2c57c", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }