{ "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": 331, "pageCount": 342, "prevPage": 330, "nextPage": 332, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "Includes a direct quote from a CEO of a major OPO regarding a surgeon's resignation due to safety concerns.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/331", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-331", "components": [ { "bbox": null, "kind": "callout", "text": "One of the most serious issues – which came up repeatedly in our interviews – is livers becoming necrotic on the device, a known risk specific to normothermic perfusion machines like TransMedics but which our research indicates is far more widespread than known – with surgeons alleging a cover-up by the company.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5374-767b-b3be-ada168e31745", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "One of the most serious issues – which came up repeatedly in our interviews – is livers becoming necrotic on the device, a known risk specific to normothermic perfusion machines like TransMedics but which our research indicates is far more widespread than known – with surgeons alleging a cover-up by the company, a refusal to publish related safety data, and raising the need for a device recall. For reasons we shall explain, liver tissue begins to die and renders the organ unusable, or leads to poor outcomes in the recipient. We were first alerted to the issue by the CEO of a large OPO, who stated TransMedics was trying to keep it “hush-hush” and that he knew a TransMedics procurement surgeon who refused to use the device because it was killing liver tissue - and resigned: “have you heard about the concerns around necrotic tissue on the liver when it goes on a TransMedics device?...when they put the liver on it, it’s almost upside down...concern as there were a couple of livers where this pressure was too high...the tissue was necrotic – it was dying...it was kept pretty hush-hush...I heard about it though a surgeon that used to do recoveries for them...he refused to do it...he’s like, ‘I’m not doing recovery for TransMedics anymore...he left.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a4c77c6c-8c68-49b4-84c2-19e956a35181", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.65 }, "kind": "quote", "text": "Have you heard about the concerns around the necrotic tissue on the liver when it goes on a TransMedics device? When they put the liver on it, it’s almost upside down... some of the tissue was necrotic - it was dying. But I think it was kept pretty hush-hush... he refused to do it. He’s like, ‘I’m not doing recovery for TransMedics anymore,’ because I guess when you’re doing recoveries for them, you have to sign an agreement that says you’ll never recover an organ in any other way than - as opposed to normothermic perfusion.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3d3b0a7d-4506-408c-af5b-d721a954ce00", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“Have you heard about the concerns around the necrotic tissue on the liver when it goes on a TransMedics device? When they put the liver on it, it’s almost upside down, and there’s some concern as there were a couple of livers where the pressure was too high and with the warm ischemic - or the normothermic perfusion and the pressure, that some of the tissue was necrotic on the outside of the liver - it was dying. But I think it was kept pretty hush-hush, and they blamed the surgeon and said they didn’t put it on the device correctly. I heard about it through a surgeon that used to do recoveries for them, and then, ultimately, he refused to do it. He’s like, ‘I’m not doing recovery for TransMedics anymore,’ because I guess when you’re doing recoveries for them, you have to sign an agreement that says you’ll never recover an organ in any other way than - as opposed to normothermic perfusion.” — CEO of a major OPO (Organ Procurement Organization), longtime industry executive", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5374-767b-b3be-b1d0110d4499", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "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": "2b995d02-601a-4914-ab1b-8d2ce868eced", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }