{ "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": 50, "pageCount": 342, "prevPage": 49, "nextPage": 51, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses a Q&A format to highlight contradictions between company policy and public statements.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/50", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-50", "components": [ { "bbox": null, "kind": "callout", "text": "Centers are now forced to use the organ procurement service and TMDX aircraft, according to the ex-employee, contradicting the CEO’s denials.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5373-719d-a974-974ca6434442", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.48 }, "kind": "list", "text": "US transplant centers must use the NOP service, while customers abroad can still operate the device themselves", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3020e802-1236-4018-ab6c-5c51a52085b1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.8 }, "kind": "list", "text": "Centers were no longer allowed to operate devices that they already had on the shelf", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "45d392da-0e5e-458b-a22e-f03cdc5c0bdb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.71 }, "kind": "list", "text": "Hospitals now \"obliged\" to use TransMedics air transport", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "63df28b3-e32f-4bdb-b8d1-f3e5f171c763", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.19 }, "kind": "paragraph", "text": "He stated they no longer sell the devices in the US, but still do so abroad – a telling admission given the CEO’s claims that TransMedics must operate the device for quality control. Two former staff provided the same color.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "28944d81-34c9-41de-a9e5-def2d6ffdd53", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.86, "x": 0.07, "y": 0.51 }, "kind": "quote", "text": "They have to use our clinical service... we would like them to use our plane because that's part of our business.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8a7d2d75-5be4-4492-a21d-79d7f0b97286", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.86, "x": 0.07, "y": 0.62 }, "kind": "quote", "text": "We sell devices in other countries... In the U.S., we no longer sell devices because it just doesn't make sense.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9a4039f3-de6a-466e-b4b7-051641bf2e24", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.84 }, "kind": "quote", "text": "Yes, you do. Centers that had bought OCS systems were not allowed to buy cartridges unless they used the national program... they were told that they were not going to be able to use it any longer.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f9c796f0-eb9a-4eab-b10e-d1cb17db6078", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.74 }, "kind": "quote", "text": "centers now are obliged to use their transportation service.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fbd24317-ebe4-4bb4-9d5c-9c680aa1d008", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "They have to use our clinical service. It’s our device and our specialist who’s going to operate it...we would like them to use our plane because that’s part of our business. — Ex-logistics employee at Transmedics; We sell devices in other countries because our devices are available in Europe, the Middle East, and Asia. So, we sell devices there and we sell consumables to them. In the U.S., we no longer sell devices because it just doesn’t make sense. — Ex-logistics employee at Transmedics; I’ve been told that the centers now are obliged to use their transportation service. — Transplant procurement surgeon previously working with TransMedics; Yes, you do. Centers that had bought OCS systems were not allowed to buy cartridges unless they used the national program. — Former executive in a key reimbursement role", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5373-719d-a974-9b0a9336f6ca", "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": "94797ac0-f407-49f1-b90a-9b90ccf884e0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Centers are now forced to use the organ procurement service and TMDX aircraft, according to the ex-employee, contradicting the CEO’s denials", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9af86914-7382-4492-8ec3-e56154125387", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "6d94febb-3a35-4292-9fbf-e79d2c2c7a64", "evidence": "The slide explicitly contrasts CEO claims with ex-employee testimony.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }