{ "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": 51, "pageCount": 342, "prevPage": 50, "nextPage": 52, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 2, "notes": "The slide uses a 'Q&A' format to document expert interviews, highlighting the lack of choice for customers.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/51", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-51", "components": [ { "bbox": null, "kind": "callout", "text": "you don't have access to their pump unless you use their NOP service.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5373-719d-a974-8275b8cdbd65", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.07, "y": 0.48 }, "kind": "list", "text": "High volume user indicated NOP is utilized 100% of the time", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6203a4ed-3d91-4169-a8db-ded2027f9e5c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.07, "y": 0.68 }, "kind": "list", "text": "Another surgeon indicated no access to the device without using NOP service", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "be42b84c-60d6-499c-bc3b-78dab7f04edc", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.22 }, "kind": "paragraph", "text": "One of the highest volume users of the device in the US indicated he has no other option, stating that he uses the device 45-50 times a year and that “we use their national NOP program for all of them.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1f212395-2fcf-4ec6-a4f2-5ea0c564556e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.86, "x": 0.07, "y": 0.3 }, "kind": "paragraph", "text": "Although the answer was self-evident in his 100% percent utilization of the service, for the avoidance of doubt we asked if using the service is a requirement: “to be completely candid, this is a very small world and I don't know of any program that uses them that doesn't use the NOP.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "526eba2c-de74-4754-b79a-b67eb5786e41", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.86, "x": 0.07, "y": 0.4 }, "kind": "paragraph", "text": "A second surgeon, based in Utah, and also one of the company’s highest volume users, corroborated that “you don't have access to their pump” unless you use their NOP service.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ccdac8f2-a6b7-4424-8095-856787899637", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“we use their national NOP program for all of them.” — Transplant hepatologist and director of the liver program at a Midwest academic center; one of TransMedics highest volume users. “to be completely candid, this is a very small world and I don't know of any program that uses them that doesn't use the NOP.” — Transplant hepatologist and director of the liver program at a Midwest academic center; one of TransMedics highest volume users. “you don't have access to their pump” — Transplant surgeon and surgical director at a high volume academic center in the western US; also medical director at a major OPO (organ procurement organization); one of TransMedics highest volume users.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5373-719d-a974-8729a9de6a9e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "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": "5ea5e09c-bcc7-4c58-807a-859826c8192d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Transplant surgeons at centers across the US corroborated that they are forced to use the TransMedics NOP service in order to access the device.", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c4808024-4c9f-4e5e-843e-a8fb0679a668", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "authority-citation", "slug": null, "matchId": "a007bc2e-2ef3-44a5-84ac-3c9de9a56cec", "evidence": "Uses expert testimony from surgeons to validate a claim about business practices.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }