{ "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": 52, "pageCount": 342, "prevPage": 51, "nextPage": 53, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses Q&A transcripts to highlight forced reliance on third-party technicians and procurement teams, which the experts view as a significant operational drawback.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/52", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-52", "components": [ { "bbox": null, "kind": "callout", "text": "You don't have another option.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5373-719d-a976-001919b6bb7f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.38 }, "kind": "list", "text": "The cardiologist stated they now rarely use the device since they’re forced to use the NOP: “the other thing that’s really driven use away is they were essentially mandating, requiring you to use their surgeons and their procurement teams for these hearts.”", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "189b66db-603f-47fe-a643-d04b602227a2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.3 }, "kind": "list", "text": "The surgeon emphatically agreed with Congressman Gosar's allegations, stating that his letter is “completely honest...it’s a very honest letter” and that “you don’t have another option” besides using TMDX’s technicians and air transport.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "825309f6-af0b-4ac7-b061-e2e20149deba", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.71 }, "kind": "paragraph", "text": "A: “The other thing that’s really driven us away is they were essentially mandating, requiring you to use their surgeons and their procurement teams for these hearts... It’s harder to do this when a team that you don’t work with on a regular basis is just sending you cell phone videos of this is what it looks like, etc.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "006f8fb7-2421-40ab-8678-1001218c676e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.22 }, "kind": "paragraph", "text": "Two physicians - a liver transplant surgeon in a leadership role and a transplant cardiologist – detailed their dubious view of TransMedics and why their usage of the device has fallen off a cliff.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5bf83ec6-31f3-48f9-ac44-b58f74e5eed4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.07, "y": 0.68 }, "kind": "paragraph", "text": "“Mandating” usage of NOP", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "83f5f139-693f-498b-b846-ce1a35ac5bc3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.07, "y": 0.47 }, "kind": "paragraph", "text": "No other option but to use the NOP service", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "921f5165-d989-45ee-a47e-6ce6b4bbf8c5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.5 }, "kind": "paragraph", "text": "Q: “Do you have to use their perfusionist and transportation?”\nA: “That’s absolutely right, yes. You don’t have another option.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b6109ec9-1359-44f7-8771-d01447aabf6b", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "You cannot do it. They have to do it. That's for sure. That's the reason I'm telling you, I believe that that letter is completely honest. It's a very honest letter. — Transplant surgeon in a leadership role at Vanderbilt", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5373-719d-a976-04bb871112f9", "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": "2bc6496a-9d6b-42c9-b836-4831f780b786", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Vanderbilt University is one of the world's pre-eminent and highest volume transplant centers.", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "73b6f30a-833c-4511-9646-38d812b70e7e", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }