{
  "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": 57,
  "pageCount": 342,
  "prevPage": 56,
  "nextPage": 58,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses a 'he-said, she-said' structure to frame the company's NOP service as a potential antitrust issue.",
  "elementsJson": [
    "paragraph",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/57",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-57",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "TransMedics strikes us as textbook case whereby it appears that customers are 1) forced to pay for a NOP service they do not want... and 2) to do so at a higher price than if they purchased each service themselves versus a bundle.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f3-714d-84bf-68c170393d2e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.86,
        "x": 0.07,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "TransMedics strikes us as textbook case whereby it appears that customers are 1) forced to pay for a NOP service they do not want... and 2) to do so at a higher price than if they purchased each service themselves versus a bundle.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "24d67538-b523-4bdd-ba30-307d92a05b25",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.86,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "paragraph",
      "text": "In the context of anticompetitive behavior as alleged in Congressman Gosar’s letter, extortion occurs when customers are coerced to use a more expensive product/service through the unlawful practice of product bundling.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "77a229e5-598f-4f81-a390-eb56c2ded018",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.86,
        "x": 0.07,
        "y": 0.48
      },
      "kind": "quote",
      "text": "Your letter characterized our NOP program as a means to reduce access to the OCS technology and increase prices and profitability. This is not correct. Contrary to the Your letter accused TransMedics of pressuring hospitals to utilize our more expensive logistics. This couldn’t be further from the truth. The transplant centers then have the final say on whether they want to use our services or not. We are confident, given the above efficient way of operating our fleet, and our cost-sharing model with transplant centers that our quotes are lower than competitors who use the outdated brokerage model. Your letter painted an inaccurate picture of the charter flight logistics for organ transplants in the US and accused TransMedics of creating a logistical network with newer aircrafts to unjustly increase cost on our clinical users. Again, this is not correct. Here are the facts. Transplant centers had the option to either use NOP or continue to operate the OCS on their own by sending their own teams. Over the past 24 months, more and more centers elected to transition to NOP due to its more efficient cost profile, better clinical outcomes, and the ability to increase their transplant volumes without surgical fatigue of their staff.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4a5bfe87-cd51-4df8-b56f-e46b47200a9d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Your letter characterized our NOP program as a means to reduce access to the OCS technology and increase prices and profitability. This is not correct. Contrary to the Your letter accused TransMedics of pressuring hospitals to utilize our more expensive logistics. This couldn’t be further from the truth. TransMedics presents the logistics quotation to transplant centers using our NOP service. The transplant centers then have the final say on whether they want to use our services or not. We are confident, given the above efficient way of operating our fleet, and our cost-sharing model with transplant centers that our quotes are lower than competitors who use the outdated brokerage model. Your letter painted an inaccurate picture of the charter flight logistics for organ transplants in the US and accused TransMedics of creating a logistical network with newer aircrafts to unjustly increase cost on our clinical users. Again, this is not correct. Here are the facts. Transplant centers had the option to either use NOP or continue to operate the OCS on their own by sending their own teams. Over the past 24 months, more and more centers elected to transition to NOP due to its more efficient cost profile, better clinical outcomes, and the ability to increase their transplant volumes without surgical fatigue of their staff. — TransMedics CEO Waleed Hassanein",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-70f3-714d-84bf-6d2eecf07a5c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.07,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: https://investors.transmedics.com/static-files/efba44b7-1826-495f-9787-7805424f00f5",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d32f7adb-b40c-4c39-8dd9-4388e37a8ebb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.86,
        "x": 0.07,
        "y": 0.44
      },
      "kind": "title",
      "text": "TransMedics CEO Waleed Hassanein reply to Congressman Gosar’s letter Feb 26, 2024 - excerpts",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "90d4b13c-928f-4928-874f-e78c980662dc",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "c68cc4a0-e146-4263-b9d6-2db9e2009afb",
      "evidence": "The slide explicitly contrasts an external allegation with a direct rebuttal from the CEO.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}