{ "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": 75, "pageCount": 342, "prevPage": 74, "nextPage": 76, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 4, "notes": "The slide uses Q&A transcripts to expose a contradiction between operational efficiency and the company's new logistics model.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/75", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-75", "components": [ { "bbox": null, "kind": "callout", "text": "As further evidence of the scale and regularity of inflated air transport charges, the OCS Specialist indicated that teams at the Seattle hub were now rarely utilized in favor of flying in nonlocal teams instead", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5373-719d-a976-3df05fea0daa", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.07, "y": 0.44 }, "kind": "list", "text": "Specialists sat idle for months when TransMedics started flying in planes instead", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1105f392-2e58-4b93-810c-44ff160edce5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.07, "y": 0.75 }, "kind": "list", "text": "9 to 11 OCS Specialists in Seattle rarely utilized after TransMedics bought planes", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5f34b43c-61e1-480a-a821-881f0010388f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.78 }, "kind": "paragraph", "text": "Q: “How many people did they have in Seattle? What was the composition of the team?”\nA: “I want to say between 9 and 11. All OCS specialists.”\nQ: “Were they all sitting around, or were some of them being utilized and you weren’t being utilized?”\nA: “Yeah, when I left, it was kind of similar...it wasn’t unusual for them to go a month or more without doing a case.”\nQ: “Was it always those kinds of gaps or did those gaps start after they got the planes?”\nA: “I would say more so after they got the planes.” – Former OCS Specialist who left recently", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1bd98689-b87a-49b4-b7f5-c91515d8d97e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.47 }, "kind": "paragraph", "text": "Q: “How many cases were you doing every month or every quarter? How many organs were you procuring?”\nA: “It’s interesting because I was pretty busy. When I was in [redacted], I was doing almost a case a day to the point where I was like this is overwhelming. Like any day I was on call, I was getting called on a case. But out of seven days on call, I was probably doing three to four cases or two to four cases a week. Before I left, I hadn’t done a case in almost two months because cases that were scheduled for Seattle were being assigned elsewhere.”\nQ: “Do you know what they charged for a local team versus using a plane?”\nA: “They would use a third-party service to get us from our local hub to the hospitals, and if it was within a three-hour radius, I assume it was billed based on time or mileage. As far as transportation goes, that’s it. It would just be a few grand, I’m assuming, versus upwards of - depending on where you’re going - $30,000 to $100,000.” – Former OCS Specialist who left recently", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d64b8727-9790-422a-93ea-c5f464d490a8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "As further evidence of the scale and regularity of inflated air transport charges, the OCS Specialist indicated that teams at the Seattle hub were now rarely utilized in favor of flying in nonlocal teams instead – and indicated the transport charge was likely $30,000 to $100,000 versus “just a few grand” if driving a local team. Prior to the aircraft being purchased, the ex-employee “was doing almost a case a day to the point...this is overwhelming” but “before I left, I hadn’t done a case in almost two month because cases that were scheduled for Seattle were being assigned elsewhere.” The Seattle had between 9 to 11 OCS Specialists to operate the device, per the ex-employee, but they just sat idle after TransMedics began flying in teams: “it wasn’t unusual for them to go a month or more without doing a case...I would say more so after they got the planes.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e2fd00e3-5f8b-4776-9f01-fe1f92bf637c", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "It's interesting because I was pretty busy. When I was in [redacted], I was doing almost a case a day to the point where I was like this is overwhelming. Like any day I was on call, I was getting called on a case. But out of seven days on call, I was probably doing three to four cases or two to four cases a week. Before I left, I hadn't done a case in almost two months because cases that were scheduled for Seattle were being assigned elsewhere. ... it wasn't unusual for them to go a month or more without doing a case...I would say more so after they got the planes. — Former OCS Specialist who left recently", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5373-719d-a976-436aa0441af6", "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": "417a49ed-76ea-4331-8819-e700cc3fa1d2", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }