{ "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": 85, "pageCount": 342, "prevPage": 84, "nextPage": 86, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide presents a Q&A style interview excerpt to support a claim of extortion/fraud.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-40e2965928db/85", "deckHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-40e2965928db#slide-85", "components": [ { "bbox": { "h": 0.03, "w": 0.86, "x": 0.07, "y": 0.59 }, "kind": "callout", "text": "OPO and UCSF forced to fly multiple planes even though right next to a TransMedics depot; threatening access to the technology", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c6fdfa98-7638-4aaa-acb5-a429aaaf9768", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "TransMedics has now essentially forced the transplant center; if you want access to this technology for their patient, then the transplant center is not able to share a plane with us...they have to go and use the TransMedics-owned and operated aircraft.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5373-719d-a976-a04b5a829f88", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "A West Coast organ procurement organization (OPO) confirmed and elaborated upon UCSF’s description of conduct that we interpret as fraud, replying “yeah, oh yeah” when we used the label. We interviewed an industry veteran and executive at the OPO, who stated that the Gosar letter is correct and that centers are coerced into paying for multiple aircraft. TransMedics has a hub in San Ramon, CA “across the street” from the OPO. Previously, if an organ was available in Nevada, for example, the OPO and UCSF would charter and share a single plane and bring back three organs - two kidneys and liver - from a single donor. However, TransMedics now allegedly forces the OPO and UCSF to pay for a separate plane for their device and technician, necessitating two planes by refusing to share one: “TransMedics has now essentially forced the transplant center...if you want access to this technology for their patient, then the transplant center is not able to share a plane with us...they have to go and use the TransMedics-owned and operated aircraft.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9fcdd331-8995-4c15-bbef-ca2dacb7860c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.62 }, "kind": "quote", "text": "A: “We’re based in the San Francisco Bay area. Let’s say that we have an organ donor at a hospital in Reno, and the organ is going to go to UCSF for transplant. You probably saw this mentioned in that letter. Historically, we would charter one plane, and we would all share it together. The UCSF team would join, they would get on a plane. Our team would get on there. We’d go to the OR and procure two kidneys and a liver, and we’re able to bring the three organs to the Bay area on that one plane. TransMedics has now essentially forced the transplant center; if you want access to this technology for their patient, then the transplant center is not able to share a plane with us. They have to go and use the TransMedics-owned and operated aircraft. Their depot is right across the street from our office, our clinical office space.” Q: “This sound like extortion.” A: “Yeah, oh yeah.” – Executive at a West Coast OPO, longtime industry veteran", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3da0a56b-f65b-4b5d-99ea-a6110643689f", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“Yeah, oh yeah.” — Executive at a West Coast OPO, longtime industry veteran", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-5373-719d-a976-a71bfdfb0506", "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": "aef0ebc9-edcf-437e-9dd8-7e6f38d12c8d", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "d91cb24e-a13b-46f5-9318-4b11faa5949a", "evidence": "The slide explicitly frames the conduct as 'fraud' and 'extortion' based on expert testimony.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }