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TRANSMEDICS GROUP INC

TMDX

Health Care

5

exclusion reasons

3 themes

Corporate Misconduct (3) Animal Welfare (1) Harmful Products (1)
TMDX Health Care Current as of March 2026

This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.

Financial Misconduct
Since Mar 19, 2026

Kickback and fraud class action lawsuits: Jewik v. TransMedics (Case No. 25-cv-10385). Allegations of systematic fraud in organ procurement practices.

Source:
ECIC
Regulatory Violations
Since Mar 19, 2026

Safety concealment allegations. FDA Citizen Petition filed in 2025 regarding undisclosed safety issues with organ care system.

Source:
ECIC
Political Influence
Since Mar 19, 2026

Congressional inquiry by Rep. Gosar (February 2024) into TransMedics practices. Political engagement around organ procurement regulatory framework.

Source:
ECIC
Animal Testing & Research
Since Mar 19, 2026

Porcine and canine models used for OCS Heart and OCS Lung program development. Animal testing in organ care system R&D.

Source:
ECIC
Misinformation & Disinformation
Since Mar 19, 2026

Scorpion Capital report (January 2025) alleges TransMedics concealed data on rejected organs and misrepresented clinical outcomes. Pattern of misleading investors and regulators about organ viability rates.

Source:
ECIC

Related Issues

Animal Rights

We don't invest in companies that treat animals as commodities — factory farming, animal testing, exotic skins, entertainment. This isn't a peripheral screen. It's the original premise of the firm: avoiding preventable harm to living things requires taking animal consciousness seriously, not assuming it away.

→
Research Sources 1 organization
Ethical Capital
Internal

Related Exclusions

Same Issue

Corporate Misconduct

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Same Issue

Animal Welfare

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Same Issue

Harmful Products

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The Naughty List

A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.

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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.

This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.

Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.