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TransMedics Group, Inc. is a medical technology company revolutionizing organ transplantation through its proprietary Organ Care System (OCS). The company develops and sells portable, multi-organ platforms designed to improve the preservation, assessment, and viability of donor organs for transplantation. In addition to its innovative products, TransMedics provides logistics and organ management services to transplant centers, enhancing the efficiency and success of organ transplants.
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Net Product Revenue - Generates revenue from the sale of single-use disposable sets for the Organ Care System (OCS), which are required for each organ transplantation procedure.
- OCS Lung, Heart, and Liver Systems - Portable platforms tailored for the preservation and assessment of specific organs, ensuring their viability for transplantation.
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Service Revenue - Provides organ retrieval, transportation, and management services under the National OCS Program (NOP), which includes logistics services such as aviation transportation and clinical training for transplant centers.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Waleed H. Hassanein ExecutiveBoard | President, CEO, and Director | None | Founder of TMDX in 1998; M.D. from Georgetown University; cardiac surgery research fellowship at Harvard-affiliated hospitals. | View Report → |
Anil Ranganath Executive | SVP, General Counsel, Secretary | None | Joined TMDX in June 2023; previously VP, Deputy General Counsel at Waters Corporation; J.D. from Suffolk University Law School. | |
Gerardo Hernandez Executive | Chief Financial Officer (CFO) | None | Joined TMDX in December 2024; previously VP of Finance at Alnylam Pharmaceuticals and held roles at Takeda and Shire; MBA in Strategy and Economics. | |
Nick Corcoran Executive | SVP, Supply Chain and Operations | None | Joined TMDX in January 2023; previously held leadership roles at Stryker Corporation; MBA in Supply Chain Management from University College Dublin. | |
Edward M. Basile Board | Director | None | Director since 2016; former Chair of FDA and Life Sciences Practice at King & Spalding; served in the FDA Chief Counsel’s Office. | |
Edwin M. Kania, Jr. Board | Director | Managing Partner of FarField Partners; Partner Emeritus at Flagship Pioneering | Director since 2003; over 40 years of venture capital experience; co-founder of Flagship Pioneering. | |
James R. Tobin Board | Chairman of the Board | Director at Globus Medical and Xenter, Inc. | Chairman of TMDX since 2011; retired CEO of Boston Scientific; extensive leadership experience in the medical device industry. | |
Merilee Raines Board | Director | Director at Watts Water Technologies and Ocular Therapeutix | Director since 2021; former CFO of IDEXX Laboratories; extensive financial expertise; Chair of TMDX Audit Committee. | |
Stephanie Lovell Board | Director | Director at Accompany Health and Cyclerion Therapeutics; Member of Goodwill Industries Investment Committee | Director since 2021; extensive experience in healthcare payer and regulatory affairs; former EVP and Chief Legal Officer at BCBSMA. | |
Thomas J. Gunderson Board | Director | Director at Merit Medical Systems; Executive in Residence at University of Minnesota’s Medical Industry Leadership Institute | Director since 2016; over 25 years of experience in the medical device industry; expertise in financial and economic analysis. |
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Given the sequential decline in total revenue in Q3 2024, with a 5% decrease from Q2 and U.S. sales declining 3% sequentially , what specific measures are you implementing to drive sequential growth in Q4 and ensure that you meet the midpoint of your annual revenue guidance?
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Your service margins fell to 19% in Q3 2024, impacted by $2 million in non-recurring costs and higher reliance on third-party logistics ; how confident are you in improving service margins in the near term, and what strategies are in place to enhance operational efficiency and fleet utilization?
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Despite owning 18 aircraft, only 10 were operational on average in Q3 due to maintenance, affecting your logistics operations and margins ; how do you plan to better manage aircraft maintenance schedules to minimize downtime and ensure optimal utilization of your fleet?
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With a significant 40% year-over-year and 45% sequential decline in ex-U.S. revenue in Q3 2024, partly due to the absence of stocking orders , what steps are you taking to stabilize international sales and reduce volatility in your OUS business?
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Considering concerns about competition from Normothermic Regional Perfusion (NRP) potentially impacting your market share in liver transplants, how do you intend to maintain your pricing strategy and defend against competitive pressures, especially given the cost dynamics you mentioned ?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
OrganOx Limited | We are aware of only two other companies providing warm perfusion systems, both of which offer single-organ warm perfusion systems for the liver and lung, respectively. |
XVIVO Perfusion AB | We are aware of only two other companies providing warm perfusion systems, both of which offer single-organ warm perfusion systems for the liver and lung, respectively. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Ocean Select Seafood, L.L.C. | 2025 | TransMedics acquired a fixed-wing aircraft on February 20, 2025, for a purchase price of approximately $14.3 million as part of building its fleet for the National OCS Program, which is designed to transport donor organs. |
Summit Aviation, Inc. and Northside Property Group, LLC | 2023 | TransMedics acquired Summit—formerly a charter flight operator—to add aviation transportation services to its National OCS Program, enabling fleet expansion to a total of 13 fixed-wing aircraft and enhancing its end‐to‐end organ retrieval and delivery logistics. |
Bridge to Life Ltd. and Tevosol, Inc. | 2023 | TransMedics completed an asset acquisition on August 2, 2023, obtaining lung and heart perfusion technology assets (including intellectual property for the EVOSS and LifeCradle systems), a move that involved a $27.2 million IPR&D expense as part of a broader ~$70 million strategic investment to expand its organ transplantation product offerings. |
Recent developments and announcements about TMDX.
Earnings
New Earnings (Q4 2024)
·Mar 7, 2025, 1:22 AMView full earnings summary →In Q4 results, TransMedics targets 20-25% revenue growth in 2025, fueled by strong DCD liver adoption (53% penetration) and upcoming heart/lung programs. Management eyes 10,000 US transplants by 2028, with no high-volume attrition. Pricing pressure remains a watch item.