TransMedics Group (TMDX) Company Report

TransMedics (TMDX) aims for 80%-90% adoption of OCS machine perfusion for liver transplants, up from the current 40%, citing significant survival differences and improved post-transplant complication rates. Major publications supporting this are expected in the first half of 2026.
The company is highly confident in achieving 10,000 transplants by 2028. Clinical trials for heart have started enrollment, and lung trials are expected to begin in late 2025/early 2026, aiming to enable scheduled transplants for these organs.
TransMedics plans to introduce kidney transplants in 2027, targeting a market of 23,000 kidneys transplanted annually and an additional 10,000 rejected kidneys. The OCS technology is expected to reduce complication rates and improve supply, which could significantly impact CMS costs.
CFO Gerardo Hernandez stated the goal is to reach or approach a 30% operating margin by 2028, driven by continued growth and disciplined operating expense management.
The company is developing a Gen3 OCS technology that is fully automated, with improved cost of goods and remote capabilities, designed to support 20,000-30,000 transplants for 2028 and beyond.

3 days ago

Transcript

TransMedics and AtriCure Discuss Growth Strategies at Piper Sandler Conference

TMDX

New Projects/Investments

Guidance Update

Product Launch

TransMedics (TMDX) is highly confident in achieving 10,000 transplants by 2028 and aims to reach an operating margin of 30% by 2028.
TMDX has initiated enrollment for heart clinical trials and anticipates starting lung trials by early January.
TMDX plans to expand into kidney transplants in 2027, targeting a market that includes 23,000 deceased kidney transplants and an additional 10,000 kidneys rejected annually in the US.
AtriCure reported 18.5% growth in its clip business in Q3, attributing this acceleration to the FlexMini product, launched in Q4 last year, which is 60% smaller than competing products.

3 days ago

Transcript

TransMedics Outlines Growth Strategy, New Organ Markets, and Profitability Targets

TMDX

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

TransMedics (TMDX) is highly confident in achieving 10,000 transplants by 2028 and aims for an operating margin of 30% by 2028.
The company is expanding into the kidney transplant market, which is projected to launch in 2027 and represents a potential volume 1.5 times the combined total of heart, lung, and liver transplants.
Clinical trials for heart have commenced, and lung trials are anticipated to begin by early January 2026. Major publications detailing liver registry data are expected in the first half of 2026.
Operational efficiencies are being pursued, including double-shifting pilots to enable 24/7 jet operation, with results expected in the first half of 2026.

3 days ago

Transcript

TransMedics Group Inc. Reports Strong Q3 2025 Results and Updates Full-Year Guidance

TMDX

Earnings

Guidance Update

New Projects/Investments

TransMedics Group Inc. reported Q3 2025 total revenue of $143.8 million, representing approximately 32.2% growth year over year, with an overall gross margin of approximately 59%. The company achieved net income of $24 million, a 477% year-over-year increase, and diluted earnings per share of $0.66 for the quarter.
The company ended Q3 2025 with $466.2 million in cash, an increase of approximately $65.6 million from June 30, 2025, driven by strong operating cash generation.
TransMedics narrowed its full-year 2025 revenue guidance to a range of $595 million to $605 million, which at the midpoint represents approximately 36% growth over full year 2024. It also expects to deliver at least 750 basis points of operating margin expansion for the full year 2025 compared to 2024.
Strategic initiatives include the planned launch of its first ex-U.S. National OCS Program in Italy in the first half of 2026 and the expected initiation of patient enrollment for the Enhanced Heart and De Novo Lung clinical trials in Q4 2025.
The company is also making progress on its OCS kidney program, with the design expected to be revealed in early 2026, and is in the final stages of lease negotiations for a new global headquarters in Somerville, Boston area, with an announcement expected in early January 2026.

Oct 29, 2025, 8:30 PM

Transcript

TransMedics Reports Strong Q3 2025 Results and Updates Full-Year Guidance

TMDX

Earnings

Guidance Update

New Projects/Investments

TransMedics Group Inc. reported Q3 2025 revenue of $143.8 million, representing 32.2% year-over-year growth, and an operating profit of $23.3 million, or 16% of total revenue. The company ended the quarter with over $466.2 million in cash, adding approximately $65.6 million to its balance sheet.
The company narrowed its full-year 2025 revenue guidance to $595 million-$605 million, with the midpoint representing approximately 36% growth over 2024. It also expects to deliver at least 750 basis points of operating margin expansion for the full year 2025 compared to 2024.
Patient enrollment for the next-gen OCS Enhanced Heart and De Novo Lung clinical trials is expected to commence in Q4 2025, with all IDE conditions for both trials anticipated to be satisfied by early next year.
TransMedics plans to launch its first ex-U.S. National OCS Program in Italy in the first half of 2026.

Oct 29, 2025, 8:30 PM

Transcript

TransMedics Announces Q3 2025 Results and Updates 2025 Revenue Guidance

TMDX

Earnings

Guidance Update

Revenue Acceleration/Inflection

TransMedics reported Q3 2025 total revenue of $143.8 million, representing a 32.2% year-over-year growth. Product revenue was $87.7 million, up 33.1% year-over-year, and service revenue was $56.1 million, up 30.9% year-over-year.
Net Income for Q3 2025 was $24.3 million, a 476.8% increase year-over-year.
Basic Earnings Per Share (EPS) for Q3 2025 was $0.71, marking a 465.5% year-over-year increase.
The company's cash and cash equivalents totaled $466.2 million as of September 30, 2025, an increase of $65.6 million quarter-over-quarter.
TransMedics updated its 2025 revenue guidance to $595 million to $605 million, reflecting a 36% growth at the mid-point of the range.

Oct 29, 2025, 8:30 PM

Presentation

TransMedics Reports Strong Q3 2025 Results and Narrows Full-Year Guidance

TMDX

Earnings

Guidance Update

New Projects/Investments

TransMedics Group Inc. reported Q3 2025 total revenue of $143.8 million, representing approximately 32.2% growth year over year, and achieved an operating profit of $23.3 million, which is 16% of total revenue.
The company ended Q3 2025 with over $466.2 million in cash, an addition of approximately $65.6 million during the quarter.
TransMedics narrowed its full-year 2025 revenue guidance to a range of $595 million to $605 million, reflecting approximately 36% growth over full-year 2024 at the midpoint, and expects to deliver at least 750 basis points of operating margin expansion for the full year 2025 compared to 2024.
The company plans to launch its first ex-U.S. National OCS Program in Italy in the first half of 2026 and anticipates starting patient enrollment for its Enhanced Heart and De Novo Lung clinical trials in Q4 2025.

Oct 29, 2025, 8:30 PM

Transcript

TransMedics Reports Strong Q3 2025 Financial Results and Raises Full-Year Guidance

TMDX

Earnings

Guidance Update

Revenue Acceleration/Inflection

TransMedics Group, Inc. reported total revenue of $143.8 million for the third quarter of 2025, representing a 32% increase compared to the third quarter of 2024.
The company generated net income of $24.3 million, or $0.66 per diluted share, in the third quarter of 2025.
Gross margin for the third quarter of 2025 was 59%, an increase from 56% in the third quarter of 2024.
TransMedics raised the midpoint and narrowed its full-year 2025 revenue guidance to a range of $595 million to $605 million, which represents 36% growth at the midpoint compared to the prior year.

Oct 29, 2025, 8:11 PM

8-K

TransMedics Reports Strong Third Quarter 2025 Financial Results and Raises Full Year Guidance

TMDX

Earnings

Guidance Update

New Projects/Investments

TransMedics reported total revenue of $143.8 million in the third quarter of 2025, representing a 32% increase compared to the third quarter of 2024, and generated net income of $24.3 million or $0.66 per diluted share.
The company's gross margin for the third quarter of 2025 was 59%, an increase from 56% in the third quarter of 2024.
TransMedics raised the midpoint and narrowed the range of its full year 2025 revenue guidance to $595 million to $605 million.
As of October 29, 2025, the company owned 22 aircraft and announced a strategic collaboration with Mercedes-Benz Group AG to deploy a fleet of vehicles for organ transportation in Italy.

Oct 29, 2025, 8:05 PM

Press Release

TransMedics Discusses Growth Strategy and Financial Targets at Canaccord Conference

TMDX

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

TransMedics aims to significantly increase organ transplants and improve outcomes, noting their involvement contributed to a 20% growth in total US heart, lung, and liver transplants from 2022-2024, compared to 2% without their technology.
The company projects achieving over $1 billion in revenue and approximately 30% operating margin by 2028, aligning with a target of 10,000 transplants. Internally, they are now targeting 20,000 to 30,000 transplants by 2030, including the addition of kidney transplants.
Significant growth potential is identified in increasing organ utilization, as 80% of lungs, 75% of hearts, and 40% of livers were wasted in the US in 2024. Current OCS adoption rates in 2024 were 4% for lung, 19% for heart, and 27% for liver.
TransMedics expects to enroll the first patient in heart and lung clinical trials before the end of 2025 and plans to start a kidney transplant trial in late 2026 or early 2027, viewing it as a substantial opportunity given over 20,000 kidney transplants in 2024.

Aug 12, 2025, 4:40 PM

Earnings Transcripts

Quarterly earnings call transcripts for TransMedics Group.

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