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.
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Name | Position | External Roles | Short Bio | |
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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 ?
Research analysts who have asked questions during TransMedics Group earnings calls.
David Rescott
Baird
4 questions for TMDX
Joshua Jennings
TD Cowen
4 questions for TMDX
Suraj Kalia
Oppenheimer & Co. Inc.
4 questions for TMDX
Allen Gong
JPMorgan Chase & Co.
3 questions for TMDX
Michael Matson
Needham & Company
3 questions for TMDX
William Plovanic
Canaccord Genuity
3 questions for TMDX
Christopher Pasquale
Nephron Research
2 questions for TMDX
Matthew O'Brien
Piper Sandler & Co.
2 questions for TMDX
Cecilia Gong
JPMorgan Chase & Co.
1 question for TMDX
Chris Pasquale
Nephron Research LLC
1 question for TMDX
Justin Wang
Morgan Stanley
1 question for TMDX
Matthew Mardula
William Blair
1 question for TMDX
Mike Matson
Needham & Company, LLC
1 question for TMDX
Ryan Daniels
William Blair & Company, L.L.C.
1 question for TMDX
Samantha Munoz
Piper Sandler Companies
1 question for TMDX
Xuesong Wang
Morgan Stanley
1 question for TMDX
Zachary Day
Canaccord Genuity
1 question for TMDX
Competitors mentioned in the company's latest 10K filing.
Company | Description |
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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 |
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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 press releases and 8-K filings for TMDX.
- 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.
- TransMedics Group received US FDA conditional approval to begin the OCS ENHANCE Heart trial, which will be the largest heart preservation transplant trial globally with over 650 patients.
- This trial aims to expand the use of the OCS Heart System for prolonged heart perfusion, including donation after brain death (DBD) hearts, with initiation expected in late 2025 and clinical adoption by 2026.
- The FDA also approved the initiation of the DENOVO Lung trial.
- Following the FDA announcement, TransMedics shares surged, and analysts have given the stock an average price target of $154.50, with a potential upside of approximately 19% and a consensus rating of 'Outperform'.
- The company also completed the acquisition of Summit Aviation in 2023, establishing a dedicated national air logistics provider for organ transplantation in the US.
- TransMedics reported strong Q2 2025 revenue of $157.4 million, representing approximately 38% year-over-year growth and 10% sequential growth. The quarter also saw an operating profit of $36.6 million (23% of total revenue) and diluted EPS of $0.92.
- The company raised its full-year 2025 revenue guidance to a range of $585 million to $605 million, reflecting approximately 35% growth over 2024 at the midpoint. TransMedics anticipates at least 650 basis points of operating margin expansion for the full year 2025.
- TransMedics received FDA conditional approval for the OCS Lung IDE in July and expects to launch both OCS Heart and Lung clinical programs before year-end.
- The company aims for significant growth, targeting 10,000 U.S. NOP transplants by 2028 and over 20,000 annual U.S. NOP transplants with the planned OCS kidney platform. International expansion of the NOP model is also being explored.
- Transmedics Group showcased its revolutionary Organ Care System (OCS) and integrated National OCS Program (NOP) designed to overcome the traditional cold storage limitations in organ transplantation.
- The company highlighted robust clinical evidence with real-world utilization improvements—from mid-eighties pre-approval to 97.5% today—and emphasized the expanding role of DCD donors, now nearly 50% of the US transplant donor pool.
- Future growth plans include expanding into the kidney transplant market, launching next-generation platforms for heart and lung transplants, and accelerating international expansion.
- TransMedics highlighted its innovative Organ Care System (OCS), which continuously perfuses organs to improve transplant viability compared to traditional ice storage, addressing ischemia and assessment limitations.
- The company detailed its integrated National OCS Program (NOP) with 17 hubs and dedicated logistics, which has already enabled over 9,000 successful transplants and shifted many liver transplants to daytime operations, enhancing cost efficiency and patient outcomes.
- Future initiatives include launching Gen 2 heart and lung technologies and a digital platform, NOP Connect, aimed at expanding market reach and further modernizing transplant logistics.
- Strong Q1 performance: Total revenue of $143.5 million (48% YoY increase) with $27.4 million operating profit and ~19% operating margin, marking the strongest quarter in company history.
- Robust transplant revenue: U.S. transplant revenue reached $139 million, driven primarily by the liver segment ($109 million) along with heart and lung segments, reflecting significant case volume growth.
- Net income achievement: Net income stood at $25.7 million with diluted EPS of $0.70, underscoring strong operational performance.
- Margin and expense dynamics: Sequential improvement in gross margins, with product enhancements offsetting higher service revenue impacts and controlled operating expenses positioning the company for continued margin expansion.
- Upgraded guidance: Raised full-year revenue guidance to between $565 million and $585 million, signaling confidence in sustained growth and an approximate 30% growth over 2024.
- Strategic investments: Ongoing R&D initiatives include opening a design center and manufacturing facility in Italy, while maintaining logistics capabilities with 21 aircraft.