US Market News
1月前
TransMedics Reports First Quarter 2026 Financial ResultsMay 5, 2026 4:05 PM
PR Newswire (US) ANDOVER, Mass., May 5, 2026 /PRNewswire/ -- TransMedics Group, Inc. ("TransMedics") (Nasdaq: TMDX), a medical technology company that is transforming organ transplant therapy for patients with end-stage lung, heart, and liver failure, today reported financial results for the quarter ended March 31, 2026. Recent HighlightsTotal revenue of $173.9 million in the first quarter of 2026, a 21% increase compared to the first quarter of 2025Net income of $7.3 million or $0.20 per fully diluted share in the first quarter of 2026Adjusted net income of $10.9 million or $0.30 per fully diluted share in the first quarter of 2026Reiterates full year 2026 revenue guidance to be in the range of $727 million to $757 millionOwned 22 aircraft as of March 31, 2026Hosted annual symposium at the International Society of Heart and Lung Transplantation (ISHLT) 46th Annual Meeting & Scientific Session in Toronto; unveiled new Controlled Hypothermic Organ Preservation System ("CHOPS") aimed at facilitating enrollment in control arms of OCS ENHANCE Heart Part B and OCS DENOVO Lung clinical trialsEntered into definitive agreement to invest in PAD Aviation, a premier Germany-based private aviation operator, with intent to create the first dedicated European transplant logistic network"We are pleased with our first quarter results and see 2026 as another critical period for TransMedics as we deliver on several critical growth catalysts for our business," said Waleed Hassanein, MD, President and Chief Executive Officer. "We are laser focused on executing our multi-pronged growth strategy by accelerating ENHANCE heart and DENOVO lung programs in the U.S., launching our NOP model in Europe, and advancing our OCS Kidney program. We believe these initiatives will position us well to drive continued growth and expand access to life-saving transplants for patients globally."A summary of first quarter financial results is as follows (dollars in thousands except per share):
Three Months Ended March 31,
2026
2025
% Change
Revenue
$173,933
$143,537
21%Income from operations
$13,297
$27,443
-52%Operating margin %
7.6%
19.1%
-1147bps
Adjusted income from operations(1)
$18,109
$29,801
-39%Adjusted operating margin %(1)
10.4%
20.7%
-1030bps
Diluted net income per share
$0.20
$0.70
-71%Adjusted diluted net income per share(1)
$0.30
$0.74
-59%
(1)
Adjusted income from operations, adjusted operating margin and adjusted diluted net
income per share represent non-GAAP financial measures. For a reconciliation of GAAP
to Non-GAAP items, please see the tables attached to this press release.First Quarter 2026 Financial Results
Total revenue for the first quarter of 2026 was $173.9 million, a 21% increase compared to $143.5 million in the first quarter of 2025. The increase was due primarily to the increase in utilization of the Organ Care System ("OCS"), primarily in Liver and Heart through the National OCS Program ("NOP") as well as additional revenue generated by TransMedics logistics services.Gross margin for the first quarter of 2026 was 58%, compared to 61% in the first quarter of 2025. Gross margin was impacted primarily by investments to support growth and scale, together with higher supply chain and operating costs compared to the prior year.Operating expenses for the first quarter of 2026 were $87.9 million compared to $60.8 million in the first quarter of 2025. The increase in operating expenses was driven primarily by increased research and development investment as well as investment throughout the organization to support the growth of the company. First quarter operating expenses in 2026 included $9.6 million of stock compensation expense compared to $8.7 million of stock compensation expense in the first quarter of 2025.Income from operations in the first quarter of 2026 was $13.3 million, compared to operating income of $27.4 million in the first quarter of 2025. Adjusted income from operations in the first quarter of 2026 was $18.1 million compared to adjusted income from operations of $29.8 million in the first quarter of 2025.Net income in the first quarter of 2026 was $7.3 million, or $0.20 per diluted share, compared to net income of $25.7 million, or $0.70 per diluted share, in the first quarter of 2025. Adjusted net income in the first quarter of 2026 was $10.9 million, or $0.30 per diluted share compared to adjusted net income of $27.4 million, or $0.74 per diluted share, in the first quarter of 2025.Cash was $461.7 million as of March 31, 2026.2026 Financial Outlook
TransMedics is reiterating its full year 2026 revenue guidance to be in the range of $727 million to $757 million, which represents 20% to 25% growth compared to the company's prior year revenue.Webcast and Conference Call Details
The TransMedics management team will host a conference call beginning at?4:30 p.m. ET?/?1:30 p.m. PT?on?Tuesday, May 5, 2026. Investors interested in listening to the conference call may do so by dialing (800) 715-9871 for domestic callers or (646) 307-1963 for international callers and providing access code 9254082. A live and archived webcast of the event and the company's slide presentation with information on first quarter 2026 financial results will be available on the "Investors" section of the TransMedics website at?www.transmedics.com.About TransMedics Group, Inc.
TransMedics is the world's leader in portable extracorporeal warm perfusion and assessment of donor organs for transplantation. Headquartered in Andover, Massachusetts, the company was founded to address the unmet need for more and better organs for transplantation and has developed technologies to preserve organ quality, assess organ viability prior to transplant, and potentially increase the utilization of donor organs for the treatment of end-stage heart, lung, and liver failure.Forward-Looking Statements
This press release contains forward-looking statements with respect to, among other things, future results and events, including financial guidance and projected estimates, potential clinical outcomes and therapies, and statements about our operations, operational execution, financial position, strategic plans and other business plans. For this purpose, all statements other than statements of historical facts are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "could," "target," "predict," "seek" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties. Our management cannot predict all risks, nor can we assess the impact of all factors or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in or implied by any forward-looking statements we may make. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated in or implied by the forward-looking statements. Some of the key factors that could cause actual results to differ include: the fluctuation of our financial results from quarter to quarter; our ability to attract, train and retain key personnel; our dependence on the success of the OCS; our ability to expand access to the OCS through our NOP; our ability to improve the OCS platform, including by developing the next generation of the OCS products or expanding into new indications and the development, and potential commercialization of our OCS Kidney device; the timing or results of clinical trials for the OCS, including pre- and post-approval studies, or other product candidates, including CHOPS; our ability to sustain profitability; our need to raise additional funding and our ability to obtain it on favorable terms, or at all; our ability to use net operating losses and research and development credit carryforwards; that we have identified a material weakness in our internal control over financial reporting, and that we may identify additional material weaknesses in the future; our ability to scale our manufacturing and sterilization capabilities to meet increasing demand for our products; the rate and degree of market acceptance of the OCS; our ability to educate patients, surgeons, transplant centers and private and public payors on the benefits offered by the OCS; our dependence on a limited number of customers for a significant portion of our revenue; our ability to maintain regulatory approvals or clearances for our OCS products in the United States, the European Union and other select jurisdictions worldwide; our ability to adequately respond to the Food and Drug Administration (the "FDA") or other competent authorities, follow-up inquiries in a timely manner; the impact of healthcare policy changes, including recently enacted or potential future legislation or administrative actions affecting or reforming the U.S. healthcare system, Organ Procurement and Transplantation Network, or the FDA; the performance of our third-party suppliers and manufacturers; our use of third parties to transport donor organs and medical personnel for our NOP and our ability to maintain and grow our transplant logistics capabilities to support our NOP to reduce dependence on third party transportation, including by means of attracting, training and retaining pilots, and the acquisition, maintenance or replacement of fixed-wing aircraft for our aviation transportation services or other acquisitions, joint ventures or strategic investments; our ability to maintain Federal Aviation Administration, or other regulatory licenses or approvals for our aircraft transportation services; price increases of the components of our products and maintenance, parts and fuel for our aircraft; our manufacturing, sales, marketing and clinical support capabilities and strategy; attacks against our information technology, or IT, infrastructure; the economic, political and other risks associated with our foreign operations; our ability to protect, defend, maintain and enforce our intellectual property rights relating to the OCS and avoid allegations that our products or services infringe, misappropriate or otherwise violate the intellectual property rights of third parties; the pricing of the OCS, as well as the reimbursement coverage for the OCS in the United States and internationally; regulatory developments in the United States, European Union and other jurisdictions; the impact of a shutdown of the U.S. government; the extent and success of competing products or procedures that are or may become available; our ability to service our 1.50% convertible senior notes, due 2028; our existing and any future indebtedness, including our ability to comply with affirmative and negative covenants under our credit agreements to which we will remain subject until maturity; the impact of any product recalls or improper use of our products; our international expansion plans and the costs related thereto; our estimates regarding revenue, expenses and needs for additional financing; and other factors that may be described in our filings with the Securities and Exchange Commission (the "SEC"). Additional information will be made available in our annual and quarterly reports and other filings that we make with the SEC. The forward-looking statements in this press release speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and we are not able to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.Use of Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we disclose certain non-GAAP financial measures, including adjusted income from operations, adjusted operating margin, adjusted net income, and adjusted diluted net income per common share. These non-GAAP financial measures are not calculated in accordance with GAAP, are not a substitute for, and should be considered supplemental to, GAAP financial measures. Our definitions of these non-GAAP measures may differ from similarly titled measures used by other companies, which may limit their usefulness for comparative purposes.We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe the presentation of these measures is useful to both management and investors as they provide meaningful supplemental information with respect to our core operational performance and allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making.To calculate adjusted income from operations, adjusted operating margin, adjusted net income and adjusted diluted net income per common share, we exclude certain charges (credits) from GAAP income from operations and GAAP net income, such as transaction-related costs, incremental amortization of intangible assets, headquarters relocation costs and legal matters. Amounts are presented after-tax using the company's statutory tax rate unless the amount is a significant unusual or infrequently occurring item in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 740-270-30, "General Methodology and Use of Estimated Annual Effective Tax Rate."Investor Contact:
Brian Johnston
332-895-3222
Investors@transmedics.com TransMedics Group, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
Three Months Ended March 31,
2026
2025
Revenue:
Net product revenue
$107,972
$88,234
Service revenue
65,961
55,303
Total revenue
173,933
143,537
Cost of revenue:
Cost of net product revenue
24,308
16,312
Cost of service revenue
48,464
38,997
Total cost of revenue
72,772
55,309
Gross profit
101,161
88,228
Gross margin
58%
61%
Operating expenses:
Research, development and clinical trials
24,879
17,160
Selling, general and administrative
62,985
43,625
Total operating expenses
87,864
60,785
Income from operations
13,297
27,443
Other income (expense):
Interest expense
(7,170)
(3,461)
Interest income and other income (expense), net
2,358
2,694
Total other expense, net
(4,812)
(767)
Income before income taxes
8,485
26,676
Provision for income taxes
(1,170)
(994)
Net income
$7,315
$25,682
Net income per share:
Basic
$0.21
$0.76
Diluted
$0.20
$0.70
Weighted average common shares outstanding:
Basic
34,384,207
33,721,603
Diluted
36,194,023
39,914,487
TransMedics Group, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
March 31,
December 31,
2026
2025
Assets
Current assets:
Cash
$461,739
$488,366
Accounts receivable
90,727
84,282
Inventory
49,890
48,881
Prepaid expenses and other current assets
16,924
16,254
Total current assets
619,280
637,783
Property, plant and equipment, net
361,571
327,656
Finance lease right-of-use assets, net
334,545
—
Operating lease right-of-use assets, net
4,858
5,155
Deferred tax assets
82,476
83,543
Restricted cash
18,438
500
Goodwill
11,549
11,549
Acquired intangible assets, net
—
1,948
Other non-current assets
2,103
239
Total assets
$1,434,820
$1,068,373
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$11,151
$10,350
Accrued expenses and other current liabilities
59,316
62,740
Current portion of long-term debt
15,000
10,000
Deferred revenue
2,945
2,905
Operating lease liabilities
3,508
3,310
Total current liabilities
91,920
89,305
Convertible senior notes, net
453,530
452,804
Long-term debt, net
44,665
49,587
Finance lease liability
343,829
—
Operating lease liabilities, net of current portion
2,883
3,577
Other long-term liabilities
3,986
—
Total liabilities
940,813
595,273
Total stockholders' equity
494,007
473,100
Total liabilities and stockholders' equity
$1,434,820
$1,068,373
TransMedics Group, Inc.NON-GAAP INCOME FROM OPERATIONS, NET INCOME AND DILUTED NET INCOME PER SHARE
RECONCILIATIONS(dollars in thousands, except per share)(unaudited)
Three Months Ended March 31, 2026
Income from
Operations
Operating
Margin %
Net Income
Diluted Net
Income per
Common Share
Reported
$13,297
7.6%
$7,315
$0.20
Non-GAAP adjustments:
Incremental amortization of acquired
intangible assets(1)
1,898
1.1%
1,418
0.04
Transaction-related costs(2)
2,707
1.6%
2,023
0.06
Headquarters relocation costs(3)
207
0.1%
155
0.00
Adjusted
$18,109
10.4%
$10,911
$0.30
Three Months Ended March 31, 2025
Income from
Operations
Operating
Margin %
Net Income
Diluted Net
Income per
Common Share
Reported
$27,443
19.1%
$25,682
$0.70
Non-GAAP adjustments:
Legal matters(4)
2,358
1.6%
1,759
0.04
Adjusted
$29,801
20.7%
$27,441
$0.74
(1)Incremental amortization of acquired intangible assets – We record intangible assets acquired in a business combination or asset acquisition at acquisition date fair values and amortize over their estimated useful lives. These adjustments reflect non-cash charges related to incremental amortization of acquired intangible assets, resulting from periodic reassessments of estimated economic lives. These amounts are excluded as they relate to discrete, non-routine activities rather than the Company's ongoing operations and therefore are not considered indicative of normal operating costs.
(2)Transaction-related costs – These adjustments primarily reflect direct and incremental costs incurred in connection with strategic initiatives and corporate development activities, and may include due diligence, deal fees, integration and other fees and costs related to transactions. The Company excludes only costs that are directly attributable to individually identifiable transactions that have progressed beyond preliminary evaluation, including those for which formal internal approvals have been obtained or third-party advisors have been engaged. Exploratory and other ongoing corporate development and strategy-related operating expenses are not excluded. Excluded costs are associated with discrete transaction events and are not reflective of the Company's core operating performance, although similar costs may be incurred in future periods.
(3)Headquarter relocation costs – These adjustments reflect primarily direct and incremental third-party professional fees, including valuation, accounting, and advisory services, incurred in connection with the Company's relocation of its headquarters to Somerville, Massachusetts. These costs may also include incremental depreciation of fixed assets resulting from reassessments of estimated economic lives in consideration of the relocation. The Company excludes only costs that are directly attributable to the relocation event and does not exclude ongoing occupancy, personnel, or other recurring operating expenses associated with the new headquarters.
(4)Legal matters - These adjustments reflect legal fees and other directly attributable costs incurred in connection with responding to and addressing matters arising from the short-seller report issued in January 2025. Such costs may include external legal counsel, advisory services, and other incremental expenses necessary to evaluate and defend against the claims. The Company excludes only costs that are specifically associated with this discrete event and does not exclude ongoing legal expenses related to normal business operations. These costs are excluded as they are non-recurring in nature and not indicative of the Company's core operating performance, although similar costs could arise in future periods. View original content to download multimedia:https://www.prnewswire.com/news-releases/transmedics-reports-first-quarter-2026-financial-results-302763147.htmlSOURCE TransMedics Group, Inc. Original: TransMedics Reports First Quarter 2026 Financial Results
US Market News
2月前
TransMedics Group Announces Intent to Create the First Dedicated European Transplant Logistics Network with Strategic Investment in PAD Aviation service GmbHApril 29, 2026 9:26 AM
PR Newswire (US)
Proposed strategic investment in Germany-based PAD Aviation, a premier European private aviation operator, intended to lay the foundation for TransMedics to establish a dedicated organ transplantation air logistics network across EuropeANDOVER, Mass., April 29, 2026 /PRNewswire/ -- TransMedics Group, Inc. ("TransMedics") (Nasdaq: TMDX), a medical technology company that is transforming organ transplant therapy for patients with end-stage lung, heart, and liver failure, today announced that it has entered into a definitive agreement to invest in PAD Aviation, a premier Germany-based private aviation operator.
The proposed strategic investment is intended to support TransMedics' ongoing efforts to replicate the successful U.S. NOP and logistics model by building a dedicated organ transplantation air and ground logistics network in Europe in support of its OCS™ perfusion platform and clinical services, with the goal of expanding access to donor organs and increasing transplant volumes for patients in need across the European Union."Building a dedicated transplant air logistics network in Europe is a necessary first step to supporting our European NOP strategy to bring the full benefits of our OCS technology and integrated logistics model to European patients in need of transplantation. We are already actively building our presence in Italy and our sights are set on expanding access to donor organs and increasing transplant volumes for patients across Europe over time. We look forward to working with the PAD team to advance this vision over the years ahead," said Waleed Hassanein, M.D., President and Chief Executive Officer of TransMedics.The proposed strategic investment is subject to the satisfaction of closing conditions specified in the definitive agreement between the parties (the "Agreement") as well as applicable regulatory conditions. TransMedics expects the transaction to close later in 2026 but can provide no assurance that the proposed transaction will be consummated. Financial terms are not being disclosed.About PAD Aviation service GmbH
PAD Aviation is a leading European business aviation operator, independent of commercial airlines. The company operates from its 24/7 hub in Paderborn, Germany, offering maximum flexibility—particularly for time-critical missions such as organ transport. From its centrally located base, PAD Aviation's aircraft can rapidly reach destinations across Europe. The company operates a modern fleet, including nine Embraer Phenom 300 aircraft, and employs more than 40 highly trained and type-rated pilots. PAD Aviation holds a valid EASA Air Operator Certificate (AOC).About TransMedics Group, Inc.
TransMedics is the world's leader in portable extracorporeal warm perfusion and assessment of donor organs for transplantation. Headquartered in Andover, Massachusetts, the company was founded to address the unmet need for more and better organs for transplantation and has developed technologies to preserve organ quality, assess organ viability prior to transplant, and potentially increase the utilization of donor organs for the treatment of end-stage heart, lung, and liver failure.Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements address various matters, including, among other things, the proposed strategic investment in PAD Aviation pursuant to the Agreement and the expected timing and consummation thereof; the anticipated benefits of the proposed strategic investment, including the establishment of dedicated air logistics infrastructure to support the OCS and NOP platforms in the European Union; our strategy of replicating our U.S. NOP model in Europe, including through dedicated air and ground logistics; the expected role of the aviation licensing, certifications, and operational infrastructure in supporting the European NOP; our ongoing commercial operations in Italy; and our broader international expansion plans and the costs related thereto. For this purpose, all statements other than statements of historical facts are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "could," "target," "predict," "seek" and similar expressions are intended to identify forward-looking statements.These forward-looking statements are subject to a number of risks and uncertainties. Management cannot predict all risks, nor can we assess the impact of all factors or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in or implied by any forward-looking statements we may make. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated in or implied by the forward-looking statements. Some of the key factors that could cause actual results to differ include: risks and uncertainties related to the pending strategic investment in PAD Aviation, including the occurrence of any event, change or other circumstance that could give rise to the termination of the Agreement; the risk that conditions to closing of the transaction are not obtained in a timely manner or at all; the effects of the transaction (or the announcement or pendency thereof) on relationships with associates, customers, manufacturers, suppliers, employees, other business partners or governmental entities; transaction costs; the risk that the transaction will divert management's attention from TransMedics' ongoing business operations or otherwise disrupts TransMedics' ongoing business operations; risks related to the ability to integrate PAD Aviation with TransMedics, including retaining key employees; risks related to operating an aviation business; risks related to the ability to further grow and enhance the National OCS Program; and other factors described in TransMedics' filings with the Securities and Exchange Commission (the "SEC"), including under the heading "Risk Factors" in TransMedics' Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 24, 2026, and comparable disclosure in our subsequent filings with the SEC. The forward-looking statements in this press release speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and we are not able to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.Investor Contact:
Brian Johnston
Gilmartin Group
Investors@transmedics.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/transmedics-group-announces-intent-to-create-the-first-dedicated-european-transplant-logistics-network-with-strategic-investment-in-pad-aviation-service-gmbh-302757305.htmlSOURCE TransMedics Group, Inc.
Original: TransMedics Group Announces Intent to Create the First Dedicated European Transplant Logistics Network with Strategic Investment in PAD Aviation service GmbH
US Market News
2月前
TransMedics to Provide Update on Ongoing Clinical Programs at the International Society of Heart and Lung Transplantation 2026 Annual MeetingApril 23, 2026 7:00 AM
PR Newswire (US)
Unveils New Controlled Hypothermic Organ Preservation System (CHOPS) to Expand its Product Portfolio and to Facilitate Enrollment in Control Arms of OCS ENHANCE Heart Part B and OCS DENOVO Lung Clinical TrialsANDOVER, Mass., April 23, 2026 /PRNewswire/ -- TransMedics Group, Inc. ("TransMedics") (Nasdaq: TMDX), a medical technology company that is transforming organ transplant therapy for patients with end-stage lung, heart, and liver failure, is today providing an update on its ongoing clinical programs at the International Society of Heart and Lung Transplantation (ISHLT) 2026 Annual Meeting in Toronto, Canada. At the meeting, TransMedics will unveil its new controlled, active cooling preservation device, the Controlled Hypothermic Organ Preservation System (CHOPS), aimed at facilitating the enrollment of the control arms of the OCS ENHANCE Heart Part B and OCS DENOVO Lung clinical trials.
CHOPS is a true active cooling device that provides a consistent and stable controlled cold storage environment for donor organs at a variety of temperature ranges that are established based on the recipient transplant program's preferences. In comparison, other current cold storage techniques use phase changing material that makes it difficult to control or adjust temperatures. CHOPS will be regulated by the U.S. Food and Drug Administration (FDA) as a new, stand-alone device for controlled hypothermic preservation. Importantly, TransMedics will submit an Investigation Device Exemption (IDE) amendment to allow CHOPS to serve as the control arm for both Part B of ENHANCE Heart and DENOVO Lung Trials. The FDA granted full approval of TransMedics' IDE for the Next-Generation OCS ENHANCE Heart trial in February 2026 and of the company's IDE for its Next-Generation OCS DENOVO Lung trial in January 2026. Part B of the ENHANCE trial is designed to assess the superiority of OCS Heart perfusion in donation after brain death (DBD) cases when compared to DBD cases using static cold storage methods. The OCS DENOVO trial is designed to assess the superiority of OCS Lung perfusion in DBD and donation after circulatory death (DCD) cases when compared to cases using static cold storage methods."Our commitment to building the highest level of prospective clinical evidence is what is driving us to conduct these two major clinical programs for heart and lung transplantation," said Waleed Hassanein, M.D., President and Chief Executive Officer. "With FDA review expected to conclude in the coming months, we anticipate being well positioned to support rigorous, FDA-acceptable comparisons in both the ENHANCE Heart Part B and DENOVO Lung trials. Importantly, if approved, this approach would also expand TransMedics' product offerings to include true controlled active cooling preservation devices to serve a broader segment of heart and lung transplant patients globally, based on prospective level 1 evidence."About TransMedics Group, Inc.
TransMedics is the world's leader in portable extracorporeal warm perfusion and assessment of donor organs for transplantation. Headquartered in Andover, Massachusetts, the company was founded to address the unmet need for more and better organs for transplantation and has developed technologies to preserve organ quality, assess organ viability prior to transplant, and potentially increase the utilization of donor organs for the treatment of end-stage heart, lung, and liver failure.Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements address various matters, including, among other things, future results and events, including the potential safety, efficacy, regulatory review or approval and commercial success of TransMedics' products and product candidates and those relating to the company's product development, pre-clinical testing, clinical studies, clinical and regulatory milestones and timelines, plans for TransMedics' Controlled Hypothermic Organ Preservation System, the company's IDE amendment submission, comparability in TransMedics' ENHANCE Heart Part B and DENOVO Lung trials, and the potential expansion of TransMedics' product offerings. For this purpose, all statements other than statements of historical facts are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "could," "target," "predict," "seek" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties. Our management cannot predict all risks, nor can we assess the impact of all factors or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in or implied by any forward-looking statements we may make. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated in or implied by the forward-looking statements. Some of the key factors that could cause actual results to differ include: the fluctuation of our financial results from quarter to quarter; our ability to attract, train and retain key personnel; our dependence on the success of the Organ Care System ("OCS"); our ability to expand access to the OCS through our National OCS Program ("NOP"); our ability to improve the OCS platform, including by developing the next generation of the OCS products or expanding into new indications, and the development, and potential commercialization of our OCS Kidney device and CHOPS; the timing or results of clinical trials for the OCS, including pre- and post-approval studies; our ability to sustain profitability; our need to raise additional funding and our ability to obtain it on favorable terms, or at all; our ability to use net operating losses and research and development credit carryforwards; that we have identified a material weakness in our internal control over financial reporting, and that we may identify additional material weaknesses in the future; our ability to scale our manufacturing and sterilization capabilities to meet increasing demand for our products; the rate and degree of market acceptance of the OCS; our ability to educate patients, surgeons, transplant centers and private and public payors on the benefits offered by the OCS; our dependence on a limited number of customers for a significant portion of our revenue; our ability to obtain or maintain regulatory approvals or clearances for our OCS products in the United States, the European Union, and other select jurisdictions worldwide as well as other product candidates, including CHOPS; our ability to adequately respond to the Food and Drug Administration ("FDA"), or other competent authorities, follow-up inquiries in a timely manner; the impact of healthcare policy changes, including recently enacted or potential future legislation or administrative actions affecting or reforming the U.S. healthcare system, Organ Procurement and Transplantation Network ("OPTN"), or the FDA; the performance of our third-party suppliers and manufacturers; our use of third parties to transport donor organs and medical personnel for our NOP and our ability to maintain and grow our transplant logistics capabilities to support our NOP to reduce dependence on third party transportation, including by means of attracting, training and retaining pilots, and the acquisition, maintenance or replacement of fixed-wing aircraft for our aviation transportation services or other acquisitions, joint ventures or strategic investments; our ability to maintain Federal Aviation Administration or other regulatory licenses or approvals for our aircraft transportation services; price increases of the components of our products and maintenance, parts and fuel for our aircraft; our manufacturing, sales, marketing and clinical support capabilities and strategy; attacks against our information technology infrastructure; the economic, political and other risks associated with our foreign operations; our ability to protect, defend, maintain and enforce our intellectual property rights relating to the OCS and avoid allegations that our products or services infringe, misappropriate or otherwise violate the intellectual property rights of third parties; the pricing of the OCS, as well as the reimbursement coverage for the OCS in the United States and internationally; regulatory developments in the United States, European Union and other jurisdictions; the impact of a shutdown of the U.S. government; the extent and success of competing products or procedures that are or may become available; our ability to service our 1.50% convertible senior notes, due 2028; our existing and any future indebtedness, including our ability to comply with affirmative and negative covenants under our credit agreements to which we will remain subject until maturity; the impact of any product recalls or improper use of our products; our international expansion plans and the costs related thereto; our estimates regarding revenue, expenses and needs for additional financing; and other factors that may be described in our filings with the Securities and Exchange Commission (the "SEC"). Additional information will be made available in our annual and quarterly reports and other filings that we make with the SEC. The forward-looking statements in this press release speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and we are not able to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.Investor Contact:
Brian Johnston
Hannah Jeffrey
Investors@transmedics.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/transmedics-to-provide-update-on-ongoing-clinical-programs-at-the-international-society-of-heart-and-lung-transplantation-2026-annual-meeting-302751622.htmlSOURCE TransMedics Group, Inc.
Original: TransMedics to Provide Update on Ongoing Clinical Programs at the International Society of Heart and Lung Transplantation 2026 Annual Meeting
US Market News
4月前
TransMedics Provides Additional Information on the Impact of the Release of the Valuation Allowance on Deferred Tax Assets on Previously Reported Fourth Quarter Financial ResultsFebruary 27, 2026 7:00 AM
PR Newswire (US)
ANDOVER, Mass., Feb. 27, 2026 /PRNewswire/ -- TransMedics Group, Inc. ("TransMedics") (Nasdaq: TMDX), a medical technology company that is transforming organ transplant therapy for patients with end-stage lung, heart, and liver failure, today issued additional information on the impact of the valuation allowance on deferred tax assets reported in the Company's fourth quarter financial results for the year ended December 31, 2025.
As previously disclosed, in the fourth quarter of 2025, TransMedics released a $103.3 million U.S. tax valuation allowance, which drove recognition of a net income tax benefit of $83.8 million in the fourth quarter. The Company released the U.S. tax valuation allowance because it determined that it had become more likely than not that future income would result in use of deferred tax assets.TransMedics' annual effective tax rate in 2025 was (77.0)%. TransMedics' annual effective tax rate in 2025, without the impact of the tax valuation allowance release, was 19.1%, a difference of 96.1 percentage points. An annual effective tax rate of 19.1% applied to fourth quarter income before income taxes of $21.6 million results in adjusted quarterly tax expense of $4.1 million. Fourth quarter net income was $105.4 million and net income per diluted share was $2.62. If the company applies an annual effective tax rate of 19.1%, fourth quarter adjusted net income is $17.5 million and net income per diluted share is $0.47.In future periods, TransMedics expects to recognize a quarterly income tax provision more in line with U.S. statutory corporate income tax rates. About TransMedics Group, Inc.
TransMedics is the world's leader in portable extracorporeal warm perfusion and assessment of donor organs for transplantation. Headquartered in Andover, Massachusetts, the company was founded to address the unmet need for more and better organs for transplantation and has developed technologies to preserve organ quality, assess organ viability prior to transplant, and potentially increase the utilization of donor organs for the treatment of end-stage heart, lung, and liver failure.Non-GAAP Measures
This release includes certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this release. The Company uses these non-GAAP measures as key performance indicators for the purpose of evaluating performance internally. We also believe that these non-GAAP measures provide investors with useful information with respect to our ongoing operations. Any non-GAAP financial measures presented are not, and should not be viewed as, substitutes for financial measures required by GAAP, have no standardized meaning prescribed by GAAP, and may not be comparable to the calculation of similar measures of other companies.Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements address various matters, including, among other things, future results and events, including our expectations for recognizing our quarterly income tax provisions in future periods. For this purpose, all statements other than statements of historical facts are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "could," "target," "predict," "seek" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties. Our management cannot predict all risks, nor can we assess the impact of all factors or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in or implied by any forward-looking statements we may make. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated in or implied by the forward-looking statements. Some of the key factors that could cause actual results to differ include: the fluctuation of our financial results from quarter to quarter; our ability to attract, train and retain key personnel; our dependence on the success of the Organ Care System ("OCSTM"); our ability to expand access to the OCS through our National OCS Program ("NOPTM"); our ability to improve the OCS platform, including by developing the next generation of the OCS products or expanding into new indications, and the development, and potential commercialization of our OCS Kidney device; the timing or results of clinical trials for the OCS, including pre- and post-approval studies; our ability to sustain profitability; our need to raise additional funding and our ability to obtain it on favorable terms, or at all; our ability to use net operating losses and research and development credit carryforwards; that we have identified a material weakness in our internal control over financial reporting, and that we may identify additional material weaknesses in the future; our ability to scale our manufacturing and sterilization capabilities to meet increasing demand for our products; the rate and degree of market acceptance of the OCS; our ability to educate patients, surgeons, transplant centers and private and public payors on the benefits offered by the OCS; our dependence on a limited number of customers for a significant portion of our revenue; our ability to maintain regulatory approvals or clearances for our OCS products in the United States, the European Union, and other select jurisdictions worldwide; our ability to adequately respond to the Food and Drug Administration ("FDA"), or other competent authorities, follow-up inquiries in a timely manner; the impact of healthcare policy changes, including recently enacted or potential future legislation or administrative actions affecting or reforming the U.S. healthcare system, Organ Procurement and Transplantation Network ("OPTN"), or the FDA; the performance of our third-party suppliers and manufacturers; our use of third parties to transport donor organs and medical personnel for our NOP and our ability to maintain and grow our transplant logistics capabilities to support our NOP to reduce dependence on third party transportation, including by means of attracting, training and retaining pilots, and the acquisition, maintenance or replacement of fixed-wing aircraft for our aviation transportation services or other acquisitions, joint ventures or strategic investments; our ability to maintain Federal Aviation Administration ("FAA") or other regulatory licenses or approvals for our aircraft transportation services; price increases of the components of our products and maintenance, parts and fuel for our aircraft; our manufacturing, sales, marketing and clinical support capabilities and strategy; attacks against our information technology infrastructure; the economic, political and other risks associated with our foreign operations; our ability to protect, defend, maintain and enforce our intellectual property rights relating to the OCS and avoid allegations that our products or services infringe, misappropriate or otherwise violate the intellectual property rights of third parties; the pricing of the OCS, as well as the reimbursement coverage for the OCS in the United States and internationally; regulatory developments in the United States, European Union and other jurisdictions; the impact of a shutdown of the U.S. government; the extent and success of competing products or procedures that are or may become available; our ability to service our 1.50% convertible senior notes, due 2028; our existing and any future indebtedness, including our ability to comply with affirmative and negative covenants under our credit agreements to which we will remain subject until maturity; the impact of any product recalls or improper use of our products; our international expansion plans and the costs related thereto; our estimates regarding revenue, expenses and needs for additional financing; and other factors that may be described in our filings with the Securities and Exchange Commission (the "SEC"). Additional information will be made available in our annual and quarterly reports and other filings that we make with the SEC. The forward-looking statements in this press release speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and we are not able to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.Investor Contact:
Brian Johnston
Laine Morgan
Gilmartin Group
332-895-3222
Investors@transmedics.com TransMedics Group, Inc.
NON-GAAP NET INCOME AND NET INCOME PER SHARE RECONCILIATIONS
(in thousands, except per share data)
Three Months Ended December 31, 2025
Income before income
taxes(Provision) benefit for
income taxesNet IncomeNet income per share:
DilutedReported
$ 21,633$ 83,750$ 105,383$ 2.62Non-GAAP adjustments:
Benefit on release of valuation allowance
(103,301)(103,301)(2.52) Impact of valuation allowance release on effective annual tax rate (1)
15,41415,4140.38Adjusted
$ 21,633$ (4,137)$ 17,496$ 0.47
(1) Applies an annual effective tax rate of 19.1%, which is the annual effective tax rate for 2025 of (77.0)% adjusted by 96.1 percentage points due to the impact of the tax valuation allowance release.
View original content to download multimedia:https://www.prnewswire.com/news-releases/transmedics-provides-additional-information-on-the-impact-of-the-release-of-the-valuation-allowance-on-deferred-tax-assets-on-previously-reported-fourth-quarter-financial-results-302699161.htmlSOURCE TransMedics Group, Inc.
Original: TransMedics Provides Additional Information on the Impact of the Release of the Valuation Allowance on Deferred Tax Assets on Previously Reported Fourth Quarter Financial Results
US Market News
4月前
TransMedics Reports Fourth Quarter and Full Year 2025 Financial ResultsFebruary 24, 2026 4:05 PM
PR Newswire (US)
ANDOVER, Mass., Feb. 24, 2026 /PRNewswire/ -- TransMedics Group, Inc. ("TransMedics") (Nasdaq: TMDX), a medical technology company that is transforming organ transplant therapy for patients with end-stage lung, heart, and liver failure, today reported financial results for the quarter and year ended December 31, 2025.
Recent Highlights Total revenue of $160.8 million in the fourth quarter of 2025, a 32% increase compared to the fourth quarter of 2024Total revenue of $605.5 million in the full year 2025, a 37% increase compared to the full year 2024Generated net income of $105.4 million, or $2.62 per diluted share, in the fourth quarter of 2025, which includes a net income tax benefit of $83.8 million primarily due to the release of the valuation allowance related to deferred tax assetsGenerated net income of $190.3 million, or $4.87 per diluted share, in the full year 2025, which includes a net income tax benefit of $82.8 millionCompleted 5,139 U.S. OCS cases in the full year 2025, a 38% increase compared to 3,735 U.S. OCS cases in the full year 2024Owned 22 aircraft as of December 31, 2025Announced the signing of a long-term lease for new global headquarters at Assembly Innovation Park in Somerville, Mass. and the acquisition of adjacent land to create a fully integrated TransMedics campusReceived FDA approval for the OCS ENHANCE Heart and DENOVO Lung trialsAppointed Amanda Sorrento as SVP Global Human Resources, effective January 5, 2026Appointed Giovanni Cecere as Chief Commercial Officer, effective February 2, 2026Tamer Khayal, M.D. assumed the new role of SVP of International to drive NOP model across Europe and rest of the worldAppointed Matthew Forsyth as Senior Vice President, General Counsel & Corporate Secretary, effective March 9, 2026"We are very pleased with our fourth quarter and full year 2025 performance. These results reflect strong execution, continued adoption of our OCSTM NOPTM program, and disciplined investment to support sustained long-term growth," said Waleed Hassanein, M.D., President and Chief Executive Officer. "We have several strategic growth initiatives lined up for 2026 to catalyze growth short, mid- and long-term for TransMedics. We are laser focused on executing on these initiatives by accelerating heart and lung adoption in the US through our ongoing clinical programs, launching our NOP model in Europe, and preparing for the clinical launch of our OCS Kidney program. Achieving our goals would make 2026 another transformative year for TransMedics and catalyze our growth for the next several years, while advancing our mission to expand access and improve clinical outcomes for transplant patients globally."Fourth Quarter 2025 Financial Results
Total revenue for the fourth quarter of 2025 was $160.8 million, a 32% increase compared to $121.6 million in the fourth quarter of 2024. The increase was due primarily to the increase in utilization of the Organ Care System ("OCS"), primarily in Liver and Heart through the National OCS Program ("NOP") and related NOP service revenue fueled by the continued expansion and utilization of our aviation fleet.Gross margin for the fourth quarter of 2025 was 58%, compared to 59% in the fourth quarter of 2024. The change from prior year is a result of higher clinical service expenses in support of NOP expansion and higher freight cost.Operating expenses for the fourth quarter of 2025 were $72.1 million, compared to $63.4 million in the fourth quarter of 2024. The increase in operating expenses was driven primarily by increased research and development investment as well as investment throughout the organization to support the growth of the company. Fourth quarter operating expenses in 2025 included $9.1 million of stock compensation expense compared to $10.4 million of stock compensation expense in the fourth quarter of 2024.Net income for the fourth quarter of 2025 was $105.4 million, or 66% of revenue, compared to $6.9 million in the fourth quarter of 2024. This includes a net income tax benefit of $83.8 million, primarily driven by a one-time benefit of $103.3 million from the release of the Company's valuation allowance related to deferred tax assets.Full Year 2025 Financial Results
Total revenue for the full year of 2025 was $605.5 million, an 37% increase compared to $441.5 million for the full year of 2024. The increase was driven primarily by the increase in utilization of the OCS across all three organs through the NOP as well as additional revenue generated by TransMedics logistics services.Gross margin for the full year of 2025 was 60%, compared to 59% in the full year of 2024. The change from prior year was a result of increased efficiencies in transplant logistics and benefits of scale.Operating expenses for the full year of 2025 were $254.2 million, compared to $224.6 million in the full year of 2024. The increase in operating expense was driven primarily by increased research and development investment as well as investment throughout the organization to support the growth of the company. Full year operating expenses in 2025 included $35.5 million of stock compensation expense compared to $31.7 million of stock compensation expense in the full year of 2024.Net income for the full year of 2025 was $190.3 million, or 31% of revenue, compared to $35.5 million in the full year of 2024. This includes a net income tax benefit of $82.8 million, primarily driven by a one-time benefit of $103.3 million from the release of the Company's valuation allowance related to deferred tax assets.Cash was $488.4 million as of December 31, 2025 compared to $466.2 million as of September 30, 2025.2026 Financial Outlook
TransMedics expects total revenue for the full year 2026 to be in the range of $727 million to $757 million, which represents 20% to 25% growth compared to the company's prior year revenue.Webcast and Conference Call Details
The TransMedics management team will host a conference call beginning at 4:30 p.m. ET / 1:30 p.m. PT on Tuesday, February 24, 2026. Investors interested in listening to the conference call may do so by dialing (800) 715-9871 for domestic callers or (646) 307-1963 for international callers and providing access code 8036478. A live and archived webcast of the event and the company's slide presentation with information on fourth quarter and full year 2025 financial results will be available on the "Investors" section of the TransMedics website at www.transmedics.com.About TransMedics Group, Inc.
TransMedics is the world's leader in portable extracorporeal warm perfusion and assessment of donor organs for transplantation. Headquartered in Andover, Massachusetts, the company was founded to address the unmet need for more and better organs for transplantation and has developed technologies to preserve organ quality, assess organ viability prior to transplant, and potentially increase the utilization of donor organs for the treatment of end-stage heart, lung, and liver failure.Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements address various matters, including, among other things, future results and events, including financial guidance and projected estimates, growth initiatives for our business both in the U.S. and globally, our strategic initiatives to catalyze short, mid- and long-term growth in 2026 and over the next several years, our goals for 2026 and our focus on accelerating heart and lung transplant adoption in the U.S., launching our NOP model in Europe and preparing for the launch for OCS kidney program, and advancing our mission to expand access and improve clinical outcomes for transplant patients globally. For this purpose, all statements other than statements of historical facts are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "could," "target," "predict," "seek" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties. Our management cannot predict all risks, nor can we assess the impact of all factors or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in or implied by any forward-looking statements we may make. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated in or implied by the forward-looking statements. Some of the key factors that could cause actual results to differ include: the fluctuation of our financial results from quarter to quarter; our ability to attract, train and retain key personnel; our dependence on the success of the Organ Care System ("OCS"); our ability to expand access to the OCS through our National OCS Program ("NOP"); our ability to improve the OCS platform, including by developing the next generation of the OCS products or expanding into new indications, and the development, and potential commercialization of our OCS Kidney device; the timing or results of clinical trials for the OCS, including pre- and post-approval studies; our ability to sustain profitability; our need to raise additional funding and our ability to obtain it on favorable terms, or at all; our ability to use net operating losses and research and development credit carryforwards; that we have identified a material weakness in our internal control over financial reporting, and that we may identify additional material weaknesses in the future; our ability to scale our manufacturing and sterilization capabilities to meet increasing demand for our products; the rate and degree of market acceptance of the OCS; our ability to educate patients, surgeons, transplant centers and private and public payors on the benefits offered by the OCS; our dependence on a limited number of customers for a significant portion of our revenue; our ability to maintain regulatory approvals or clearances for our OCS products in the United States, the European Union, and other select jurisdictions worldwide; our ability to adequately respond to the Food and Drug Administration ("FDA"), or other competent authorities, follow-up inquiries in a timely manner; the impact of healthcare policy changes, including recently enacted or potential future legislation or administrative actions affecting or reforming the U.S. healthcare system, Organ Procurement and Transplantation Network ("OPTN"), or the FDA; the performance of our third-party suppliers and manufacturers; our use of third parties to transport donor organs and medical personnel for our NOP and our ability to maintain and grow our transplant logistics capabilities to support our NOP to reduce dependence on third party transportation, including by means of attracting, training and retaining pilots, and the acquisition, maintenance or replacement of fixed-wing aircraft for our aviation transportation services or other acquisitions, joint ventures or strategic investments; our ability to maintain Federal Aviation Administration ("FAA") or other regulatory licenses or approvals for our aircraft transportation services; price increases of the components of our products and maintenance, parts and fuel for our aircraft; our manufacturing, sales, marketing and clinical support capabilities and strategy; attacks against our information technology infrastructure; the economic, political and other risks associated with our foreign operations; our ability to protect, defend, maintain and enforce our intellectual property rights relating to the OCS and avoid allegations that our products or services infringe, misappropriate or otherwise violate the intellectual property rights of third parties; the pricing of the OCS, as well as the reimbursement coverage for the OCS in the United States and internationally; regulatory developments in the United States, European Union and other jurisdictions; the impact of a shutdown of the U.S. government; the extent and success of competing products or procedures that are or may become available; our ability to service our 1.50% convertible senior notes, due 2028; our existing and any future indebtedness, including our ability to comply with affirmative and negative covenants under our credit agreements to which we will remain subject until maturity; the impact of any product recalls or improper use of our products; our international expansion plans and the costs related thereto; our estimates regarding revenue, expenses and needs for additional financing; and other factors that may be described in our filings with the Securities and Exchange Commission (the "SEC"). Additional information will be made available in our annual and quarterly reports and other filings that we make with the SEC. The forward-looking statements in this press release speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and we are not able to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.Investor Contact:
Brian Johnston
Laine Morgan
Gilmartin Group
332-895-3222
Investors@transmedics.com TransMedics Group, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Revenue:
Net product revenue
$100,390
$74,948
$372,401
$273,866
Service revenue
60,374
46,676
233,093
167,674
Total revenue
160,764
121,624
605,494
441,540
Cost of revenue:
Cost of net product revenue
23,402
16,545
77,822
58,345
Cost of service revenue
43,948
33,066
164,866
121,114
Total cost of revenue
67,350
49,611
242,688
179,459
Gross profit
93,414
72,013
362,806
262,081
Gross margin
58%
59%
60%
59%
Operating expenses:
Research, development and clinical trials
20,701
16,464
69,055
55,968
Selling, general and administrative
51,440
46,905
185,168
168,617
Total operating expenses
72,141
63,369
254,223
224,585
Income from operations
21,273
8,644
108,583
37,496
Other income (expense):
Interest expense
(3,354)
(3,571)
(13,782)
(14,409)
Interest income and other income (expense), net
3,714
1,916
12,721
12,693
Total other income (expense), net
360
(1,655)
(1,061)
(1,716)
Income before income taxes
21,633
6,989
107,522
35,780
(Provision) benefit for income taxes
83,750
(132)
82,769
(316)
Net income
$105,383
$6,857
$190,291
$35,464
Net income per share:
Basic
$3.08
$0.20
$5.60
$1.07
Diluted
$2.62
$0.19
$4.87
$1.01
Weighted average common shares outstanding:
Basic
34,220,360
33,592,408
33,993,468
33,229,953
Diluted
40,927,898
35,211,121
40,540,694
35,216,837
TransMedics Group, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
December 31,
2025
2024
Assets
Current assets:
Cash
$488,366
$336,650
Accounts receivable
84,282
97,722
Inventory
48,881
46,554
Prepaid expenses and other current assets
16,254
16,290
Total current assets
637,783
497,216
Property, plant and equipment, net
327,656
285,970
Operating lease right-of-use assets
5,155
6,481
Deferred tax assets
83,543
—
Restricted cash
500
500
Goodwill
11,549
11,549
Acquired intangible assets, net
1,948
2,152
Other non-current assets
239
208
Total assets
$1,068,373
$804,076
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$10,350
$10,292
Accrued expenses and other current liabilities
62,740
45,152
Current portion of long-term debt
10,000
—
Deferred revenue
2,905
1,742
Operating lease liabilities
3,310
2,727
Total current liabilities
89,305
59,913
Convertible senior notes, net
452,804
449,939
Long-term debt, net
49,587
59,372
Operating lease liabilities, net of current portion
3,577
6,249
Total liabilities
595,273
575,473
Total stockholders' equity
473,100
228,603
Total liabilities and stockholders' equity
$1,068,373
$804,076
View original content to download multimedia:https://www.prnewswire.com/news-releases/transmedics-reports-fourth-quarter-and-full-year-2025-financial-results-302696184.htmlSOURCE TransMedics Group, Inc.
Original: TransMedics Reports Fourth Quarter and Full Year 2025 Financial Results
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