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TMDX

TransMedics Group, Inc.

TMDX

TransMedics Group, Inc. • NASDAQ
$146.31 ▲ 0.38% (+0.56)
Market Cap $5.00 B
52w High $148.59
52w Low $55.00
Dividend Yield 0%
P/E 57.38
Volume 260.87K
Outstanding Shares 34.17M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $143.823M ▼ $61.275M ▲ $24.319M ▼ 16.909% ▼ $0.71 ▼ $33.371M ▼
Q2-2025 $157.37M ▲ $60.022M ▼ $34.907M ▲ 22.181% ▲ $1.03 ▲ $46.389M ▲
Q1-2025 $143.537M ▲ $60.785M ▼ $25.682M ▲ 17.892% ▲ $0.76 ▲ $36.274M ▲
Q4-2024 $121.624M ▲ $63.369M ▲ $6.857M ▲ 5.638% ▲ $0.2 ▲ $16.24M ▲
Q3-2024 $108.761M $56.922M $4.216M 3.876% $0.13 $13.039M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $466.174M ▲ $946.032M ▲ $590.832M ▲ $355.2M ▲
Q2-2025 $400.575M ▲ $890.522M ▲ $572.421M ▲ $318.101M ▲
Q1-2025 $310.143M ▼ $837.53M ▲ $571.222M ▼ $266.308M ▲
Q4-2024 $336.65M ▲ $804.076M ▲ $575.473M ▼ $228.603M ▲
Q3-2024 $330.094M $785.571M $575.651M $209.92M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $24.319M ▼ $69.573M ▼ $-7.624M ▲ $3.641M ▼ $65.599M ▼ $61.949M ▼
Q2-2025 $34.907M ▲ $91.609M ▲ $-9.075M ▲ $7.089M ▲ $90.432M ▲ $82.534M ▲
Q1-2025 $25.682M ▲ $-2.855M ▼ $-27.038M ▼ $3.028M ▲ $-26.507M ▼ $-29.893M ▼
Q4-2024 $6.857M ▲ $19.663M ▲ $-13.606M ▲ $1.186M ▼ $6.556M ▲ $6.057M ▲
Q3-2024 $4.216M $6.857M $-47.762M $7.862M $-32.657M $-41.346M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $70.00M ▲$90.00M ▲$100.00M ▲$90.00M ▼
Service
Service
 $0 ▲$60.00M ▲$60.00M ▲$60.00M ▲

Five-Year Company Overview

Income Statement

Income Statement TransMedics has shifted from being a small, loss-making company to a fast-growing, profitable one. Revenue has climbed sharply every year, showing strong adoption of its organ-care platform. Profitability metrics have moved steadily in the right direction: gross profit has scaled with sales, operating losses have turned into an operating profit, and net income is now positive after several years of losses. Earnings per share have improved from meaningfully negative to meaningfully positive, reflecting both growth and better cost leverage. The overall income statement tells a story of a company moving from early commercialization into a more mature, scalable phase, though it is still in a relatively early growth stage.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly as the business has grown. Total assets have risen several-fold, driven by investment in equipment, logistics, and supporting infrastructure. Cash remains a meaningful part of the asset base, although it has come down somewhat as the company has invested for growth. Debt has increased and now represents a sizable portion of the capital structure, meaning leverage is an important risk to monitor. Shareholders’ equity has also grown, helped by the move to profitability and prior capital raises. Overall, the company now has a larger, more complex balance sheet, with clear financial strength from its asset base but also higher financial obligations that require continued operational execution.

Cash Flow

Cash Flow TransMedics’ cash flows show a classic high-growth, investment-heavy profile. Operating cash flow has improved from sustained outflows to a modest inflow, which aligns with the transition to profitability and growing scale. However, free cash flow is still negative because the company is spending heavily on capital investments, likely tied to its logistics network, equipment, and facilities. This means the business is not yet self-funding on a fully loaded basis and still consumes cash to support its expansion. The key question going forward is whether continued growth and improving margins can offset these investment needs and eventually turn free cash flow sustainably positive.

Competitive Edge

Competitive Edge TransMedics appears to hold a strong competitive position in a very specialized niche. Its Organ Care System is currently the only FDA-approved portable warm perfusion platform that covers multiple organs, which gives it a clear technological and regulatory edge. On top of the device itself, the company has built a vertically integrated service model—the National OCS Program—that bundles technology, clinical teams, and dedicated air and ground logistics. This end-to-end offering is difficult and expensive for competitors to replicate and creates a high barrier to entry. Competitors do exist in organ preservation and transport, but most focus on improved cold storage or less integrated services, which appear less comprehensive. The flip side is that TransMedics is highly concentrated in a single, regulated market, so it relies heavily on ongoing clinical adoption, reimbursement support, and flawless execution in a mission-critical medical setting.

Innovation and R&D

Innovation and R&D Innovation is at the core of TransMedics’ strategy and seems to be a major strength. The company is not only refining its existing heart, lung, and liver platforms but also preparing to enter the much larger kidney transplant market, which could significantly expand its opportunity if successful. Next-generation versions of its heart and lung systems, supported by new clinical trials, aim to improve outcomes and deepen clinical acceptance. In parallel, TransMedics is building a digital layer (NOP Connect) to coordinate retrieval and transport, and is exporting its integrated model to Europe with specialized transportation partnerships. All of this underscores a strong R&D and product-development engine, but it does come with typical innovation risks: clinical trial uncertainty, regulatory approval timing, and the challenge of executing multiple large projects at once.

Summary

Overall, TransMedics looks like a company that has moved from concept to commercial reality and is now scaling quickly. The financials show rapid revenue growth, improving margins, and a recent turn to profitability, but also continued cash use and higher debt as it invests heavily in infrastructure. Strategically, the business is built around a differentiated technology and a tightly integrated service model that together create a meaningful moat in organ transplantation. Future growth potential is tied to broader adoption in current organs, entry into kidneys, digital coordination tools, and international expansion. Key risks revolve around execution in a complex medical field, dependence on regulatory and reimbursement frameworks, competition catching up technologically, and the need to manage leverage and cash use carefully as the company grows.

NEWS

November 18, 2025 · 4:05 PM UTC

TransMedics to Participate in the Piper Sandler 37th Annual Healthcare Conference

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October 31, 2025 · 4:05 PM UTC

TransMedics Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

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October 29, 2025 · 4:05 PM UTC

TransMedics Reports Third Quarter 2025 Financial Results

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October 15, 2025 · 4:05 PM UTC

TransMedics to Report Third Quarter 2025 Financial Results on October 29, 2025

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September 22, 2025 · 2:00 AM UTC

TransMedics and Mercedes-Benz Announce Strategic Collaboration to Launch First Dedicated Organ Transplantation Ground Transportation Network in Italy

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