TransMedics Group, Inc.

Listed Company

TMDXCIK 0001756262NasdaqLarge AcceleratedElectromedical & Electrotherapeutic ApparatusMassachusettsFY ends Dec 31

Period

FY 2025

Revenue

$605.49M

Net Income

$190.30M

Total Assets

$1.07B

Equity

$473.10M

Shares Out

34.30M

Op. Cash Flow

$192.84M

Business

TransMedics Group, Inc. is a medical technology company that develops and commercializes organ preservation systems and related services to transform organ transplant therapy. Its principal offerings include the Organ Care System (OCS) — a portable, warm perfusion platform with organ-specific consoles, disposable perfusion sets and solution additives — and the National OCS Program (NOP), an outsourced organ procurement, perfusion management and logistics service. The company operates through product and service lines centered on the multi-organ OCS platform and the NOP. It distributes and provides services primarily in the United States and sells directly to transplant centers and via its NOP, with additional commercial and distribution activities in Europe and other international markets.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	605	442	242	93	30
Total cost of revenue	243	179	88	28	9
Gross profit	363	262	154	65	21
Research, development and clinical trials	69	56	36	27	22
Acquired in-process research and development expenses	—	—	27	—	—
Selling, general and administrative	185	169	120	70	38
Total operating expenses	254	225	183	97	61
Income (loss) from operations	109	37	−29	−31	−39
Interest expense	−14	−14	−11	−4	—
Interest income and other income (expense), net	13	13	13	−1	—
Total other income (expense), net	−1	−2	2	−5	−5
Income (loss) before income taxes	108	36	−27	−36	−44
(Provision) benefit for income taxes	83	−316,000	2	−66,000	—
Net income (loss)	190	36	−25	−36	−44
Net income (loss) per share, basic	5.6	1.07	−0.77	−1.23	−1.6
Net income (loss) per share, diluted	4.87	1.01	−0.77	−1.23	−1.6
Weighted average common shares outstanding, basic	34	33	33	30	28
Weighted average common shares outstanding, diluted	41	35	33	30	28

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash	488	337	395	201	—
Accounts receivable	84	98	64	28	6
Inventory	49	47	44	21	15
Prepaid expenses and other current assets	16	16	8	3	5
Total current assets	638	497	511	252	119
Property, plant and equipment, net	328	286	174	19	10
Operating lease right-of-use assets	5	6	7	5	6
Deferred tax assets	84	—	—	—	—
Restricted cash	500,000	500,000	500,000	500,000	500,000
Goodwill	12	12	12	—	—
Acquired intangible assets, net	2	2	2	—	—
Other non-current assets	239,000	208,000	62,000	—	—
Total assets	1,068	804	706	277	135
Accounts payable	10	10	13	3	7
Accrued expenses and other current liabilities	63	45	38	19	16
Long-Term Debt, Current Maturities	10	—	—	—	—
Deferred revenue	3	2	2	241,000	250,000
Operating lease liabilities	3	3	2	1	—
Total current liabilities	89	60	55	24	23
Convertible senior notes, net	453	450	447	—	—
Long-term debt, net	50	59	59	59	—
Operating lease liabilities, net of current portion	4	6	8	7	9
Total liabilities	595	575	569	90	67
Commitments and contingencies (Note 13)	—	—	—	—	—
Preferred stock, no par value; 25,000,000 shares authorized; no shares issued or outstanding	—	—	—	—	—
Common stock, no par value; 150,000,000 shares authorized; 34,267,802 shares and 33,617,972 shares issued and outstanding as of December 31, 2025 and 2024, respectively	751	697	641	666	510
Accumulated other comprehensive loss	124,000	−364,000	−199,000	−225,000	−188,000
Accumulated deficit	−278	−468	−504	−479	−442
Total stockholders equity	473	229	137	187	68
Total liabilities and stockholders equity	1,068	804	706	277	135

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income (loss)	190	35	−25	−36	−44
Depreciation and amortization expense	27	20	8	3	2
Stock-based compensation expense	37	33	20	10	7
Deferred taxes	−84	—	−2	—	—
Non-cash interest expense and end of term accretion expense	3	3	2	465,000	540,000
Non-cash lease expense	2	2	1	717,000	829,000
Unrealized foreign currency transaction (gains) losses	−2	665,000	−342,000	1	928,000
Loss on disposal of fixed assets	80,000	17,000	—	—	—
Accounts receivable	14	−34	−34	−22	840,000
Inventory	−8	−8	−28	−8	−5
Prepaid expenses and other current assets	−4	−6	−2	3	−3
Other non-current assets	−23,000	−149,000	−54,000	—	—
Accounts payable	−19,000	−1	7	−3	5
Accrued expenses and other current liabilities	18	8	14	3	5
Deferred revenue	1	−203,000	83,000	—	7,000
Operating lease liabilities	−3	−2	−2	255,000	236,000
Net cash provided by (used in) operating activities	193	49	−13	−46	−29
Purchases of property, plant and equipment	−59	−130	−152	−12	−4
Purchase of business, net of cash acquired	—	441,000	−15	—	—
Purchase of in-process research and development assets	—	—	−27	—	—
Net cash used in investing activities	−59	−129	−194	55	29
Proceeds from issuance of convertible senior notes, net of issuance costs paid of $14,620	—	—	445	—	—
Purchases of capped calls related to convertible senior notes	—	—	−52	—	—
Proceeds from issuance of common stock upon exercise of stock options	14	21	6	5	974,000
Proceeds from issuance of common stock in connection with employee stock purchase plan	3	2	955,000	509,000	419,000
Tax withholding payments related to net settlement of restricted stock units	−138,000	—	—	—	—
Net cash provided by financing activities	17	23	400	168	1
Effect of exchange rate changes on cash and restricted cash	1	−536,000	193,000	−1	−797,000
Net increase (decrease) in cash and restricted cash	152	−58	194	176	999,000
Cash paid for interest	11	11	8	3	3
Transfers of inventory to property, plant and equipment	6	6	5	2	2
Purchases of property, plant and equipment included in accounts payable and accrued expenses	2	2	2	62,000	1
Operating lease liabilities arising from obtaining right-of-use assets	795,000	1	2	—	—
Conversion of convertible senior notes into common stock	—	4,000	—	—	—

Filings

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