TransMedics Group, Inc. Fair Value Disclosure
The Company did not have assets measured at fair value on a recurring basis as of December 31, 2022.
The following table presents the Company’s fair value hierarchy for its assets that were measured at fair value on a recurring basis as of December 31, 2021 (in thousands):
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Fair Value Measurements at December 31, 2021 Using: |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Cash equivalents: |
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Money market funds |
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$ |
11,169 |
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$ |
— |
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$ |
— |
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$ |
11,169 |
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Marketable securities: |
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U.S. Treasury securities |
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— |
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63,874 |
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— |
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63,874 |
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U.S. government agency bonds |
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— |
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2,998 |
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— |
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2,998 |
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$ |
11,169 |
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$ |
66,872 |
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$ |
— |
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$ |
78,041 |
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Money market funds were valued by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. U.S. Treasury securities and U.S. government agency bonds were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy.
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About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.