Financials

TransMedics Group Inc. financials

TMDX Health Care Equipment and Supplies

TransMedics Group Inc. is a U.S.-based health care company founded in 2008 that markets the innovative Organ Care System (OCS), a portable organ perfusion system designed to improve transplant outcomes. The company earns revenue from hardware sales and recurring consumable services provided to hospitals and transplant centers. Led by CEO Dr. Christopher J. Love, TransMedics has captured an estimated 15-20% share of the U.S. organ perfusion market while expanding its clinical footprint. Its future initiatives include launching additional organ modules and entering international markets to drive further growth.

Snapshot

TransMedics Group Inc. reported $605M in revenue in fiscal 2025, up 37.1% year over year, with an operating margin of 17.9%.

Revenue (FY2025): $605M
YoY growth: +37.1%
Operating margin: 17.9%
Direction: Expanding

Financial statements

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenues	605,494	441,540	241,623	93,459
Cost of Sales	242,688	179,459	87,530	28,187
Gross Profit	362,806	262,081	154,093	65,272
Selling, General & Administrative Expenses	185,168	168,617	119,553	69,897
Research & Development Expenses	69,055	55,968	27,212	26,812
Operating Profit	108,583	37,496	(28,727)	(31,437)
Interest and Investment Income	12,721	12,693	12,847	(1,002)
Interest Expense	(13,782)	(14,409)	(10,791)	(3,726)
Total Non-Operating Income	(1,061)	(1,716)	2,056	(4,728)
Income Before Provision for Income Taxes	107,522	35,780	(26,671)	(36,165)
Provision for Income Taxes	(82,769)	316	(1,643)	66
Consolidated Net Income	190,291	35,464	(25,028)	(36,231)
Net Income Attributable to Common Shareholders	190,291	35,464	(25,028)	(36,231)
Basic EPS	5.60	1.07	-0.77	-1.23
Diluted EPS	4.87	1.01	-0.77	-1.23
Basic Weighted Average Shares Outstanding	33,994	33,230	32,517	29,557
Diluted Weighted Average Shares Outstanding	40,541	35,217	32,517	29,557
Shares Outstanding	34,268	33,618	32,671	32,141

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	488,366	336,650	394,812	201,182
Total Cash and Cash Equivalents	488,366	336,650	394,812	201,182
Accounts Receivable	84,282	97,722	63,576	27,611
Total Trade Receivables	84,282	97,722	63,576	27,611
Inventories	48,881	46,554	44,235	20,605
Other Current Assets	16,254	16,290	8,031	2,896
Total Current Assets	637,783	497,216	510,654	252,294
Net Property, Plant & Equipment	332,811	292,451	180,487	24,353
Net Intangible Assets	1,948	2,152	2,354	—
Goodwill	11,549	11,549	11,990	—
Other Long-Term Assets	84,282	708	562	500
Total Assets	1,068,370	804,076	706,047	277,147
Accounts Payable	10,350	10,292	12,717	3,341
Accrued Expenses	62,740	45,152	38,221	18,635
Current Portion of Long-Term Debt	10,000	—	—	—
Current Portion of Leases	3,310	2,727	2,035	1,444
Unearned Revenue	2,905	1,742	1,961	241
Total Current Liabilities	89,305	59,913	54,934	23,661
Long-Term Debt	502,391	509,311	506,204	58,696
Leases	3,577	6,249	7,707	7,415
Total Long-Term Liabilities	505,968	515,560	513,911	66,111
Total Liabilities	595,273	575,473	568,845	89,772
Common Stock	750,926	697,208	641,106	666,277
Accumulated Other Comprehensive Income	124	(364)	(199)	(225)
Retained Earnings	(277,950)	(468,241)	(503,705)	(478,677)
Total Common Shareholders' Equity	473,100	228,603	137,202	187,375
Total Shareholders' Equity	473,100	228,603	137,202	187,375
Total Liabilities and Shareholders' Equity	1,068,370	804,076	706,047	277,147

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	190,291	35,464	(25,028)	(36,231)
Depreciation & Amortization	27,185	19,758	8,177	3,478
Share-Based Compensation Expense	36,861	33,224	19,791	10,321
Other Adjustments	(79,873)	5,357	28,379	3,374
Changes in Trade Receivables	13,950	(34,310)	(33,816)	(21,678)
Changes in Inventories	(7,716)	(8,353)	(28,092)	(8,024)
Changes in Accounts Payable	(19)	(1,396)	6,957	(3,270)
Changes in Accrued Expenses	17,694	7,938	14,250	3,437
Changes in Unearned Revenue	1,144	(203)	83	—
Changes in Other Operating Activities	(6,677)	(8,676)	(3,729)	2,776
Cash from Operating Activities	192,840	48,803	(13,028)	(45,817)
Capital Expenditure	(59,251)	(129,744)	(151,847)	(11,907)
Purchases of Intangible Assets	—	—	(27,212)	—
Purchases of Investments	—	—	—	(10,496)
Proceeds from Sale of Investments	—	—	—	76,916
Payments for Business Acquisitions	—	441	(14,894)	—
Cash from Investing Activities	(59,251)	(129,303)	(193,953)	54,513
Issuance of Long-Term Debt	—	—	445,380	58,509
Repayments of Long-Term Debt	—	—	—	(36,050)
Net Issuance / (Repayments) of Long-Term Debt	—	—	445,380	22,459
Issuance of Common Shares	16,995	22,874	7,110	145,468
Repurchases of Common Shares	(138)	—	—	—
Net Issuance / (Repurchases) of Common Shares	16,857	22,874	7,110	145,468
Other Financing Activities	—	—	(52,072)	—
Cash from Financing Activities	16,857	22,874	400,418	167,927
Effect of Exchange Rate Changes on Cash and Cash Equivalents	1,270	(536)	193	(1,021)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	151,716	(58,162)	193,630	175,602

Key metrics

$4.17B

Market Cap

24.98x

P/E

6.88x

P/S

30.93x

EV/EBITDA

54.2%

Return on Equity

41.8%

Return on Invested Capital

7.14x

Current Ratio

22.1%

Free Cash Flow Margin

Quarterly trend

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q1 2026	$174M	+21.2%	7.6%	$13M
Q4 2025	$161M	+32.2%	13.2%	$21M
Q3 2025	$144M	+32.2%	16.2%	$23M
Q2 2025	$157M	+37.7%	23.2%	$37M
Q1 2025	$144M	—	19.1%	$27M
Q4 2024	$122M	—	7.1%	$9M
Q3 2024	$109M	—	3.6%	$4M
Q2 2024	$114M	—	10.9%	$13M

Margins

59.9%

Gross margin

17.9%

Operating margin

31.4%

Net margin

Snapshot

Financial statements

Key metrics

Quarterly trend

Margins

More on TransMedics Group Inc.

See how VectorShift works for your firm