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.
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
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
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