TransMedics Group, Inc.
- Open
- 67.68
- Day high
- 71.67
- Day low
- 67.44
- Prev close
- 66.42
- Volume
- 619K
- Mkt cap
- $2.4B
- P/E (TTM)
- 13.7
- EPS (TTM)
- $5.03
- P/B
- 4.8
- P/S
- 3.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$722K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
TransMedics Group, Inc. (TMDX) is a Healthcare company listed on NASDAQ. The stock is down 49% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4).
TransMedics Group, Inc. (TMDX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TMDX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $0.62 | $0.30 | -51.6% | $174M | -0.3% |
| Feb 24, 2026 | $0.41 | $0.57 | +39.0% | $161M | -6.6% |
| Oct 29, 2025 | $0.37 | $0.66 | +78.4% | $144M | -7.5% |
| Jul 30, 2025 | $0.48 | $0.92 | +91.7% | $157M | +11.1% |
| May 8, 2025 | $0.29 | $0.70 | +141.4% | $144M | +16.3% |
| Feb 27, 2025 | $0.22 | $0.19 | -13.6% | $122M | +11.1% |
| Jul 31, 2024 | $0.21 | $0.35 | +66.7% | $114M | +0.2% |
| Aug 3, 2023 | $-0.15 | $-0.03 | +80.0% | $52M | +23.7% |
| May 1, 2023 | $-0.25 | $-0.08 | +68.0% | $42M | +15.3% |
| Feb 22, 2023 | $-0.28 | $-0.21 | +25.0% | $31M | +28.3% |
| Nov 3, 2022 | $-0.40 | $-0.25 | +37.5% | $26M | +36.1% |
| May 3, 2022 | $-0.35 | $-0.38 | -8.6% | $16M | +64.4% |
TMDX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 17, 2026 | Gunderson Thomas J.director | Option | 19,285 | $2.21 |
| Jun 17, 2026 | Gunderson Thomas J.director | Sell | 9,624 | $75.06 |
| May 22, 2026 | Basile Edward Mdirector | Grant | 2,922 | — |
| May 22, 2026 | TOBIN JAMES Rdirector | Grant | 2,922 | — |
| May 22, 2026 | Kania Edwindirector | Grant | 2,922 | — |
| May 22, 2026 | Weill Daviddirector | Grant | 2,922 | — |
| May 22, 2026 | RAINES MERILEEdirector | Grant | 2,922 | — |
| May 22, 2026 | Gunderson Thomas J.director | Grant | 2,922 | — |
| May 22, 2026 | Lovell Stephaniedirector | Grant | 2,922 | — |
| May 21, 2026 | Forsyth Matthew S.officer: See Remarks | Grant | 23,171 | $66.13 |
| May 21, 2026 | Forsyth Matthew S.officer: See Remarks | Grant | 15,409 | — |
| Mar 6, 2026 | Weill Daviddirector | Sell | 3,571 | $146.82 |
| Mar 6, 2026 | Lovell Stephaniedirector | Sell | 1,193 | $149.62 |
| Mar 6, 2026 | Weill Daviddirector | Option | 3,571 | $14.20 |
| Mar 4, 2026 | Hernandez Gerardoofficer: Chief Financial Officer | Sell | 5,912 | $147.21 |
Source: TMDX SEC Form 4 filings, latest Jun 17, 2026. For informational purposes only — not investment advice.
See the full TMDX insider & 13F page →TransMedics Group, Inc. company profile
Overview
TransMedics Group, Inc. (NASDAQ:TMDX) is a commercial-stage medical technology company founded in 1998 and headquartered in Andover, Massachusetts. The company has transformed from a research-focused startup into a leading provider of organ preservation technology for transplant procedures. TransMedics went public in May 2019 and has since established itself as a key player in the organ transplantation market, operating primarily in the United States with expanding international presence. The company has experienced rapid growth, particularly following the launch of its National OCS Program (NOP) which provides comprehensive transplant logistics services.
Business
TransMedics operates in the organ transplantation industry, specifically focusing on organ preservation and transportation technology. The company's core product is the Organ Care System (OCS), a revolutionary portable organ perfusion, optimization, and monitoring system that fundamentally changes how donor organs are preserved outside the human body. Traditional organ transplantation relies on static cold storage, where donor organs are placed in cold preservation solutions and transported in coolers filled with ice. This method has significant limitations, including short preservation times and potential organ damage. The OCS technology instead maintains organs in a warm, perfused state that closely mimics physiological conditions within the human body, allowing organs to remain viable for longer periods and potentially improving transplant outcomes. The company offers three specialized OCS platforms: 1. OCS Liver represents the largest revenue segment, generating approximately 70-75% of total revenues. This system preserves donor livers through warm perfusion technology, enabling the use of donation after cardiac death (DCD) organs and extended criteria donor organs that might otherwise be discarded. 2. OCS Heart contributes roughly 20-25% of revenues and focuses on preserving donor hearts through extracorporeal perfusion. This technology has shown particular success in enabling the use of DCD heart donations, significantly expanding the available donor pool. 3. OCS Lung represents the smallest segment at approximately 3-5% of revenues. This system preserves donor lungs for double-lung transplantation procedures, though the lung transplant market has faced challenges in recent years. Beyond the core OCS technology, TransMedics operates the National OCS Program (NOP), a comprehensive service that provides end-to-end logistics support for organ transplantation. This includes clinical specialists, aviation services through a fleet of owned aircraft, and coordination of the entire transplant process from donor procurement to recipient surgery.
Revenue model
TransMedics generates revenue through multiple complementary business models centered around organ transplantation services. The company's revenue streams are divided into product sales and service revenues, with product sales representing approximately 60-65% of total revenues and service revenues accounting for 35-40%. Product revenue comes from the sale of disposable OCS devices and related consumables used in each transplant case. These single-use systems are sold to transplant centers and organ procurement organizations, generating revenue of approximately $15,000-25,000 per case depending on the organ type. The company benefits from a recurring revenue model as each transplant procedure requires new disposable components. Service revenue is generated through the National OCS Program, which provides comprehensive transplant logistics services including clinical support, aviation transportation, and case coordination. This service model creates additional value for transplant centers while generating higher-margin recurring revenues for TransMedics. The company operates a fleet of 21 owned aircraft and employs specialized clinical teams to support transplant procedures nationwide. The company's primary customers are transplant centers, organ procurement organizations (OPOs), and healthcare systems performing liver, heart, and lung transplantations. TransMedics has established relationships with over 125 transplant programs across the United States and is expanding internationally. Several factors influence the company's margins and growth potential. Positive margin drivers include the high-value nature of organ transplantation procedures, limited competition in warm organ perfusion technology, growing acceptance of DCD and extended criteria donors, and operational leverage from the aviation fleet. The company benefits from strong reimbursement coverage as organ transplantation is typically fully covered by insurance and government programs. Margin pressures may arise from the high fixed costs of maintaining aviation infrastructure, potential competition from alternative preservation technologies, regulatory changes affecting organ allocation, and the need for continuous investment in clinical programs and R&D. The company also faces seasonal variability in transplant volumes and must manage the complex logistics of coordinating time-sensitive medical procedures across multiple locations.
Competitive moat
TransMedics possesses a strong competitive moat built on several key advantages that create significant barriers to entry in the organ preservation market. The company's primary moat stems from its technological leadership in warm organ perfusion, extensive clinical validation, and comprehensive service infrastructure. The company's technological moat is anchored by proprietary warm perfusion technology that has been developed and refined over more than two decades. The OCS platforms require sophisticated engineering to maintain organs in near-physiological conditions, involving precise control of temperature, pressure, oxygenation, and perfusion parameters. This technology is protected by intellectual property and represents years of specialized R&D investment that would be difficult for competitors to replicate quickly. Clinical validation and regulatory approval create additional protective barriers. TransMedics has conducted extensive clinical trials demonstrating superior outcomes compared to traditional cold storage, particularly for DCD organs. The FDA approval process for medical devices is lengthy and expensive, requiring substantial clinical data and regulatory expertise. The company's established clinical evidence and relationships with leading transplant centers provide significant advantages over potential new entrants. The National OCS Program infrastructure represents perhaps the strongest element of the company's moat. TransMedics has built a comprehensive logistics network including a fleet of owned aircraft, specialized clinical teams, and operational systems that would require hundreds of millions of dollars and years of development for competitors to replicate. This infrastructure creates high switching costs for transplant centers and provides operational advantages that pure technology competitors cannot match. However, the moat faces potential challenges from several directions. Alternative preservation technologies such as normothermic regional perfusion (NRP) and machine perfusion systems from companies like OrganOx and Paragonix could compete in specific market segments. Large medical device companies with substantial resources might eventually develop competing warm perfusion technologies. Additionally, changes in organ allocation policies or reimbursement structures could potentially impact the company's competitive position. Despite these potential challenges, TransMedics' combination of proven technology, comprehensive service infrastructure, and strong clinical relationships creates a substantial and defensible competitive position in the organ preservation market.
Risks & safety
TransMedics demonstrates a strong financial safety profile with substantial cash reserves and improving operational metrics, though valuation appears elevated relative to current fundamentals. Liquidity and Solvency: - Cash position of $310 million provides significant runway with current burn rates - Current ratio of 9.1x indicates excellent short-term liquidity - Debt-to-equity ratio of 1.95x is elevated but manageable given strong cash position - Operating cash flow turned positive in 2024 ($49 million) after years of losses - Free cash flow remains negative due to heavy capital investments in aircraft fleet and infrastructure Valuation Metrics: - P/E ratio of 22.1x appears reasonable for a high-growth medical device company - EV/EBITDA of 17.1x is elevated but reflects strong growth trajectory - Price-to-book ratio of 8.5x indicates premium valuation - Revenue growth of 48% year-over-year supports growth premium Other Considerations: - Strong gross margins of 61.5% demonstrate pricing power and operational efficiency - Market opportunity remains large with significant runway for expansion - Regulatory and reimbursement risks are mitigated by established approvals and coverage - Dependence on specialized aviation operations creates operational complexity but also competitive advantages
Recent development
Over the past few years, TransMedics has undergone a strategic transformation from a pure medical device company to a comprehensive transplant services provider. The most significant development has been the expansion of the National OCS Program, which has evolved from a clinical support service into a full-scale logistics operation including aviation services. The company has made substantial investments in building its aviation infrastructure, growing from zero owned aircraft in 2022 to a fleet of 21 planes by 2025. This vertical integration strategy allows TransMedics to control the entire transplant logistics chain while generating additional service revenues. The aviation expansion has been supported by strategic acquisitions including Summit Aviation and Bridge to Life Technologies. Clinical program expansion represents another major strategic initiative. The company is preparing to launch new clinical trials for extended organ preservation, targeting 12-24 hour perfusion times compared to current 4-8 hour capabilities. These programs aim to enable morning-hour transplant procedures and further expand the donor organ pool by allowing use of organs from more distant locations. TransMedics has also focused on international expansion, establishing operations in Europe and the Middle East. The company opened a new disposable design center and manufacturing facility in Mirandola, Italy, positioning for European market growth. International revenues remain small but represent a significant growth opportunity. The company has set an ambitious goal of facilitating 10,000 transplants annually by 2028, compared to approximately 3,715 cases in 2024. This target reflects management's confidence in market expansion through increased organ utilization, deeper penetration at existing transplant centers, and expansion into new clinical applications. Recent quarters have shown strong execution of this strategy, with revenue growth accelerating and the company achieving its first year of positive operating cash flow in 2024. The combination of technology leadership, service expansion, and operational scale has positioned TransMedics as the dominant player in the organ preservation market.
TMDX company profile · for informational purposes only — not investment advice.
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