TMDX

MKT CAP:$4B

TransMedics Group, Inc.

Market Cap

$4B

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$114.65-$8.04 (-6.55%)

Apr 22, 2026

Company Details

TransMedics Group, Inc., a commercial-stage medical technology company, engages in transforming organ transplant therapy for end-stage organ failure patients in the United States and internationally. The company offers Organ Care System (OC...

CEO

Waleed H. Hassanein

IPO Date

May 2, 2019

Website

www.transmedics.com

Key Metrics TTM

Revenue

$605M

+37.1% YoY

Net Income

$190M

EPS (Diluted)

$4.87

Free Cash Flow

$134M

Revenue / Share

$14.79

Gross Margin

59.9%

Operating Margin

17.9%

Net Margin

31.4%

FCF Margin

22.1%

P/S

6.3x

P/E

20.0x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 24, 2026

$605M+37.1%EPS $4.87

Q4 2025

Feb 24, 2026

$161M+32.2%EPS $2.59

Q3 2025

Oct 29, 2025

$144M+32.2%EPS $0.66

Q2 2025

Jul 30, 2025

$157M+37.7%EPS $0.92

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$16M	$12M	-$9M
Q2 22	$21M	$14M	-$10M
Q3 22	$26M	$18M	-$6M
Q4 22	$31M	$21M	-$7M
Q1 23	$42M	$29M	-$2M
Q2 23	$52M	$37M	-$906.0K
Q3 23	$66M	$41M	-$28M
Q4 23	$81M	$48M	$3M
Q1 24	$97M	$60M	$12M
Q2 24	$114M	$69M	$13M
Q3 24	$109M	$61M	$4M
Q4 24	$122M	$72M	$9M
Q1 25	$144M	$88M	$27M
Q2 25	$157M	$97M	$37M
Q3 25	$144M	$85M	$23M
Q4 25	$161M	$93M	$21M

Valuation

Quarter	P/S	P/E
Q1 22	17.8x	—
Q2 22	17.5x	—
Q3 22	18.8x	—
Q4 22	18.5x	—
Q1 23	20.5x	—
Q2 23	17.8x	—
Q3 23	9.0x	—
Q4 23	10.8x	—
Q1 24	8.2x	—
Q2 24	14.0x	1674.2x
Q3 24	13.1x	161.6x
Q4 24	4.5x	56.2x
Q1 25	4.7x	46.6x
Q2 25	8.6x	63.8x
Q3 25	6.8x	41.9x
Q4 25	6.9x	22.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$18M	-$20M
Q2 22	-$9M	-$13M
Q3 22	-$14M	-$17M
Q4 22	-$4M	-$7M
Q1 23	-$9M	-$10M
Q2 23	-$6M	-$7M
Q3 23	-$7M	-$115M
Q4 23	$8M	-$34M
Q1 24	-$3M	-$48M
Q2 24	$26M	$2M
Q3 24	$7M	-$41M
Q4 24	$20M	$6M
Q1 25	-$3M	-$30M
Q2 25	$92M	$83M
Q3 25	$70M	$62M
Q4 25	$35M	$19M

Capital Expenditures

Quarter	CapEx
Q1 22	$2M
Q2 22	$4M
Q3 22	$3M
Q4 22	$3M
Q1 23	$927.0K
Q2 23	$1M
Q3 23	$108M
Q4 23	$42M
Q1 24	$44M
Q2 24	$24M
Q3 24	$48M
Q4 24	$14M
Q1 25	$27M
Q2 25	$9M
Q3 25	$8M
Q4 25	$16M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+125.2%	+86.2%
Q2 22	+151.1%	+67.8%
Q3 22	+378.3%	+82.7%
Q4 22	+224.5%	+81.7%
Q1 23	+161.7%	+72.9%
Q2 23	+155.7%	+76.3%
Q3 23	+158.7%	+203.5%
Q4 23	+158.7%	+105.9%
Q1 24	+133.1%	+93.5%
Q2 24	+117.9%	+90.7%
Q3 24	+63.7%	+10.6%
Q4 24	+49.8%	+43.8%
Q1 25	+48.2%	+37.5%
Q2 25	+37.7%	+18.7%
Q3 25	+32.2%	+15.0%
Q4 25	+32.2%	+23.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$3M	9.5%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$8M	6.7%
Q3 24	$8M	7.3%
Q4 24	$11M	8.9%
Q1 25	$9M	6.2%
Q2 25	$9M	6.0%
Q3 25	$9M	6.4%
Q4 25	$9M	5.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$8M	$14M	—	—
Q2 22	$7M	$16M	$1M	—
Q3 22	$7M	$17M	—	—
Q4 22	$6M	$4M	$18M	—
Q1 23	$6M	$25M	—	—
Q2 23	$8M	$28M	$1M	—
Q3 23	$38M	$31M	—	—
Q4 23	$11M	$35M	—	—
Q1 24	$11M	$36M	—	—
Q2 24	$14M	$43M	—	—
Q3 24	$14M	$43M	—	—
Q4 24	$16M	$47M	—	—
Q1 25	$17M	$44M	—	—
Q2 25	$16M	$44M	—	—
Q3 25	$15M	$45M	$1M	—
Q4 25	$21M	—	—	$51M

Revenue Segments

Quarter	Ocs Heart Product	Ocs Liver Product	Ocs Lung Product	Product	Service
Q1 22	$6M	$8M	$2M	—	—
Q2 22	$8M	$10M	$3M	—	—
Q3 22	$12M	$13M	$2M	—	—
Q1 23	—	—	—	$34M	$8M
Q2 23	—	—	—	$42M	$10M
Q1 24	—	—	—	$61M	$36M
Q2 24	—	—	—	$72M	$43M
Q3 24	—	—	—	$66M	$43M
Q1 25	—	—	—	$88M	$55M
Q2 25	—	—	—	$96M	$61M
Q3 25	—	—	—	$88M	$56M

Revenue by Geography

Quarter	Non Us And Uk	United States	Other Countries
Q1 22	$2M	$14M	—
Q2 22	$2M	$18M	—
Q3 22	—	$23M	$2M
Q4 22	—	$29M	$2M
Q1 23	—	$38M	$4M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$18M	$54M	$72M
Q2 22	$30M	$28M	$58M
Q3 22	$204M	$0	$204M
Q4 22	$201M	$0	$201M
Q1 23	$195M	$0	$195M
Q2 23	$582M	$0	$582M
Q3 23	$427M	$0	$427M
Q4 23	$395M	$0	$395M
Q1 24	$350M	$0	$350M
Q2 24	$363M	$0	$363M
Q3 24	$330M	$0	$330M
Q4 24	$337M	$0	$337M
Q1 25	$310M	$0	$310M
Q2 25	$401M	$0	$401M
Q3 25	$466M	$0	$466M
Q4 25	$488M	$0	$488M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	28M	+0.6%	+2.1%
Q2 22	28M	+0.1%	+1.3%
Q3 22	30M	+8.0%	+9.1%
Q4 22	32M	+5.9%	+15.3%
Q1 23	32M	+0.8%	+15.4%
Q2 23	33M	+0.9%	+16.3%
Q3 23	33M	+0.2%	+7.9%
Q4 23	34M	+4.8%	+6.8%
Q1 24	35M	+1.5%	+7.5%
Q2 24	35M	+1.8%	+8.4%
Q3 24	36M	+1.1%	+9.4%
Q4 24	35M	-1.3%	+3.0%
Q1 25	40M	+13.4%	+15.1%
Q2 25	41M	+1.6%	+14.9%
Q3 25	41M	+0.5%	+14.2%
Q4 25	41M	+0.4%	+16.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$107.3K	148
Q2 22	$138.7K	148
Q3 22	$173.5K	148
Q4 22	$148.0K	212
Q1 23	$196.0K	212
Q2 23	$247.5K	212
Q3 23	$313.3K	212
Q4 23	$139.0K	584
Q1 24	$165.8K	584
Q2 24	$195.7K	584
Q3 24	$186.2K	584
Q4 24	$167.1K	728
Q1 25	$197.2K	728
Q2 25	$216.2K	728
Q3 25	$197.6K	728
Q4 25	$179.0K	898

Revenue / Employee