Loading…
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 provides Organ Care System (OCS), a portable organ perfusion, optimization, and monitoring system that utilizes its proprietary and customized technology to replicate near-physiologic conditions for donor organs outside of the human body. Its OCS includes OCS LUNG for the preservation of standard criteria donor lungs for double-lung transplantation; OCS Heart, a technology for preservation of DBD donor hearts deemed unsuitable due to limitations of cold storage and for ex vivo reanimation, functional monitoring, and beating-heart preservation of donation-after-circulatory-death hearts; and OCS Liver for the preservation of DBD and DCD of donor livers. The company also developed national OCS program, a turnkey solution for outsourced organ retrieval; and provides OCS organ management and logistics services, including aviation and ground transportation, and other coordination activity. The company was founded in 1998 and is headquartered in Andover, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $605M | $148M | $190M | $134M | 40.2% | 37.1% | 436.6% |
| 2024 | $442M | $70M | $35M | $-81M | 15.5% | 82.7% | -241.7% |
| 2023 | $242M | $-8M | $-25M | $-192M | -18.2% | 158.5% | -30.9% |
| 2022 | $93M | $-29M | $-36M | $-58M | -19.3% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 93.46 | 241.62 | 441.54 | 605.49 |
| Cost Of Revenue | - | 28.19 | 87.53 | 179.46 | 242.69 |
| Gross Profit | - | 65.27 | 154.09 | 262.08 | 362.81 |
| Operating Expense | - | 96.71 | 182.82 | 224.58 | 254.22 |
| Operating Income | - | -31.44 | -28.73 | 37.50 | 108.58 |
| EBITDA | - | -28.96 | -7.70 | 69.95 | 148.49 |
| EBIT | - | -32.44 | -15.88 | 50.19 | 121.30 |
| Pretax Income | - | -36.16 | -26.67 | 35.78 | 107.52 |
| Tax Provision | - | 0.07 | -1.64 | 0.32 | -82.77 |
| Net Income | - | -36.23 | -25.03 | 35.46 | 190.29 |
| Net Income Common Stockholders | - | -36.23 | -25.03 | 35.46 | 190.29 |
| Total Expenses | - | 124.90 | 270.35 | 404.04 | 496.91 |
| Interest Expense | - | 3.73 | 10.79 | 14.41 | 13.78 |
| Interest Income | -0.88 | 0.90 | 12.50 | - | - |
| Research And Development | - | 26.81 | 63.27 | 55.97 | 69.06 |
| Selling General And Administration | - | 69.90 | 119.55 | 168.62 | 185.17 |
| Normalized EBITDA | - | -28.96 | -7.70 | 69.95 | 148.49 |
| Normalized Income | - | -36.23 | -25.03 | 35.46 | 190.29 |
| Market Cap | 3,831.98 | 3,831.98 | 3,831.98 | 3,831.98 | 3,831.98 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| TransMedics Group, Inc.this co. | TMDX | $3.8B | 20.14↓ discount | 8.10 | 40.2% | 26.01 |
| Waystar Holding Corp. | WAY | $4.5B | 43.50 | 1.26 | 2.9% | 16.17 |
| Indivior Pharmaceuticals, Inc. | INDV | $4.2B | 19.29 | -40.92 | -212.1% | 13.84 |
| Merit Medical Systems, Inc. | MMSI | $4.1B | 31.84 | 2.58 | 8.1% | 13.45 |
| Amneal Pharmaceuticals, Inc. | AMRX |
| - |
| - |
| - |
| - |
| - |
| - |
| $3.9B |
| 55.43 |
| -56.42 |
| -101.8% |
| 10.60 |
| ACADIA Pharmaceuticals Inc. | ACAD | $3.7B | 9.58 | 3.05 | 31.9% | 31.04 |
| Catalyst Pharmaceuticals, Inc. | CPRX | $3.4B | 15.60 | 3.50 | 22.5% | 8.92 |
| ICU Medical, Inc. | ICUI | $3.0B | 4261.68 | 1.47 | 0.0% | 13.89 |
| Integer Holdings Corporation | ITGR | $3.0B | 28.79 | 1.69 | 5.9% | 14.55 |
| Peer Median | - | 30.31 | 1.58 | 4.4% | 13.86 | |