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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 |
| Operating Revenue | - | 92.08 | 241.60 | 441.35 | 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 |
| Research And Development | - | 26.81 | 63.27 | 55.97 | 69.06 |
| Selling General And Administration | - | 69.90 | 119.55 | 168.62 | 185.17 |
| Total Expenses | - | 124.90 | 270.35 | 404.04 | 496.91 |
| Operating Income | - | -31.44 | -28.73 | 37.50 | 108.58 |
| Total Operating Income As Reported | - | -31.44 | -28.73 | 37.50 | 108.58 |
| EBITDA | - | -28.96 | -7.70 | 69.95 | 148.49 |
| Normalized EBITDA | - | -28.96 | -7.70 | 69.95 | 148.49 |
| EBIT | - | -32.44 | -15.88 | 50.19 | 121.30 |
| Interest Income | -0.88 | 0.90 | 12.50 | - | - |
| Interest Expense | - | 3.73 | 10.79 | 14.41 | 13.78 |
| Net Interest Income | - | -3.73 | -10.79 | -14.41 | -13.78 |
| Other Non Operating Income Expenses | - | -1 | 12.85 | 12.69 | 12.72 |
| Other Income Expense | - | -1 | 12.85 | 12.69 | 12.72 |
| Interest Income Non Operating | -0.88 | 0.90 | 12.50 | - | - |
| Interest Expense Non Operating | - | 3.73 | 10.79 | 14.41 | 13.78 |
| Net Non Operating Interest Income Expense | - | -3.73 | -10.79 | -14.41 | -13.78 |
| Pretax Income | - | -36.16 | -26.67 | 35.78 | 107.52 |
| Tax Provision | - | 0.07 | -1.64 | 0.32 | -82.77 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -36.23 | -25.03 | 35.46 | 190.29 |
| Net Income From Continuing And Discontinued Operation | - | -36.23 | -25.03 | 35.46 | 190.29 |
| Net Income From Continuing Operation Net Minority Interest | - | -36.23 | -25.03 | 35.46 | 190.29 |
| Net Income | - | -36.23 | -25.03 | 35.46 | 190.29 |
| Net Income Common Stockholders | - | -36.23 | -25.03 | 35.46 | 190.29 |
| Net Income Including Noncontrolling Interests | - | -36.23 | -25.03 | 35.46 | 190.29 |
| Normalized Income | - | -36.23 | -25.03 | 35.46 | 190.29 |
| Diluted NI Availto Com Stockholders | - | -36.23 | -25.03 | 35.46 | 190.29 |
| Basic Average Shares | - | 29.56 | 32.52 | 33.23 | 33.99 |
| Diluted Average Shares | - | 29.56 | 32.52 | 35.22 | 40.54 |
| Reconciled Depreciation | - | 3.48 | 8.18 | 19.76 | 27.18 |
| Reconciled Cost Of Revenue | - | 28.19 | 87.53 | 179.46 | 242.69 |
| Total Unusual Items | 0 | -1.90 | 0.30 | - | - |
| Total Unusual Items Excluding Goodwill | 0 | -1.90 | 0.30 | - | - |
| Special Income Charges | 0 | -0.60 | -27.21 | - | - |
| Other Special Charges | - | 0.60 | 27.21 | - | - |
| Gain On Sale Of Security | - | -1.30 | 0.30 | - | - |
| General And Administrative Expense | - | 51.69 | 119.55 | 168.62 | 180.85 |
| Other Gand A | - | 12.34 | 46.84 | 59.14 | 66.35 |
| Salaries And Wages | - | 39.35 | 72.72 | 109.48 | 114.51 |
| Selling And Marketing Expense | 8.60 | 18.21 | - | - | 4.32 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| TransMedics Group, Inc.this co. | TMDX | $2.5B | 12.96 | 5.21 | 40.2% | 16.82 |
| National HealthCare Corporation | NHC | $2.9B | 24.47 | 2.75 | 11.2% | 13.71 |
| Privia Health Group, Inc. | PRVA | $2.7B | 117.50 | 3.65 | 3.1% | 50.35 |
| Supernus Pharmaceuticals, Inc. | SUPN | $2.6B | -67.30 | 2.44 | -3.6% | 58.94 |
| Acadia Healthcare Company, Inc. | ACHC |
| - |
| - |
| - |
| - |
| - |
| - |
| $2.3B |
| -2.10 |
| 1.19 |
| -56.6% |
| -6.55 |
| Prestige Consumer Healthcare Inc. | PBH | $2.2B | 11.31 | 1.14 | 10.1% | 9.47 |
| LeMaitre Vascular, Inc. | LMAT | $2.1B | 37.03 | 5.43 | 14.7% | 25.28 |
| Select Medical Holdings Corporation | SEM | $2.0B | 13.99 | 1.20 | 8.6% | 9.20 |
| Neogen Corporation | NEOG | $2.0B | -1.82 | 0.96 | -52.7% | -2.94 |
| Peer Median | - | 12.65 | 1.82 | 5.8% | 11.59 | |