TransMedics Group, Inc. TMDX
We are a medical technology company transforming organ transplant therapy for end-stage organ failure patients across multiple disease states. We developed the OCS to replace a decades-old standard of care that we believe is significantly limiting access to life-saving transplant therapy for hundreds of thousands of patients worldwide. Our innovative OCS technology replicates many aspects of the organ's natural living and functioning environment outside of the human body. As such, the OCS represents a paradigm shift that transforms organ preservation for transplantation from a static state to a dynamic environment that enables new capabilities, including organ optimization and assessment. We have also developed our NOP, an innovative turnkey solution to provide outsourced organ procurement, OCS perfusion management and transplant logistics services, to provide transplant programs in the United States with a more efficient process to procure donor organs with the OCS. Our transplant logistics services include aviation transportation, ground transportation, and other coordination activity. We believe the use of the OCS combined with the NOP has the potential to significantly increase the number of organ transplants and improve post-transplant outcomes.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $605.5M | $441.5M | $241.6M | $93.5M | $30.3M | $25.6M | $25.8M | $14.7M | — |
| Cost of revenue | $242.7M | $179.5M | $87.5M | $28.2M | $9.1M | $9.0M | $9.7M | $7.3M | — |
| Gross profit | $362.8M | $262.1M | $154.1M | $65.3M | $21.2M | $16.6M | $13.9M | $5.7M | — |
| R&D | $69.1M | $56.0M | $36.1M | $26.8M | $22.3M | $18.8M | $19.9M | $13.7M | — |
| SG&A | $185.2M | $168.6M | $119.6M | $69.9M | $38.3M | $24.2M | $23.6M | $12.3M | — |
| Total operating expenses | $254.2M | $224.6M | $182.8M | $96.7M | $60.6M | $43.0M | $43.5M | $26.0M | — |
| Operating income | $108.6M | $37.5M | -$28.7M | -$31.4M | -$39.4M | -$26.4M | -$29.6M | -$20.2M | — |
| Interest expense | $13.8M | $14.4M | $10.8M | $3.7M | $3.9M | $4.0M | $4.4M | $2.7M | — |
| Pre-tax income | $107.5M | $35.8M | -$26.7M | -$36.2M | -$44.2M | -$28.7M | -$33.5M | -$23.7M | — |
| Income tax | $82.8M | $316.0K | $1.6M | $66.0K | — | $0 | $0 | $0 | $0 |
| Net income | $190.3M | $35.5M | -$25.0M | -$36.2M | -$44.2M | -$28.7M | -$33.5M | -$23.8M | — |
| EPS, basic | 5.60 | 1.07 | -0.77 | -1.23 | -1.60 | -1.16 | — | — | — |
| EPS, diluted | 4.87 | 1.01 | -0.77 | -1.23 | -1.60 | -1.16 | -2.36 | -17.48 | — |
| Shares, diluted (wtd. avg.) | $40.5M | $35.2M | $32.5M | $29.6M | $27.6M | $24.7M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $488.9M | $337.1M | $395.3M | $201.7M | $26.1M | $25.1M | $20.6M | $20.7M | $12.4M |
| Short-term investments | — | — | — | — | $66.9M | $101.1M | $60.6M | — | — |
| Receivables | $84.3M | $97.7M | $63.6M | $27.6M | $5.9M | $6.9M | $6.6M | $3.4M | — |
| Inventory | $48.9M | $46.6M | $44.2M | $20.6M | $14.9M | $11.9M | $11.2M | $9.3M | — |
| Total current assets | $637.8M | $497.2M | $510.7M | $252.3M | $118.7M | $146.8M | $100.0M | $34.8M | — |
| Property, plant and equipment | $327.7M | $286.0M | $173.9M | $19.2M | $9.8M | $4.8M | $4.8M | $3.5M | — |
| Goodwill | $11.5M | $11.5M | $12.0M | — | — | — | — | — | — |
| Other intangibles | $1.9M | $2.2M | $2.4M | — | — | — | — | — | — |
| Total assets | $1.07B | $804.1M | $706.0M | $277.1M | $134.9M | $152.0M | $105.3M | $42.2M | — |
| Accounts payable | $10.3M | $10.3M | $12.7M | $3.3M | $6.7M | $1.2M | $7.2M | $4.7M | — |
| Short-term debt | $10.0M | — | — | — | — | — | — | — | — |
| Total current liabilities | $89.3M | $59.9M | $54.9M | $23.7M | $23.2M | $11.9M | $16.1M | $12.6M | — |
| Long-term debt | — | — | — | $58.7M | $35.2M | $34.7M | $34.1M | $33.7M | — |
| Total liabilities | $595.3M | $575.5M | $568.8M | $89.8M | $67.0M | $48.1M | $50.6M | $47.9M | — |
| Retained earnings | -$277.9M | -$468.2M | -$503.7M | -$478.7M | -$442.4M | -$398.2M | -$369.5M | -$335.9M | — |
| Total equity | $473.1M | $228.6M | $137.2M | $187.4M | $67.9M | $103.9M | $54.6M | -$192.2M | -$168.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $192.8M | $48.8M | -$13.0M | -$45.8M | -$28.9M | -$30.3M | -$32.3M | -$26.0M | — |
| Depreciation and amortisation | $27.2M | $19.8M | $8.2M | $3.5M | $1.8M | $1.6M | $1.2M | $769.0K | — |
| Stock-based compensation | $36.9M | $33.2M | $19.8M | $10.3M | $6.9M | $2.4M | $854.0K | $144.0K | — |
| Capital expenditure | $59.3M | $129.7M | $151.8M | $11.9M | $3.5M | $455.0K | $165.0K | $418.0K | — |
| Investing cash flow | -$59.3M | -$129.3M | -$194.0M | $54.5M | $29.3M | -$41.6M | -$60.5M | $12.3M | — |
| Financing cash flow | $16.9M | $22.9M | $400.4M | $167.9M | $1.4M | $75.5M | $92.7M | $22.1M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-150357.
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