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, /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating whether certain officers and directors of TransMedics Group, Inc. (NASDAQ: TMDX) breached their fiduciary duties to shareholders.

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Posted by Defense World Staff on Jul 21st, 2026

Bessemer Group Inc. grew its stake in shares of TransMedics Group, Inc. (NASDAQ:TMDX – Free Report) by 38.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 45,821 shares of the company’s stock after purchasing an additional 12,812 shares during the period. Bessemer Group Inc. owned approximately 0.13% of TransMedics Group worth $4,555,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its stake in shares of TransMedics Group by 11.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 6,465 shares of the company’s stock valued at $649,000 after purchasing an additional 652 shares during the period. Regency Capital Management Inc. DE acquired a new position in TransMedics Group during the first quarter worth about $2,172,000. Geneos Wealth Management Inc. purchased a new position in TransMedics Group in the first quarter valued at about $3,045,000. Principal Financial Group Inc. increased its holdings in TransMedics Group by 19.4% in the first quarter. Principal Financial Group Inc. now owns 231,433 shares of the company’s stock valued at $23,007,000 after buying an additional 37,656 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its position in shares of TransMedics Group by 97.0% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 16,779 shares of the company’s stock valued at $1,668,000 after acquiring an additional 8,260 shares during the period. 99.67% of the stock is owned by institutional investors and hedge funds.

TransMedics Group Stock Down 0.7% TMDX opened at $73.47 on Tuesday. The company has a quick ratio of 6.19, a current ratio of 6.74 and a debt-to-equity ratio of 1.70. The firm has a market cap of $2.54 billion, a P/E ratio of 16.70 and a beta of 1.89. TransMedics Group, Inc. has a 52 week low of $60.10 and a 52 week high of $156.00. The business’s fifty day simple moving average is $71.02 and its 200 day simple moving average is $104.11.

TransMedics Group (NASDAQ:TMDX – Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.32). The company had revenue of $173.93 million for the quarter, compared to analysts’ expectations of $174.44 million. TransMedics Group had a return on equity of 22.38% and a net margin of 27.04%.The company’s revenue for the quarter was up 21.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.70 EPS. As a group, equities research analysts anticipate that TransMedics Group, Inc. will post 1.92 EPS for the current fiscal year.

Insider Transactions at TransMedics Group In other TransMedics Group news, Director Thomas J. Gunderson sold 9,624 shares of TransMedics Group stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $75.06, for a total value of $722,377.44. Following the completion of the sale, the director directly owned 16,642 shares of the company’s stock, valued at approximately $1,249,148.52. The trade was a 36.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 6.90% of the company’s stock.

Analyst Upgrades and Downgrades Several equities analysts recently issued reports on the company. UBS Group reaffirmed a “hold” rating on shares of TransMedics Group in a report on Tuesday, May 26th. Canaccord Genuity Group restated a “buy” rating and issued a $124.00 price target on shares of TransMedics Group in a research report on Tuesday, June 30th. TD Cowen restated a “buy” rating and issued a $120.00 price target on shares of TransMedics Group in a research report on Wednesday, July 1st. Needham & Company LLC cut their price target on TransMedics Group from $174.00 to $142.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. Finally, Zacks Research lowered shares of TransMedics Group from a “hold” rating to a “strong sell” rating in a research report on Monday, July 6th. Six equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $134.50.

Read Our Latest Analysis on TMDX

About TransMedics Group (Free Report)

TransMedics Group, Inc is a medical device company headquartered in Andover, Massachusetts, that specializes in advanced organ preservation and transport systems for transplantation. The company’s flagship technology, the Organ Care System (OCS), maintains donor organs in a near-physiologic, warm, beating state during transportation, with the aim of extending preservation times and improving post‐transplant outcomes. TransMedics’ solutions address a critical need in transplantation by reducing ischemic injury and expanding the donor organ pool.

TransMedics currently markets two commercially available OCS platforms.

See Also Five stocks we like better than TransMedics Group The Ugliest Stocks in the Market Just Got a Very Expensive Vote of Confidence Is Domino’s Stock Serving Up a Buying Opportunity? A $1T Black Hole: SpaceX Eyes Pentagon AI to Break Free Why Gold Miners Could Be the Market’s Biggest Comeback Story Want to see what other hedge funds are holding TMDX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TransMedics Group, Inc. (NASDAQ:TMDX – Free Report).

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Strata Critical Medical is rated a buy, driven by expanding market share, operational efficiencies, and a comprehensive suite of transplant logistics and clinical services. SRTA's asset-light-to-moderate model, strategic acquisitions, and focus on NRP technology position it to benefit from industry consolidation and secular tailwinds. Gross margin improvement is a key near-term catalyst, with management incentivized to reach 25% margins by 2027; Q1 2026 gross margin reached 21%.

Every year in the United States, roughly 100,000 people sit on transplant waiting lists. Some will wait years. Others won't make it. The problem isn't only a shortage of willing donors; it's that the organs that do become available often don't survive long enough to reach the right recipient. The traditional method of packing organs on ice gives surgeons a brutal clock to work against: A harvested heart, for example, may only have four to six hours before it's no longer viable.

TransMedics Group (TMDX +1.46%) is dismantling that constraint, and almost nobody is talking about it in the way they should be. TransMedics makes the Organ Care System (OCS), a portable machine that keeps donor organs warm, perfused with oxygenated blood, and in a functional metabolic state -- essentially keeping them alive outside the body during transport. Instead of racing the clock, surgeons can assess organ quality in real time before committing to a transplant. That changes everything about how transplant medicine works.

But what makes TransMedics genuinely interesting to me as a long-term investment isn't just the device. The company has spent years building the infrastructure around it. It's called the National OCS Program (NOP), and it's essentially a vertically integrated logistics operation, with its own fleet of 22 fixed-wing aircraft, coordination with ground transportation, and a clinical team that travels with each organ. Think of it less like a medical device company and more like a specialized logistics network that happens to transport living human organs.

That's a business model that competitors can't easily replicate with a single product launch.

Today's Change

(

1.46

%) $

0.99

Current Price

$

68.84

What the next decade could look like The kidney transplant market is where the 10-year story gets truly interesting. Kidney disease is the most common condition requiring a transplant. There are over 90,000 people waiting for kidneys in the U.S. alone, and TransMedics is actively developing an OCS Kidney program. If the company can crack kidney preservation and logistics the same way it has with hearts, livers, and lungs, the addressable market expands dramatically.

Then there's Europe. TransMedics recently announced a strategic investment in PAD Aviation, a Germany-based private aviation operator, with the explicit goal of replicating the U.S. NOP model across European transplant centers. The company also announced a ground transportation collaboration in Italy using Mercedes-Benz vehicles.

By 2035, it's realistic to imagine TransMedics as the dominant infrastructure provider for organ transplantation across the U.S. and much of Europe, with a kidney program that has opened a market significantly larger than its current organ mix.

None of this is guaranteed. TransMedics has been investing heavily in expansion, and operating expenses jumped meaningfully in the most recent quarter as the company scales its European ambitions. Gross margin compressed slightly year over year in the first quarter of 2026. If growth slows before the European NOP generates returns, the spending profile becomes harder to defend.

A good example of this has come over the last six months, during which shares have fallen by roughly 45%. Most of it came after a Q1 2026 earnings miss, in which profits were well below expectations. In my opinion, the culprit here wasn't the business breaking; it was spending. The company is simultaneously scaling while advancing the kidney program and building out clinical teams. That costs money, and Wall Street punished the margin compression hard.

But revenue still grew 21% year over year. To me, a company aggressively building proprietary infrastructure in a market it essentially created isn't a red flag -- it's exactly what you want to see.

Image source: Getty Images.

My take To me, TransMedics is one of the more unusual companies in healthcare and tech right now. It's building something that looks less like a device business and more like a category-defining network. The OCS itself is the entry point, but the logistics infrastructure, like the aircraft, the teams, and the coordination, is what actually creates a moat.

In 10 years, if the kidney program delivers and Europe scales, this company could look dramatically different in size and reach than it does today. Investors willing to hold through near-term margin noise may be rewarded.

Thomas J. Gunderson, a director at TransMedics Group (TMDX +5.00%), reported the direct sale of 9,624 shares of Common Stock in an options-related transaction valued at approximately $722,000, as disclosed in a SEC Form 4 filing.

Transaction summaryMetricValueShares sold (direct)9,624Transaction value$722,000Post-transaction common shares (direct)16,642Post-transaction value (common direct ownership)~$1.26 millionTransaction value based on SEC Form 4 weighted average purchase price ($75.06); post-transaction value based on June 15, 2026 market close, as reflected in the Form 4 ($75.06).

Key questionsWhat was the primary driver for this transaction?
The sale was executed immediately after exercising vested stock options, with proceeds used to cover the option exercise price and associated tax obligations, as detailed in the filing footnotes.Was there any indirect or entity-based participation in the transaction?
No; all shares sold were held and transacted directly by Mr. Gunderson, with no involvement from trusts, LLCs, or other indirect entities.Does the transaction indicate a shift in sentiment, or is it routine portfolio management?
Given the transaction's structure (option exercise and sale to cover costs) and the absence of discretionary selling, the activity aligns with routine portfolio and liquidity management rather than a discretionary reduction in exposure.Company overviewMetricValueRevenue (TTM)$635.89 millionNet income (TTM)$171.92 million1-year price change-46.80%* 1-year price change calculated as of June 15, 2026.

Company snapshotTransMedics Group develops and commercializes the Organ Care System (OCS), a suite of portable medical devices designed for the preservation and monitoring of donor lungs, hearts, and livers.The company generates revenue primarily through the sale of OCS hardware, single-use consumables, and related services to transplant centers and hospitals.Key customers include hospitals and transplant centers specializing in organ transplantation for patients with end-stage organ failure.TransMedics Group operates at scale within the medical devices sector, focusing on advanced organ preservation technologies that address critical needs in transplant medicine. The company's proprietary OCS platform is engineered to maintain donor organs in near-physiological conditions, enabling improved outcomes for transplant recipients. TransMedics Group's competitive advantage lies in its specialized technology for organ preservation.

What this transaction means for investorsThe filing makes clear the shares were sold immediately following the exercise of vested stock options, with proceeds used to cover the exercise cost and related tax obligations. That distinction matters, especially with shares having fallen roughly 45% over the past year.

The bigger story for investors remains the company's execution. In the first quarter, TransMedics generated record revenue of $173.9 million, up 21% year over year, while reiterating full-year revenue guidance of $727 million to $757 million, representing expected growth of 20% to 25%. That said, investors were expecting more, and shares sold off sharply given a top and bottom-line misses. They’ve since regained another 25%, however, suggesting fears might have been overblown.

CEO Waleed Hassanein said the company is "laser focused" on executing its growth strategy and believes those initiatives can expand access to life-saving transplants globally. While profitability compressed as TransMedics invested aggressively in growth, the company still reported $7.3 million in net income and ended the quarter with $461.7 million in cash.

For long-term investors, this filing appears far less significant than the company's operating trajectory. The stock's sharp decline over the past year reflects concerns around growth sustainability and margins, but TransMedics continues to grow revenue at a strong pace. With earnings reset, shares might recover so long as execution continues.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends TransMedics Group. The Motley Fool has a disclosure policy.

, /PRNewswire/ -- TransMedics Group, Inc. ("TransMedics") (Nasdaq: TMDX), a medical technology company that is transforming organ transplant therapy for patients with end-stage lung, heart and liver failure, today announced that it will release financial results for the first quarter 2026 after market close on Tuesday, May 5, 2026. The TransMedics management team will host a corresponding conference call beginning at 4:30 p.m. ET / 1:30 p.m. PT.

Investors interested in listening to the conference call may do so by dialing (800) 715-9871 for domestic callers or (646) 307-1963 for international callers and providing access code 9254082. A live and archived webcast of the event will be available on the "Investors" section of the TransMedics website at https://investors.transmedics.com/.   

About TransMedics Group, Inc.

TransMedics is the world's leader in portable extracorporeal warm perfusion and assessment of donor organs for transplantation. Headquartered in Andover, Massachusetts, the company was founded to address the unmet need for more and better organs for transplantation and has developed technologies to preserve organ quality, assess organ viability prior to transplant, and potentially increase the utilization of donor organs for the treatment of end-stage heart, lung, and liver failure.

Investor Contact:
Brian Johnston
332-895-3222
[email protected]

SOURCE TransMedics Group, Inc.

TransMedics Group is a strong buy, leveraging its technological and logistical moat in organ transport, with OCS and NOP programs driving sector outperformance. TMDX trades at a 39x Non-GAAP PE and 5.2x NTM EV/Sales, appearing undervalued relative to its 20%-25% growth guidance and MedTech peers. Key growth catalysts include the OCS Kidney launch (late 2026/early 2027) and European expansion, particularly in Italy, positioning TMDX for significant volume upside.

, /PRNewswire/ -- TransMedics Group, Inc. ("TransMedics") (Nasdaq: TMDX), a medical technology company that is transforming organ transplant therapy for patients with end-stage lung, heart, and liver failure, today reported financial results for the quarter ended March 31, 2026.

Recent Highlights

Total revenue of $173.9 million in the first quarter of 2026, a 21% increase compared to the first quarter of 2025 Net income of $7.3 million or $0.20 per fully diluted share in the first quarter of 2026 Adjusted net income of $10.9 million or $0.30 per fully diluted share in the first quarter of 2026 Reiterates full year 2026 revenue guidance to be in the range of $727 million to $757 million Owned 22 aircraft as of March 31, 2026 Hosted annual symposium at the International Society of Heart and Lung Transplantation (ISHLT) 46th Annual Meeting & Scientific Session in Toronto; unveiled new Controlled Hypothermic Organ Preservation System ("CHOPS") aimed at facilitating enrollment in control arms of OCS ENHANCE Heart Part B and OCS DENOVO Lung clinical trials Entered into definitive agreement to invest in PAD Aviation, a premier Germany-based private aviation operator, with intent to create the first dedicated European transplant logistic network "We are pleased with our first quarter results and see 2026 as another critical period for TransMedics as we deliver on several critical growth catalysts for our business," said Waleed Hassanein, MD, President and Chief Executive Officer. "We are laser focused on executing our multi-pronged growth strategy by accelerating ENHANCE heart and DENOVO lung programs in the U.S., launching our NOP model in Europe, and advancing our OCS Kidney program. We believe these initiatives will position us well to drive continued growth and expand access to life-saving transplants for patients globally."

A summary of first quarter financial results is as follows (dollars in thousands except per share):

Three Months Ended March 31,

2026

2025

% Change

Revenue

$

173,933

$

143,537

21

%

Income from operations

$

13,297

$

27,443

-52

%

Operating margin %

7.6

%

19.1

%

-1147bps

Adjusted income from operations(1)

$

18,109

$

29,801

-39

%

Adjusted operating margin %(1)

10.4

%

20.7

%

-1030bps

Diluted net income per share

$

0.20

$

0.70

-71

%

Adjusted diluted net income per share(1)

$

0.30

$

0.74

-59

%

(1)

Adjusted income from operations, adjusted operating margin and adjusted diluted net
income per share represent non-GAAP financial measures. For a reconciliation of GAAP
to Non-GAAP items, please see the tables attached to this press release.

First Quarter 2026 Financial Results
Total revenue for the first quarter of 2026 was $173.9 million, a 21% increase compared to $143.5 million in the first quarter of 2025. The increase was due primarily to the increase in utilization of the Organ Care System ("OCS"), primarily in Liver and Heart through the National OCS Program ("NOP") as well as additional revenue generated by TransMedics logistics services.

Gross margin for the first quarter of 2026 was 58%, compared to 61% in the first quarter of 2025. Gross margin was impacted primarily by investments to support growth and scale, together with higher supply chain and operating costs compared to the prior year.

Operating expenses for the first quarter of 2026 were $87.9 million compared to $60.8 million in the first quarter of 2025. The increase in operating expenses was driven primarily by increased research and development investment as well as investment throughout the organization to support the growth of the company. First quarter operating expenses in 2026 included $9.6 million of stock compensation expense compared to $8.7 million of stock compensation expense in the first quarter of 2025.

Income from operations in the first quarter of 2026 was $13.3 million, compared to operating income of $27.4 million in the first quarter of 2025. Adjusted income from operations in the first quarter of 2026 was $18.1 million compared to adjusted income from operations of $29.8 million in the first quarter of 2025.

Net income in the first quarter of 2026 was $7.3 million, or $0.20 per diluted share, compared to net income of $25.7 million, or $0.70 per diluted share, in the first quarter of 2025. Adjusted net income in the first quarter of 2026 was $10.9 million, or $0.30 per diluted share compared to adjusted net income of $27.4 million, or $0.74 per diluted share, in the first quarter of 2025.

Cash was $461.7 million as of March 31, 2026.

2026 Financial Outlook
TransMedics is reiterating its full year 2026 revenue guidance to be in the range of $727 million to $757 million, which represents 20% to 25% growth compared to the company's prior year revenue.

Webcast and Conference Call Details
The TransMedics management team will host a conference call beginning at 4:30 p.m. ET / 1:30 p.m. PT on Tuesday, May 5, 2026. Investors interested in listening to the conference call may do so by dialing (800) 715-9871 for domestic callers or (646) 307-1963 for international callers and providing access code 9254082. A live and archived webcast of the event and the company's slide presentation with information on first quarter 2026 financial results will be available on the "Investors" section of the TransMedics website at www.transmedics.com.

About TransMedics Group, Inc.
TransMedics is the world's leader in portable extracorporeal warm perfusion and assessment of donor organs for transplantation. Headquartered in Andover, Massachusetts, the company was founded to address the unmet need for more and better organs for transplantation and has developed technologies to preserve organ quality, assess organ viability prior to transplant, and potentially increase the utilization of donor organs for the treatment of end-stage heart, lung, and liver failure.

Forward-Looking Statements
This press release contains forward-looking statements with respect to, among other things, future results and events, including financial guidance and projected estimates, potential clinical outcomes and therapies, and statements about our operations, operational execution, financial position, strategic plans and other business plans. For this purpose, all statements other than statements of historical facts are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "could," "target," "predict," "seek" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties. Our management cannot predict all risks, nor can we assess the impact of all factors or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in or implied by any forward-looking statements we may make. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated in or implied by the forward-looking statements. Some of the key factors that could cause actual results to differ include: the fluctuation of our financial results from quarter to quarter; our ability to attract, train and retain key personnel; our dependence on the success of the OCS; our ability to expand access to the OCS through our NOP; our ability to improve the OCS platform, including by developing the next generation of the OCS products or expanding into new indications and the development, and potential commercialization of our OCS Kidney device; the timing or results of clinical trials for the OCS, including pre- and post-approval studies, or other product candidates, including CHOPS; our ability to sustain profitability; our need to raise additional funding and our ability to obtain it on favorable terms, or at all; our ability to use net operating losses and research and development credit carryforwards; that we have identified a material weakness in our internal control over financial reporting, and that we may identify additional material weaknesses in the future; our ability to scale our manufacturing and sterilization capabilities to meet increasing demand for our products; the rate and degree of market acceptance of the OCS; our ability to educate patients, surgeons, transplant centers and private and public payors on the benefits offered by the OCS; our dependence on a limited number of customers for a significant portion of our revenue; our ability to maintain regulatory approvals or clearances for our OCS products in the United States, the European Union and other select jurisdictions worldwide; our ability to adequately respond to the Food and Drug Administration (the "FDA") or other competent authorities, follow-up inquiries in a timely manner; the impact of healthcare policy changes, including recently enacted or potential future legislation or administrative actions affecting or reforming the U.S. healthcare system, Organ Procurement and Transplantation Network, or the FDA; the performance of our third-party suppliers and manufacturers; our use of third parties to transport donor organs and medical personnel for our NOP and our ability to maintain and grow our transplant logistics capabilities to support our NOP to reduce dependence on third party transportation, including by means of attracting, training and retaining pilots, and the acquisition, maintenance or replacement of fixed-wing aircraft for our aviation transportation services or other acquisitions, joint ventures or strategic investments; our ability to maintain Federal Aviation Administration, or other regulatory licenses or approvals for our aircraft transportation services; price increases of the components of our products and maintenance, parts and fuel for our aircraft; our manufacturing, sales, marketing and clinical support capabilities and strategy; attacks against our information technology, or IT, infrastructure; the economic, political and other risks associated with our foreign operations; our ability to protect, defend, maintain and enforce our intellectual property rights relating to the OCS and avoid allegations that our products or services infringe, misappropriate or otherwise violate the intellectual property rights of third parties; the pricing of the OCS, as well as the reimbursement coverage for the OCS in the United States and internationally; regulatory developments in the United States, European Union and other jurisdictions; the impact of a shutdown of the U.S. government; the extent and success of competing products or procedures that are or may become available; our ability to service our 1.50% convertible senior notes, due 2028; our existing and any future indebtedness, including our ability to comply with affirmative and negative covenants under our credit agreements to which we will remain subject until maturity; the impact of any product recalls or improper use of our products; our international expansion plans and the costs related thereto; our estimates regarding revenue, expenses and needs for additional financing; and other factors that may be described in our filings with the Securities and Exchange Commission (the "SEC"). Additional information will be made available in our annual and quarterly reports and other filings that we make with the SEC. The forward-looking statements in this press release speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and we are not able to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.

Use of Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we disclose certain non-GAAP financial measures, including adjusted income from operations, adjusted operating margin, adjusted net income, and adjusted diluted net income per common share. These non-GAAP financial measures are not calculated in accordance with GAAP, are not a substitute for, and should be considered supplemental to, GAAP financial measures. Our definitions of these non-GAAP measures may differ from similarly titled measures used by other companies, which may limit their usefulness for comparative purposes.

We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe the presentation of these measures is useful to both management and investors as they provide meaningful supplemental information with respect to our core operational performance and allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making.

To calculate adjusted income from operations, adjusted operating margin, adjusted net income and adjusted diluted net income per common share, we exclude certain charges (credits) from GAAP income from operations and GAAP net income, such as transaction-related costs, incremental amortization of intangible assets, headquarters relocation costs and legal matters. Amounts are presented after-tax using the company's statutory tax rate unless the amount is a significant unusual or infrequently occurring item in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 740-270-30, "General Methodology and Use of Estimated Annual Effective Tax Rate."

Investor Contact:
Brian Johnston
332-895-3222
[email protected]

TransMedics Group, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)

Three Months Ended March 31,

2026

2025

Revenue:

Net product revenue

$

107,972

$

88,234

Service revenue

65,961

55,303

Total revenue

173,933

143,537

Cost of revenue:

Cost of net product revenue

24,308

16,312

Cost of service revenue

48,464

38,997

Total cost of revenue

72,772

55,309

Gross profit

101,161

88,228

Gross margin

58

%

61

%

Operating expenses:

Research, development and clinical trials

24,879

17,160

Selling, general and administrative

62,985

43,625

Total operating expenses

87,864

60,785

Income from operations

13,297

27,443

Other income (expense):

Interest expense

(7,170)

(3,461)

Interest income and other income (expense), net

2,358

2,694

Total other expense, net

(4,812)

(767)

Income before income taxes

8,485

26,676

Provision for income taxes

(1,170)

(994)

Net income

$

7,315

$

25,682

Net income per share:

Basic

$

0.21

$

0.76

Diluted

$

0.20

$

0.70

Weighted average common shares outstanding:

Basic

34,384,207

33,721,603

Diluted

36,194,023

39,914,487

TransMedics Group, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)

March 31,

December 31,

2026

2025

Assets

Current assets:

Cash

$

461,739

$

488,366

Accounts receivable

90,727

84,282

Inventory

49,890

48,881

Prepaid expenses and other current assets

16,924

16,254

           Total current assets

619,280

637,783

Property, plant and equipment, net

361,571

327,656

Finance lease right-of-use assets, net

334,545

—

Operating lease right-of-use assets, net

4,858

5,155

Deferred tax assets

82,476

83,543

Restricted cash

18,438

500

Goodwill

11,549

11,549

Acquired intangible assets, net

—

1,948

Other non-current assets

2,103

239

           Total assets

$

1,434,820

$

1,068,373

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable

$

11,151

$

10,350

Accrued expenses and other current liabilities

59,316

62,740

Current portion of long-term debt

15,000

10,000

Deferred revenue

2,945

2,905

Operating lease liabilities

3,508

3,310

Total current liabilities

91,920

89,305

Convertible senior notes, net

453,530

452,804

Long-term debt, net

44,665

49,587

Finance lease liability

343,829

—

Operating lease liabilities, net of current portion

2,883

3,577

Other long-term liabilities

3,986

—

    Total liabilities

940,813

595,273

    Total stockholders' equity

494,007

473,100

    Total liabilities and stockholders' equity

$

1,434,820

$

1,068,373

TransMedics Group, Inc.

NON-GAAP INCOME FROM OPERATIONS, NET INCOME AND DILUTED NET INCOME PER SHARE
RECONCILIATIONS

(dollars in thousands, except per share)

(unaudited)

Three Months Ended March 31, 2026

Income from
Operations

Operating
Margin %

Net Income

Diluted Net 
Income per
Common Share

Reported

$

13,297

7.6

%

$

7,315

$

0.20

Non-GAAP adjustments:

Incremental amortization of acquired
   intangible assets(1)

1,898

1.1

%

1,418

0.04

Transaction-related costs(2)

2,707

1.6

%

2,023

0.06

Headquarters relocation costs(3)

207

0.1

%

155

0.00

Adjusted

$

18,109

10.4

%

$

10,911

$

0.30

Three Months Ended March 31, 2025

Income from
Operations

Operating
Margin %

Net Income

Diluted Net
Income per
Common Share

Reported

$

27,443

19.1

%

$

25,682

$

0.70

Non-GAAP adjustments:

Legal matters(4)

2,358

1.6

%

1,759

0.04

Adjusted

$

29,801

20.7

%

$

27,441

$

0.74

(1)

Incremental amortization of acquired intangible assets – We record intangible assets acquired in a business combination or asset acquisition at acquisition date fair values and amortize over their estimated useful lives. These adjustments reflect non-cash charges related to incremental amortization of acquired intangible assets, resulting from periodic reassessments of estimated economic lives. These amounts are excluded as they relate to discrete, non-routine activities rather than the Company's ongoing operations and therefore are not considered indicative of normal operating costs.

(2)

Transaction-related costs – These adjustments primarily reflect direct and incremental costs incurred in connection with strategic initiatives and corporate development activities, and may include due diligence, deal fees, integration and other fees and costs related to transactions. The Company excludes only costs that are directly attributable to individually identifiable transactions that have progressed beyond preliminary evaluation, including those for which formal internal approvals have been obtained or third-party advisors have been engaged. Exploratory and other ongoing corporate development and strategy-related operating expenses are not excluded. Excluded costs are associated with discrete transaction events and are not reflective of the Company's core operating performance, although similar costs may be incurred in future periods.

(3)

Headquarter relocation costs – These adjustments reflect primarily direct and incremental third-party professional fees, including valuation, accounting, and advisory services, incurred in connection with the Company's relocation of its headquarters to Somerville, Massachusetts. These costs may also include incremental depreciation of fixed assets resulting from reassessments of estimated economic lives in consideration of the relocation.  The Company excludes only costs that are directly attributable to the relocation event and does not exclude ongoing occupancy, personnel, or other recurring operating expenses associated with the new headquarters.

(4)

Legal matters - These adjustments reflect legal fees and other directly attributable costs incurred in connection with responding to and addressing matters arising from the short-seller report issued in January 2025. Such costs may include external legal counsel, advisory services, and other incremental expenses necessary to evaluate and defend against the claims. The Company excludes only costs that are specifically associated with this discrete event and does not exclude ongoing legal expenses related to normal business operations. These costs are excluded as they are non-recurring in nature and not indicative of the Company's core operating performance, although similar costs could arise in future periods.

SOURCE TransMedics Group, Inc.

For the quarter ended March 2026, TransMedics (TMDX - Free Report) reported revenue of $173.93 million, up 21.2% over the same period last year. EPS came in at $0.30, compared to $0.70 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $175.67 million, representing a surprise of -0.99%. The company delivered an EPS surprise of -51.46%, with the consensus EPS estimate being $0.62.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how TransMedics performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

OCS transplant revenue- United States- Total: $167.02 million versus the three-analyst average estimate of $171.27 million. The reported number represents a year-over-year change of +20.5%.OCS transplant revenue- United States- Lung total revenue: $2.2 million versus the three-analyst average estimate of $4.6 million.OCS transplant revenue- United States- Heart total revenue: $25.86 million versus the three-analyst average estimate of $31.3 million.OCS transplant revenue- All other countries- Heart total revenue: $5.01 million versus $3.78 million estimated by three analysts on average.OCS transplant revenue- All other countries- Total: $5.65 million versus $4.45 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +38.9% change.OCS transplant revenue- All other countries- Lung total revenue: $0.63 million versus $0.4 million estimated by three analysts on average.OCS transplant revenue- United States- Liver total revenue: $138.97 million versus the three-analyst average estimate of $135.37 million.OCS transplant revenue- Lung net revenue (U.S. & All Other countries): $2.82 million versus $5 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -29.6% change.OCS transplant revenue- Heart net revenue (U.S. & All Other countries): $30.87 million versus $35.08 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +3.5% change.OCS transplant revenue- Liver net revenue (U.S. & All Other countries): $138.98 million compared to the $135.64 million average estimate based on three analysts. The reported number represents a change of +27.7% year over year.Revenue- Net Product: $107.97 million versus $105.26 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +22.4% change.Revenue- Service: $65.96 million versus $65.1 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +19.3% change.View all Key Company Metrics for TransMedics here>>>

Shares of TransMedics have returned -7.4% over the past month versus the Zacks S&P 500 composite's +9.5% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

Key Takeaways TransMedics posted Q1 EPS of $0.30, down 59.5% YoY, missing estimates by 51.6%.TMDX's revenues grew 21% to $173.9M, driven by OCS adoption and logistics services expansion.TransMedics saw margin contraction as expenses surged despite growth in products and services. TransMedics Group (TMDX - Free Report) delivered earnings per share (EPS) of 30 cents in the first quarter of 2026, down 59.5% year over year. The figure missed the Zacks Consensus Estimate by 51.6%.

TMDX’s Q1 Revenues in DetailTransMedics registered revenues of $173.9 million in the first quarter, up 21% year over year. The figure fell short of the Zacks Consensus Estimate by 1%.

Per management, the year-over-year rise was driven by the increased utilization of the Organ Care System ("OCS"), primarily in Liver and Heart through the National OCS Program ("NOP"), as well as additional revenues generated by TransMedics logistics services.

During the reported quarter, TMDX was able to cover 82% of its NOP missions requiring air transport compared with 78% in the first quarter of 2025.

However, shares of TransMedics lost 19.7% in yesterday’s after-market trading. The company’s shares have declined 22% in the year-to-date period compared with the industry’s fall of 16.6%. However, the broader S&P 500 Index has increased 6% in the same time frame.

Image Source: Zacks Investment Research

TransMedics’ Segment DetailsTMDX derives revenues via two sources: Net product revenues and Service revenues.

In the first quarter of 2026, Net product revenues totaled $108 million, up 22% year over year. Growth was driven by continued strong liver performance and modest growth in the heart.

Service revenues totaled $66 million, up 19% year over year, driven primarily by logistics revenues, supported by increased utilization of the TransMedics aviation fleet.

Transplant Logistics’ services revenues for first-quarter 2026 were $32 million, up 22% year over year. This resulted from the continued expansion and strong utilization of TransMedics’ aviation fleet.

TMDX’s Margin TrendIn the quarter under review, TransMedics’ gross profit increased 14.7% year over year to $101.2 million. The gross margin contracted 331 basis points (bps) to 58%.

Selling, general and administrative expenses rose 44.4% year over year to $62.9 million. Research, development and clinical trials expenses surged 45% year over year to $24.9 million. Total operating expenses of $87.9 million increased 44.5% year over year.

Adjusted operating profit totaled $18.1 million, reflecting a downtick of 39.2% from the prior-year quarter. The adjusted operating margin in the first quarter contracted 1030 bps to 10.4%.

TransMedics’ Financial PositionTransMedics exited first-quarter 2026 with cash of $461.7 million compared with $488.4 million at the end of 2025. Total long-term debt at the end of first-quarter 2026 was $44.5 million compared with $49.6 million at the end of 2025.

Cumulative net cash provided by operating activities at the end of first-quarter 2026 was $24.5 million, against net cash used in operating activities of $2.9 million a year ago.

TMDX’s 2026 GuidanceTransMedics reiterated its revenue outlook for 2026.

For 2026, the company expects revenues in the range of $727-$757 million, reflecting growth of 20-25% from the 2025 level. The Zacks Consensus Estimate is pegged at $739.7 million.

Our Take on TransMedics’ Q1 ResultsTransMedics delivered mixed first-quarter 2026 results, where solid top-line growth was overshadowed by profitability pressure and an earnings miss. Quarterly performance was driven bygrowing OCS case volume, increased clinical adoption and expanding logistics services. While earnings per share declined year over year due to elevated investments, results still exceeded expectations, signaling underlying strength in the business. However, both gross margin and operating margin contraction during the quarter were disappointing.

Growth was supported by balanced contributions from both product and service segments. Transplant product revenues benefited from strong liver performance and steady heart adoption, while logistics services continued to scale. Increased utilization of the company’s aviation fleet and improved operational efficiency further reinforced the value of its integrated National OCS Program (NOP).

TransMedics is accelerating investments in 2026, positioning the year as a transformational phase. Strategic priorities include advancing the ENHANCE Heart and DENOVO Lung programs, expanding international operations and progressing the OCS Kidney platform. The kidney program, built on the new Gen 3.0 platform, represents a significant opportunity to penetrate the largest segment of the transplant market and drive long-term growth.

A notable development is the introduction of the Controlled Hypothermic Organ Preservation System (CHOPS), designed to complement existing technologies and expand the company’s product portfolio. CHOPS targets shorter-duration transplant scenarios, allowing TransMedics to address a broader spectrum of clinical needs while strengthening its competitive positioning.

International expansion is also gaining momentum, with early infrastructure development underway in Europe and partnerships being formed to replicate the NOP model overseas.

Despite near-term margin pressure from increased investments, TransMedics remains confident that these investments will drive long-term operating leverage and market expansion.

TMDX’s Zacks Rank & Key PicksTransMedics currently carries a Zacks Rank #4 (Sell).

Some better-ranked stocks in the broader medical space that have announced quarterly results are West Pharmaceutical Services, Inc. (WST - Free Report) , Intuitive Surgical (ISRG - Free Report) and Cardinal Health, Inc. (CAH - Free Report) .

West Pharmaceutical reported first-quarter 2026 EPS of $2.13, which beat the Zacks Consensus Estimate by 26.8%. Revenues of $844.9 million surpassed the Zacks Consensus Estimate by 8.5%. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

West Pharmaceutical has a long-term estimated growth rate of 13.9%. WST’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 19.37%.

Intuitive Surgical reported first-quarter 2026 adjusted EPS of $2.50, beating the Zacks Consensus Estimate by 20.19%. Revenues of $2.77 billion surpassed the Zacks Consensus Estimate by 6.2%. It currently carries a Zacks Rank of 2 (Buy).

Intuitive Surgical has a long-term estimated growth rate of 14.9%. ISRG’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 16.82%.

Cardinal Health, carrying a Zacks Rank of 2 at present, reported third-quarter fiscal 2026 adjusted EPS of $3.17, which beat the Zacks Consensus Estimate by 13.2%. Revenues of $60.94 billion missed the Zacks Consensus Estimate by 2.3%.

Cardinal Health has a long-term estimated growth rate of 15.6%. CAH’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 10.27%.

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- TransMedics Group, Inc. ("TransMedics") (Nasdaq: TMDX), a medical technology company that is transforming organ transplant therapy for patients with end-stage lung, heart, and liver failure, today announced the company will be participating in the William Blair 46th Annual Growth Stock Conference in Chicago on Tuesday, June 2, 2026. The TransMedics management team will present beginning at 2:20 p.m. ET/ 1:20 p.m. CT.

A live and archived webcast of the presentations will be available on the "Investors" section of the TransMedics website at https://investors.transmedics.com/. The Company's standard investor presentation is also available through this link.

About TransMedics Group, Inc.
TransMedics is the world's leader in portable extracorporeal warm perfusion and assessment of donor organs for transplantation. Headquartered in Andover, Massachusetts, the company was founded to address the unmet need for more and better organs for transplantation and has developed technologies to preserve organ quality, assess organ viability prior to transplant, and potentially increase the utilization of donor organs for the treatment of end-stage heart, lung, and liver failure.

Investor Contact:
Brian Johnston
Hannah Jeffrey
332-895-3222
[email protected]

SOURCE TransMedics Group, Inc.

Also from this source

TransMedics remains a 'Strong Buy' despite a 50% stock decline and Q1 2026 earnings miss, supported by robust long-term growth initiatives. TMDX's portfolio expansion includes CHOPS as a complementary offering and aggressive European NOP rollout, aiming to expand its addressable market. Q1 2026 revenue grew 21% year-over-year to $174 million, led by liver segment strength, though higher costs compressed margins and net income.

A month has gone by since the last earnings report for TransMedics (TMDX - Free Report) . Shares have lost about 4.4% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is TransMedics due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.

TransMedics Q1 Earnings & Revenues Miss EstimatesTransMedics delivered earnings per share of 30 cents in the first quarter of 2026, down 59.5% year over year. The figure missed the Zacks Consensus Estimate by 51.6%.

TMDX’s Q1 Revenues in DetailTransMedics registered revenues of $173.9 million in the first quarter, up 21% year over year. The figure fell short of the Zacks Consensus Estimate by 1%.

Per management, the year-over-year rise was driven by the increased utilization of the Organ Care System ("OCS"), primarily in Liver and Heart through the National OCS Program ("NOP"), as well as additional revenues generated by TransMedics logistics services.

During the reported quarter, TMDX was able to cover 82% of its NOP missions requiring air transport compared with 78% in the first quarter of 2025.

TransMedics’ Segment DetailsTMDX derives revenues via two sources: Net product revenues and Service revenues.

In the first quarter of 2026, Net product revenues totaled $108 million, up 22% year over year. Growth was driven by continued strong liver performance and modest growth in the heart.

Service revenues totaled $66 million, up 19% year over year, driven primarily by logistics revenues, supported by increased utilization of the TransMedics aviation fleet.

Transplant Logistics’ services revenues for first-quarter 2026 were $32 million, up 22% year over year. This resulted from the continued expansion and strong utilization of TransMedics’ aviation fleet.

TMDX’s Margin TrendIn the quarter under review, TransMedics’ gross profit increased 14.7% year over year to $101.2 million. The gross margin contracted 331 basis points (bps) to 58%.

Selling, general and administrative expenses rose 44.4% year over year to $62.9 million. Research, development and clinical trials expenses surged 45% year over year to $24.9 million. Total operating expenses of $87.9 million increased 44.5% year over year.

Adjusted operating profit totaled $18.1 million, reflecting a downtick of 39.2% from the prior-year quarter. The adjusted operating margin in the first quarter contracted 1030 bps to 10.4%.

TransMedics’ Financial PositionTransMedics exited first-quarter 2026 with cash of $461.7 million compared with $488.4 million at the end of 2025. Total long-term debt at the end of first-quarter 2026 was $44.5 million compared with $49.6 million at the end of 2025.

Net cash provided by operating activities at the end of first-quarter 2026 was $24.5 million, against net cash used in operating activities of $2.9 million a year ago.

TMDX’s 2026 GuidanceTransMedics reiterated its revenue outlook for 2026.

For 2026, the company expects revenues in the range of $727-$757 million, reflecting growth of 20-25% from the 2025 level. The Zacks Consensus Estimate is pegged at $739.7 million.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a downward trend in fresh estimates.

The consensus estimate has shifted -29.46% due to these changes.

VGM ScoresCurrently, TransMedics has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a grade of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, TransMedics has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerTransMedics is part of the Zacks Medical - Instruments industry. Over the past month, Thermo Fisher Scientific (TMO - Free Report) , a stock from the same industry, has gained 0.2%. The company reported its results for the quarter ended March 2026 more than a month ago.

Thermo Fisher reported revenues of $11.01 billion in the last reported quarter, representing a year-over-year change of +6.2%. EPS of $5.44 for the same period compares with $5.15 a year ago.

For the current quarter, Thermo Fisher is expected to post earnings of $5.75 per share, indicating a change of +7.3% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Thermo Fisher. Also, the stock has a VGM Score of D.

SAN DIEGO, June 12, 2026 (GLOBE NEWSWIRE) -- Johnson Fistel, PLLP is investigating TransMedics Group, Inc. (NASDAQ: TMDX) on behalf of investors who suffered losses and whether those losses may be recoverable under federal securities laws.

TransMedics Investors: Contact Johnson Fistel
If you purchased TransMedics securities and suffered losses on your investment, you are encouraged to click here to join the investigation.

For more information, contact Jim Baker at [email protected] or (619) 814-4471.

There is no cost or obligation to you.

Background of the Investigation
TransMedics is a medical technology company focused on transforming organ transplant therapy for patients with end-stage lung, heart, and liver failure. The Company operates the Organ Care System, or OCS, and the National OCS Program, or NOP.

On May 5, 2026, after the market closed, TransMedics reported its first quarter 2026 financial results. The Company reported total revenue of approximately $173.9 million, representing a 21% increase compared to the first quarter of 2025.

The Company reported gross margin of 58%, compared to 61% in the prior-year period. Operating margin declined to 7.6%, compared to 19.1% in the first quarter of 2025, and adjusted operating margin declined to 10.4%, compared to 20.7% in the prior-year period.

TransMedics stated that gross margin was impacted primarily by investments to support growth and scale, together with higher supply chain and operating costs compared to the prior year. The Company also disclosed that operating expenses increased to approximately $87.9 million, compared to $60.8 million in the first quarter of 2025, driven primarily by increased research and development investment and investment throughout the organization to support the Company’s growth.

During the Company’s May 5, 2026 earnings call, management discussed continued investments in clinical programs, technology, international expansion initiatives, and the Company’s NOP aviation and logistics network. TransMedics also advised investors that adjusted operating margin for 2026 was expected to be below 2025 levels despite continued revenue growth expectations.

Following these disclosures, TransMedics’ stock price declined sharply.

In light of these recent disclosures, Johnson Fistel is investigating whether TransMedics complied with federal securities laws. If you suffered losses, or are a long-term holder of TransMedics stock, contact Johnson Fistel.

About Johnson Fistel, PLLP | Securities Fraud & Investor Rights
Johnson Fistel, PLLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, Idaho, and Colorado. The firm represents individual and institutional investors in shareholder litigation involving securities fraud, breaches of fiduciary duties, and other violations of state and federal law.

Johnson Fistel has been recognized as one of the Top 10 Plaintiff Law Firms by ISS Securities Class Action Services. In 2024, the firm recovered approximately $90,725,000 for investors.

Attorney advertising. Past results do not guarantee future outcomes. Services may be performed by attorneys in any of our offices. This press release may be considered a promotional communication. The attorney responsible for this communication is Frank J. Johnson.

Contact
Johnson Fistel, PLLP
501 W. Broadway, Suite 800
San Diego, CA 92101
James Baker, Investor Relations – or – Frank J. Johnson, Esq.
(619) 814-4471
[email protected] | [email protected]