TransMedics Group, Inc.
transmedics.comWhat Do They Do?
Sells portable systems that preserve donor hearts, lungs and livers for transplant, and provides organ-procurement and transport services to transplant centers.
10-K for FY2025, filed Feb 24, 2026We designed the OCS to be a platform that allows us to leverage core technologies across products for multiple organs. To date, we have…View ↗
We developed the OCS to comprehensively address the major limitations of cold storage. The OCS is a portable organ perfusion, optimization…View ↗
We developed the NOP to provide additional capabilities to transplant centers for the complicated organ procurement process that often…View ↗
How Do They Make Money?
Transplant centers buy single-use OCS sets for each transplant; product revenue is counted when products are delivered, while console orders count after arrival, training and setup. They also pay for NOP procurement, OCS management and logistics as those services are delivered.
10-K for FY2025, filed Feb 24, 2026The Company generates net product revenue primarily from sales of its single-use, organ-specific disposable sets used on its organ-specific…View ↗
When a customer order includes an OCS Console, the Company has determined that customer training and the equipment set-up of the OCS…View ↗
Revenue is recognized when control is transferred to the customer in an amount that reflects the consideration the Company expects to be…View ↗
$605.5M
-
10-K for FY2025, filed Feb 24, 2026
$605.5M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Cost of net product revenue
Sold outright
10-K for FY2025, filed Feb 24, 2026 |
62%
FY2022: 85%
|
Cost of net product revenue, FY2025
$372.4M Sources
|
Sold outright |
|
Cost of service revenue
Sold outright
10-K for FY2025, filed Feb 24, 2026 |
39%
FY2022: 15%
|
Cost of service revenue, FY2025
$233.1M Sources
|
Sold outright |
Who Are Their Customers?
U.S. transplant centers primarily use the NOP, outsourcing procurement, OCS management and logistics; international centers and some U.S. centers buy directly and train their own teams. A small portion of sales goes through distributors in Europe and Asia-Pacific.
10-K for FY2025, filed Feb 24, 2026We commercialize our products through two channels: our NOP and a direct acquisition model. Our NOP enables transplant centers to outsource…View ↗
Our direct acquisition model is provided to transplant centers to train their own teams for organ procurement and OCS perfusion management…View ↗
The Company markets and sells its products to end customers globally. A small portion of the Company’s revenue is generated by sales to a…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 31 cents of every revenue dollar as net income in FY2025 and turned 22 cents into free cash flow.
10-K for FY2025, filed Feb 24, 2026
$108.6MView ↗
10-K for FY2025, filed Feb 24, 2026
$190.3MView ↗
10-K for FY2025, filed Feb 24, 2026
$133.6MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
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Sep 10, 2026
Appointed Fernando Araujo as CFO
He will succeed Gerardo Hernandez; the company also reiterated its 2026 revenue guidance of $737 million to $757 million.
Sources
8-K, filed Sep 10, 2026
TransMedics is reiterating its full-year 2026 revenue guidance of $737 million to $757 million, representing approximately 22% to 25%…View ↗
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Aug 4, 2026
Raised the low end of 2026 revenue guidance
The range rose from $727 million to $757 million to $737 million to $757 million.
Sources
8-K, filed Aug 4, 2026
TransMedics is raising the low end of its full-year 2026 revenue guidance to a range of $737 million to $757 million. This guidance…View ↗
Growing. Revenue grew 20.0x in 4 years, from $30.3M in FY2021 to $605.5M in FY2025, about 111% a year.
Broader transplant logistics
The NOP has expanded from a clinical procurement and OCS-management service staffed by surgeons and specialists to an end-to-end offering that also coordinates aviation and ground transport for organs.
10-K for FY2022, filed Feb 27, 2023 10-K for FY2025, filed Feb 24, 2026We developed the NOP to provide additional capabilities to transplant centers for the complicated organ procurement process that often…View ↗
We developed the NOP to provide additional capabilities to transplant centers for the complicated organ procurement process that often…View ↗
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