$TMDX
TransMedics Group, Inc.

2020 Q1 Form 10-Q Financial Statement

#000119312520135029 Filed on May 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $7.530M $4.676M
YoY Change 61.04% 85.63%
Cost Of Revenue $2.670M $2.103M
YoY Change 26.96% 31.85%
Gross Profit $4.860M $2.573M
YoY Change 88.88% 178.46%
Gross Profit Margin 64.54% 55.03%
Selling, General & Admin $6.652M $4.653M
YoY Change 42.96% 107.72%
% of Gross Profit 136.87% 180.84%
Research & Development $6.225M $3.882M
YoY Change 60.36% 12.03%
% of Gross Profit 128.09% 150.87%
Depreciation & Amortization $371.0K $245.0K
YoY Change 51.43% 47.59%
% of Gross Profit 7.63% 9.52%
Operating Expenses $12.88M $8.535M
YoY Change 50.87% 49.61%
Operating Profit -$8.017M -$5.962M
YoY Change 34.47% 24.7%
Interest Expense $1.042M $1.093M
YoY Change -4.67% 323.64%
% of Operating Profit
Other Income/Expense, Net -$825.0K -$923.0K
YoY Change -10.62% 716.81%
Pretax Income -$8.842M -$6.885M
YoY Change 28.42% 40.68%
Income Tax $10.00K $10.00K
% Of Pretax Income
Net Earnings -$8.852M -$6.895M
YoY Change 28.38% 40.69%
Net Earnings / Revenue -117.56% -147.46%
Basic Earnings Per Share -$0.42
Diluted Earnings Per Share -$0.42 -$340.9K
COMMON SHARES
Basic Shares Outstanding 21.22M
Diluted Shares Outstanding 21.22M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $72.60M $12.20M
YoY Change 495.08%
Cash & Equivalents $24.74M $12.22M
Short-Term Investments $47.80M
Other Short-Term Assets $1.700M $1.400M
YoY Change 21.43%
Inventory $11.36M $11.29M
Prepaid Expenses
Receivables $6.133M $5.146M
Other Receivables $0.00 $0.00
Total Short-Term Assets $91.70M $30.06M
YoY Change 205.08%
LONG-TERM ASSETS
Property, Plant & Equipment $4.713M $3.750M
YoY Change 25.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.000K $6.000K
YoY Change 0.0%
Total Long-Term Assets $5.219M $8.700M
YoY Change -40.01%
TOTAL ASSETS
Total Short-Term Assets $91.70M $30.06M
Total Long-Term Assets $5.219M $8.700M
Total Assets $96.92M $38.76M
YoY Change 150.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.860M $5.499M
YoY Change -11.62%
Accrued Expenses $9.900M $10.00M
YoY Change -1.0%
Deferred Revenue $164.0K $359.0K
YoY Change -54.32%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $15.04M $16.20M
YoY Change -7.17%
LONG-TERM LIABILITIES
Long-Term Debt $34.27M $33.79M
YoY Change 1.43%
Other Long-Term Liabilities $900.0K $1.300M
YoY Change -30.77%
Total Long-Term Liabilities $34.27M $33.79M
YoY Change 1.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.04M $16.20M
Total Long-Term Liabilities $34.27M $33.79M
Total Liabilities $50.24M $51.28M
YoY Change -2.02%
SHAREHOLDERS EQUITY
Retained Earnings -$378.3M -$342.8M
YoY Change 10.36%
Common Stock $424.8M $1.000K
YoY Change 42479000.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $46.68M -$199.0M
YoY Change
Total Liabilities & Shareholders Equity $96.92M $38.76M
YoY Change 150.07%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$8.852M -$6.895M
YoY Change 28.38% 40.69%
Depreciation, Depletion And Amortization $371.0K $245.0K
YoY Change 51.43% 47.59%
Cash From Operating Activities -$8.176M -$7.266M
YoY Change 12.52% 14.77%
INVESTING ACTIVITIES
Capital Expenditures $277.0K $3.000K
YoY Change 9133.33% -92.5%
Acquisitions
YoY Change
Other Investing Activities $12.99M $0.00
YoY Change -100.0%
Cash From Investing Activities $12.72M -$3.000K
YoY Change -423933.33% -100.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 152.0K -697.0K
YoY Change -121.81% -20.8%
NET CHANGE
Cash From Operating Activities -8.176M -7.266M
Cash From Investing Activities 12.72M -3.000K
Cash From Financing Activities 152.0K -697.0K
Net Change In Cash 4.646M -8.026M
YoY Change -157.89% 275.57%
FREE CASH FLOW
Cash From Operating Activities -$8.176M -$7.266M
Capital Expenditures $277.0K $3.000K
Free Cash Flow -$8.453M -$7.269M
YoY Change 16.29% 14.1%

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CY2020Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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0
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2019Q1 tmdx Deferred Offering Costs Included In Accounts Payable And Accrued Expenses
DeferredOfferingCostsIncludedInAccountsPayableAndAccruedExpenses
1134000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4646000
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-8026000
CY2020Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
17160000
CY2019Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
705000
CY2020Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
4168000
CY2020Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1000
CY2020Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
47549000
CY2020Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
267000
CY2020Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
47816000
CY2019Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
60542000
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
56000
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
2000
CY2019Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
60596000
CY2020Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
0
CY2020Q1 tmdx Long Term Debt Noncurrent Before Debt Discount And Accrued Payments
LongTermDebtNoncurrentBeforeDebtDiscountAndAccruedPayments
35000000
CY2019Q4 tmdx Long Term Debt Noncurrent Before Debt Discount And Accrued Payments
LongTermDebtNoncurrentBeforeDebtDiscountAndAccruedPayments
35000000
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
6400000
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y21D
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1996000
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2046000
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
4268000
CY2020Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2020Q1 dei Entity File Number
EntityFileNumber
001-38891
CY2020Q1 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
01810
CY2020Q1 dei City Area Code
CityAreaCode
978
CY2020Q1 dei Local Phone Number
LocalPhoneNumber
552-0900
CY2020Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
197000
CY2020Q1 tmdx Non Cash Interest And End Of Term Accretion Expense
NonCashInterestAndEndOfTermAccretionExpense
123000
CY2019Q1 tmdx Non Cash Interest And End Of Term Accretion Expense
NonCashInterestAndEndOfTermAccretionExpense
115000
CY2020Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
197000
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
12215000
CY2020Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
500000
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
500000
CY2020Q1 dei Document Type
DocumentType
10-Q
CY2020Q1 dei Entity Registrant Name
EntityRegistrantName
TransMedics Group, Inc.
CY2020Q1 dei Document Period End Date
DocumentPeriodEndDate
2020-03-31
CY2020Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001756262
CY2019Q2 tmdx Preferred Stock Warrants Shares Issued Upon Conversion
PreferredStockWarrantsSharesIssuedUponConversion
64440
CY2020Q1 dei Document Quarterly Report
DocumentQuarterlyReport
true
CY2020Q1 dei Document Transition Report
DocumentTransitionReport
false
CY2020Q1 dei Security12b Title
Security12bTitle
Common Stock, No Par Value
CY2020Q1 dei Trading Symbol
TradingSymbol
TMDX
CY2020Q1 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
83-2181531
CY2020Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2020Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2020Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2020Q1 dei Entity Address State Or Province
EntityAddressStateOrProvince
MA
CY2020Q1 dei Entity Address City Or Town
EntityAddressCityOrTown
Andover
CY2020Q1 dei Entity Address Address Line1
EntityAddressAddressLine1
200 Minuteman Road
CY2020Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2020Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
CY2020Q1 dei Amendment Flag
AmendmentFlag
false
CY2020Q1 dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2020Q1 dei Entity Shell Company
EntityShellCompany
false
CY2020Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2020Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2020Q1 dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2020Q1 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
MA
CY2020Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
21343480
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000
CY2019Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2020Q1 tmdx Convertible Preferred Stock Conversion Ratio
ConvertiblePreferredStockConversionRatio
3.5-for-one
CY2020Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2019Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
700000
CY2020Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
59896000
CY2019Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
72356000
CY2020Q1 us-gaap Revenue Performance Obligation Description Of Payment Terms
RevenuePerformanceObligationDescriptionOfPaymentTerms
Payment terms for customer orders, including for each of the Company’s primary performance obligations, are typically 30 days for customers in the United States and 30 to 90 days for customers in non-U.S. markets, and such payments do not include payments that are variable, dependent on specified factors or events.
CY2020Q1 us-gaap Revenue Performance Obligation Description Of Timing
RevenuePerformanceObligationDescriptionOfTiming
The Company generally satisfies performance obligations within one year of the contract inception date.
CY2020Q1 tmdx Contract Assets
ContractAssets
0
CY2019Q4 tmdx Contract Assets
ContractAssets
0
CY2020Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
21361513
CY2020Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
72600000
CY2020Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Risk of Concentrations of Credit, Significant Customers and Significant Suppliers </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities, and accounts receivable. The Company has not experienced any other-than-temporary losses with respect to its cash, cash equivalents, and marketable securities and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. </div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Significant customers are those that accounted for 10% or more of the Company&#8217;s net revenue or accounts receivable. For the fiscal three months ended March&#160;31, 2020, one customer represented 17% of net revenue. For the fiscal three months ended March&#160;30, 2019, two customers represented 13% and 11% of net revenue. As of March&#160;31, 2020, one customer accounted for 17% of accounts receivable. As of December&#160;28, 2019, no customer accounted for 10% or more of accounts receivable. </div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Certain of the components and subassemblies included in the Company&#8217;s products are obtained from a sole source, a single source or a limited group of suppliers. Although the Company seeks to reduce dependence on those limited sources of suppliers and manufacturers, the partial or complete loss of certain of these sources could have a material adverse effect on the Company&#8217;s operating results, financial condition and cash flows and damage its customer relationships. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2020Q1 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.105
CY2020Q1 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.122
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of Estimates </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, revenue recognition, the valuation of inventory and the valuation of&#160;stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific&#160;or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. The full extent to which the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic will directly or indirectly impact the Company&#8217;s business, results of operations and financial condition, including sales, expenses, reserves and allowances, manufacturing, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> and the actions taken to contain it or treat <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19,</div> as well as the economic impact on local, regional, national and international customers and markets. The Company has made estimates of the impact of <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> within its financial statements and there may be changes to those estimates in future periods. As of the date of issuance of these unaudited&#160; consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities. Actual results may differ from those estimates or assumptions. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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