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.MoreShow less
Profile & Fundamentals
TransMedics Group: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
TransMedics Group Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
Explore this pageJump to a Profile & Fundamentals section
Explore this research
Profile & Fundamentals contents
Jump directly to any section
Company and Market Context
Company Profile & Ownership
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.
Company profile record
TransMedics Group Inc
Common Stock · Health Care · Health Care Equipment
Company
- Company / asset
- TransMedics Group Inc
- Security type
- Common Stock
- Sector
- Health Care
- Industry
- Health Care Equipment
- HQ
- 🇺🇸 United States
- Head office
- 200 Minuteman Road, Andover, MA, United States, 01810
Leadership & scale
- Chief executive
- Dr. Waleed H. Hassanein M.D.
- CEO year born
- 1968
- Full-time employees
- 898
- Fiscal year end
- December
- IPO date
- 2019-05-02
Fundamentals snapshot
- Market Cap
- USD 3.3B
- P/E
- 21.5x
- Revenue (Q2 26)
- USD 189.9M
- Profit (Q2 26)
- USD 14.7M
- Dividend Yield
- --
- Revenue (FY 25)
- USD 605.5M
- Shares in public float
- 33.6M
- Insider ownership
- 3.64%
Reporting & identifiers
- Symbol
- TMDX.NASDAQ
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US89377M1099
- Asset ID
- equity_d62d0544-c7ef-5aac-89a3-9c2c26cb704d
Ownership
Shares Outstanding
Latest: 40.7M | Max: 40.9M | Min: 4.7M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
82.44%
33.6M latest reported shares
Insider Ownership
3.64%
Latest reported insider stake
Short Float
0.36%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 4,650,300 |
| 2018-01-01 | 19,246,100 |
| 2019-01-01 | 21,170,300 |
| 2020-01-01 | 27,163,400 |
| 2021-01-01 | 27,771,900 |
| 2022-01-01 | 32,010,600 |
| 2023-01-01 | 34,179,100 |
| 2024-01-01 | 35,211,100 |
| 2025-01-01 | 40,927,900 |
| 2026-01-01 | 40,709,200 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 5,293,331 | 15.27% | 2026-03-31 |
| FMR Inc | 5,096,243 | 14.7% | 2026-03-31 |
| iShares Core S&P Small-Cap ETF | 2,106,551 | 6.08% | 2026-08-31 |
| Vanguard Portfolio Management, LLC | 1,919,535 | 5.54% | 2026-03-31 |
| Vanguard Capital Management, LLC | 1,478,152 | 4.26% | 2026-03-31 |
| State Street Corp | 1,319,479 | 3.81% | 2026-03-31 |
| Vanguard MStar Total Stk Mkt Idx Invest | 1,041,492 | 3% | 2026-08-31 |
| Amvescap Plc. | 1,037,974 | 2.99% | 2026-03-31 |
| UBS Asset Mgmt Americas Inc | 939,523 | 2.71% | 2026-03-31 |
| Delaware Management Holdings Inc | 885,841 | 2.55% | 2026-03-31 |
| iShares Russell 2000 ETF | 878,107 | 2.53% | 2026-08-31 |
| The Goldman Sachs Group Inc | 866,282 | 2.5% | 2026-03-31 |
| Geode Capital Management, LLC | 839,155 | 2.42% | 2026-03-31 |
| Vanguard Small Cap Index | 754,860 | 2.18% | 2026-08-31 |
| Fidelity Small Cap Growth | 726,130 | 2.09% | 2026-06-30 |
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
TransMedics has demonstrated powerful top-line revenue growth, expanding annual sales by 37.1% to $605.5 million in fiscal 2025 and continuing with 20.7% growth to $189.9 million in the second quarter of 2026. However, reported net income paints a confusing picture for investors. While 2025 headline net income reached $190.3 million, that figure was artificially boosted by a one-off, non-cash tax benefit of $82.8 million. Normalized earnings were closer to $68 million. In the first half of 2026, GAAP profits dropped sharply to $14.7 million as research spending nearly doubled to develop new kidney platforms and fleet maintenance costs increased. This decline does not mean customer demand is falling; underlying procedure volumes remain robust. Operating cash generation remains positive at $79 million over the trailing twelve months, showing that the core business is self-funding its heavy growth investments.
TransMedics has demonstrated powerful top-line revenue growth, expanding annual sales by 37.1% to $605.5 million in fiscal 2025 and continuing with 20.7% growth to $189.9 million in the second quarter of 2026. However, reported net income paints a confusing picture for investors. While 2025 headline net income reached $190.3 million, that figure was artificially boosted by a one-off, non-cash tax benefit of $82.8 million. Normalized earnings were closer to $68 million. In the first half of 2026, GAAP profits dropped sharply to $14.7 million as research spending nearly doubled to develop new kidney platforms and fleet maintenance costs increased. This decline does not mean customer demand is falling; underlying procedure volumes remain robust. Operating cash generation remains positive at $79 million over the trailing twelve months, showing that the core business is self-funding its heavy growth investments.
Revenue, Net Income, and Free Cash Flow
Latest: USD 605.5M | Max: USD 605.5M | Min: USD -192.1M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 26x
Profitability & Margins
Margins and Operating Efficiency
AI Review
TransMedics exhibits a sharp divide between steady gross margins and fluctuating operating profits. Gross margins have held firm near 59.6%, demonstrating strong pricing power for single-use organ preservation cassettes. However, operating margin compressed from 17.9% in 2025 to 12.5% in mid-2026. This contraction is driven by two factors: lower-margin aviation logistics rising to 41% of total sales, and elevated jet fuel prices. This margin compression represents active business reinvestment rather than permanent deterioration. Single-use organ cassettes generate high gross profits, but flight logistics dilute corporate margins. Long-term profitability will depend on route density; as aircraft fly more missions per month and higher-margin kidney cassettes eventually launch, fixed transport costs will dilute, allowing operating margins to climb back toward the low-twenties percentage range.
TransMedics exhibits a sharp divide between steady gross margins and fluctuating operating profits. Gross margins have held firm near 59.6%, demonstrating strong pricing power for single-use organ preservation cassettes. However, operating margin compressed from 17.9% in 2025 to 12.5% in mid-2026. This contraction is driven by two factors: lower-margin aviation logistics rising to 41% of total sales, and elevated jet fuel prices. This margin compression represents active business reinvestment rather than permanent deterioration. Single-use organ cassettes generate high gross profits, but flight logistics dilute corporate margins. Long-term profitability will depend on route density; as aircraft fly more missions per month and higher-margin kidney cassettes eventually launch, fixed transport costs will dilute, allowing operating margins to climb back toward the low-twenties percentage range.
Profitability Margins
Latest: 59.9% | Max: 69.9% | Min: <-100.0%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
59.9%
Gross profit / revenue
Operating Margin
17.9%
Operating income / revenue
Net Margin
31.4%
Net income / revenue
FCF Margin
22.1%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 6,209,000 | -24,065,000 | -25,587,000 |
| 2017-12-31 | 7,685,000 | -20,823,000 | -23,361,000 |
| 2018-12-31 | 13,017,000 | -23,756,000 | -26,402,000 |
| 2019-12-31 | 23,604,000 | -33,547,000 | -32,451,000 |
| 2020-12-31 | 25,639,000 | -28,748,000 | -30,720,000 |
| 2021-12-31 | 30,262,000 | -44,215,000 | -32,383,000 |
| 2022-12-31 | 93,459,000 | -36,231,000 | -57,724,000 |
| 2023-12-31 | 241,623,000 | -25,028,000 | -192,087,000 |
| 2024-12-31 | 441,540,000 | 35,464,000 | -80,941,000 |
| 2025-12-31 | 605,494,000 | 190,291,000 | 133,589,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 26.16 | Trailing four quarters |
| 2024-12-31 | 61.91 | Trailing four quarters |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 12.34 | -370.2 | -387.58 | -412.1 |
| 2017-12-31 | 27.81 | -265.79 | -270.96 | -303.98 |
| 2018-12-31 | 44.05 | -155.47 | -182.5 | -202.83 |
| 2019-12-31 | 58.73 | -125.42 | -142.12 | -137.48 |
| 2020-12-31 | 64.88 | -102.91 | -112.13 | -119.82 |
| 2021-12-31 | 69.92 | -130.29 | -146.11 | -107.01 |
| 2022-12-31 | 69.84 | -33.64 | -38.77 | -61.76 |
| 2023-12-31 | 63.77 | -11.89 | -10.36 | -79.5 |
| 2024-12-31 | 59.36 | 8.49 | 8.03 | -18.33 |
| 2025-12-31 | 59.92 | 17.93 | 31.43 | 22.06 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-29.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
Complete Research Workspace
Unlock the complete Profile & Fundamentals
Sign in to verify your access, or upgrade to the Base plan to open the complete profile & fundamentals and available source data.