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TMDX 8-K filings, explained
Every material Form 8-K TransMedics Group has filed with the SEC since December 09, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
TransMedics reported third-quarter 2026 revenue of $203.0 million, up 41%, and raised its full-year 2026 revenue guidance to $764-$774 million, including about $14 million from PAD Aviation. Net income fell to $17.1 million, or $0.46 per diluted share, from $24.3 million, or $0.66, a year earlier, as operating expenses rose to $90.5 million.
Q3 2026 revenue was $203.0 million, up from $143.8 million in Q3 2025.
Q3 2026 net income was $17.1 million, or $0.46 per diluted share, versus $24.3 million, or $0.66, in Q3 2025.
Full-year 2026 revenue guidance was raised to $764-$774 million, including PAD Aviation; excluding PAD Aviation, guidance is $750-$760 million, up from $737-$757 million.
Operating expenses were $90.5 million, compared with $61.3 million in Q3 2025; cash was $493.0 million as of September 30, 2026.
TransMedics appointed Fernando Araujo, most recently CFO of GE HealthCare's Advanced Imaging Solutions segment, as Chief Financial Officer and Treasurer effective September 21, 2026, succeeding Gerardo Hernandez, who will move to a non-executive role and then a senior advisor position focused on Latin America. In the same announcement, the company reiterated its 2026 revenue guidance of $737 million to $757 million, which excludes PAD Aviation and will be revisited with third quarter results. The filing reports no change to financial results or guidance, but the change in finance leadership is a notable item for shareholders.
Fernando Araujo, age 46, becomes CFO and Treasurer effective September 21, 2026, with a $590,000 base salary and a 60% target bonus
Araujo receives a $200,000 cash sign-on bonus plus initial stock option and RSU awards each with a grant date value of approximately $1.75 million
Gerardo Hernandez remains a non-executive employee through December 31, 2026, then serves as a non-employee senior advisor until April 30, 2027
2026 revenue guidance of $737 million to $757 million was reiterated; the company will revisit it with third quarter 2026 results
TransMedics reported second quarter 2026 revenue of $189.9 million, up 21% from a year earlier. Income from operations fell to $23.7 million from $36.6 million, and diluted earnings per share fell to $0.41 from $0.92, as operating expenses rose to $89.5 million from $60.0 million. The company raised the low end of its full-year 2026 revenue guidance to a range of $737 million to $757 million, which excludes PAD Aviation.
Q2 2026 revenue was $189.9 million, up 21% from $157.4 million; product revenue was $111.2 million and service revenue was $78.8 million.
Income from operations was $23.7 million versus $36.6 million, and diluted EPS was $0.41 versus $0.92 in Q2 2025.
Full-year 2026 revenue guidance low end raised; range is now $737 million to $757 million, up from $727 million to $757 million.
Operating expenses were $89.5 million, driven by planned investment in OCS Kidney, Gen 3.0 and clinical programs; cash was $472.7 million as of June 30, 2026.
TransMedics reported first quarter 2026 revenue of $173.9 million, up 21% from a year earlier, but net income fell to $7.3 million, or $0.20 per diluted share, from $25.7 million, or $0.70 per share, in the first quarter of 2025. The company reiterated its full year 2026 revenue guidance of $727 million to $757 million, which it said represents 20% to 25% growth.
Revenue of $173.9 million for the quarter ended March 31, 2026, up 21% from $143.5 million a year earlier
Net income of $7.3 million, or $0.20 per diluted share, versus $25.7 million, or $0.70, in the prior-year quarter; gross margin was 58% compared with 61%
Adjusted net income of $10.9 million, or $0.30 per diluted share, a non-GAAP measure; cash was $461.7 million as of March 31, 2026
Full year 2026 revenue guidance of $727 million to $757 million was reiterated, not changed
TransMedics added detail to its fourth-quarter 2025 results, showing that a $103.3 million release of a U.S. tax valuation allowance produced a $83.8 million net income tax benefit. At a 19.1% annual effective tax rate, fourth-quarter net income would be $17.5 million, or $0.47 per diluted share, versus the reported $105.4 million, or $2.62 per share. The company expects future quarterly tax provisions to be more in line with U.S. statutory rates.
Released $103.3 million U.S. tax valuation allowance in Q4 2025, producing an $83.8 million net income tax benefit
Reported Q4 2025 net income of $105.4 million ($2.62 per diluted share); adjusted net income of $17.5 million ($0.47 per share)
2025 annual effective tax rate was (77.0)%; excluding the release, it would have been 19.1%
TransMedics reported fourth quarter 2025 revenue of $160.8 million, up 32% from a year earlier, and full year 2025 revenue of $605.5 million, up 37%. Net income was boosted by an $83.8 million tax benefit in the quarter, mainly from a one-time $103.3 million release of a deferred tax asset valuation allowance, and the company guided to 2026 revenue of $727 million to $757 million.
Q4 2025 revenue $160.8 million, up 32% from $121.6 million; net income $105.4 million, or $2.62 per diluted share, versus $0.19 a year earlier
Q4 net income includes an $83.8 million tax benefit, primarily a one-time $103.3 million valuation allowance release
Full year 2025 revenue $605.5 million, up 37%; net income $190.3 million, or $4.87 per diluted share
2026 revenue outlook of $727 million to $757 million, 20% to 25% growth; Q4 gross margin 58% versus 59% a year earlier
TransMedics appointed Giovanni Cecere as Chief Commercial Officer effective February 2, 2026, succeeding Tamer Khayal, who moves to Senior Vice President of International. The company also named Matthew Forsyth General Counsel effective March 9, 2026 or his later employment start date, succeeding Anil Ranganath, who will stay with the company through June 7, 2026 and then serve as a consultant until September 7, 2026. The filing lists severance-related payments to Ranganath, so these are senior executive changes shareholders may want to track.
Giovanni Cecere named Chief Commercial Officer effective February 2, 2026, succeeding Tamer Khayal, who had held the role since January 2018
Matthew Forsyth appointed Senior Vice President, General Counsel & Corporate Secretary, effective March 9, 2026 or his employment start date if later
Anil Ranganath moves to a non-executive role, remains employed until June 7, 2026, then serves as a consultant until September 7, 2026 at an annualized fee of $10,000
Ranganath's retention agreement payments include 0.75 times his highest base salary and bonus over the prior three years, up to nine months of COBRA premiums, and a pro-rated 2026 bonus
TransMedics entered a lease on January 8, 2026 for about 498,286 square feet at 188 Assembly Park Drive in Somerville, Massachusetts, to serve as its new headquarters beginning on or before January 1, 2028, replacing its Andover site. The filing also discloses initial annual base rent of about $23.9 million, an $18 million letter of credit security deposit, and the purchase of two adjacent parcels for $15.0 million each.
Lease covers about 498,286 square feet; base rent initially about $23.9 million per year, rising 2% annually
Lease initial term is 192 months from the Rent Commencement Date, with two ten-year extension options
Security deposit delivered as a letter of credit of about $18 million
On January 8, 2026, the company bought two adjacent Somerville parcels for $15.0 million each, plus related costs
TransMedics reported third quarter 2025 revenue of $143.8 million, up 32% from $108.8 million a year earlier, and net income of $24.3 million, or $0.66 per diluted share, compared with $4.2 million, or $0.12 per diluted share, in the third quarter of 2024. The company raised the midpoint of its full year 2025 revenue guidance and narrowed the range to $595 million to $605 million, which shareholders will weigh against the prior range of $585 million to $605 million.
Q3 2025 total revenue of $143.8 million, up 32% from $108.8 million in Q3 2024
Q3 2025 net income of $24.3 million, or $0.66 per diluted share, versus $4.2 million, or $0.12, a year earlier
Full year 2025 revenue guidance narrowed to $595 million to $605 million, from $585 million to $605 million given on July 30, 2025
Gross margin was 59% in Q3 2025, compared with 56% in Q3 2024; cash was $466.2 million as of September 30, 2025
TransMedics, Inc., a wholly-owned subsidiary of TransMedics Group, Inc., bought one fixed-wing aircraft from Teaghlach Aviation, LLC on October 3, 2025, for approximately $14.5 million. The company says it now has 22 aircraft in total and plans to use them to transport donor organs under its National OCS Program. The filing describes this as an incremental addition to a fleet built through earlier acquisitions.
Purchase date: October 3, 2025, from Teaghlach Aviation, LLC
Purchase price: approximately $14.5 million
Total aircraft acquired to date: 22 (21 in prior acquisitions plus this one)
Stated use: transporting donor organs as part of the National OCS Program
TransMedics reported second-quarter 2025 revenue of $157.4 million, up 38% from $114.3 million a year earlier, and net income of $34.9 million, or $0.92 per diluted share, versus $12.2 million in the prior-year quarter. The company raised its full-year 2025 revenue guidance to $585 million to $605 million from the prior range of $565 million to $585 million, which is the main development for shareholders.
Q2 2025 total revenue was $157.4 million, up 38% from $114.3 million in Q2 2024
Q2 2025 net income was $34.9 million, or $0.92 per diluted share, compared with $12.2 million, or $0.35 per diluted share, a year earlier
Full-year 2025 revenue guidance raised to $585 million to $605 million from $565 million to $585 million
Gross margin was 61%, consistent with the prior-year quarter; operating expenses rose to $60.0 million from $56.8 million
TransMedics reported first quarter 2025 revenue of $143.5 million, up 48% from $96.9 million a year earlier, and net income of $25.7 million, or $0.70 per diluted share, versus $12.2 million in the prior-year quarter. The company raised its full-year 2025 revenue guidance to $565 million to $585 million from the previous $530 million to $552 million range, which both headline measures and the outlook point to stronger results for shareholders.
Q1 2025 total revenue was $143.5 million, a 48% increase from $96.9 million in Q1 2024.
Net income was $25.7 million, or $0.70 per fully diluted share, compared with $12.2 million, or $0.35 per diluted share, a year earlier.
Full-year 2025 revenue guidance was raised to $565 million to $585 million from $530 million to $552 million, as reported February 27, 2025; gross margin was 61% versus 62% a year earlier.
TransMedics reported fourth-quarter and full-year 2024 results on February 27, 2025, with revenue of $121.6 million for the quarter, up 50%, and $441.5 million for the year, up 83%. The company posted full-year net income of $35.5 million, or $1.01 per diluted share, compared with a net loss of $25.0 million in 2023, and expects 2025 revenue of $530 million to $552 million.
Q4 2024 revenue of $121.6 million, up 50% from $81.2 million; Q4 net income of $6.9 million, or $0.19 per diluted share
Full-year 2024 gross margin of 59.4%, down from 63.8% in 2023; operating expenses of $224.6 million
2025 revenue outlook of $530 million to $552 million, representing 20% to 25% growth
On February 20, 2025, TransMedics, Inc., a wholly-owned subsidiary of TransMedics Group, Inc., bought one fixed-wing aircraft from Ocean Select Seafood, L.L.C. for approximately $14.3 million. The filing says the company intends to use all 21 aircraft it has acquired to date to transport donor organs under its National OCS Program, and it treats the purchases as a series of related transactions. The filing reports no revenue, profit, or guidance figures, so its effect on shareholders is limited to the added spending and fleet.
Aircraft purchased February 20, 2025, from Ocean Select Seafood, L.L.C. for approximately $14.3 million
Brings the total to 21 aircraft acquired to date, including 20 in prior acquisitions reported in 13 earlier 8-K filings
Aircraft are intended for transporting donor organs as part of the National OCS Program
TransMedics Group said its subsidiary bought a fixed-wing aircraft from RCS Leasing, LLC on January 8, 2025, for approximately $14.1 million. The company says it now holds 20 aircraft acquired to date, which it uses to transport donor organs under its National OCS Program.
Purchase on January 8, 2025 from RCS Leasing, LLC for approximately $14.1 million
Buyer is TransMedics, Inc., a wholly-owned subsidiary of the company
Total of 20 aircraft acquired to date, including 19 in prior acquisitions
Aircraft are used to transport donor organs as part of the National OCS Program
On December 5, 2024, a wholly-owned subsidiary of TransMedics Group acquired one fixed-wing aircraft from A-JETS CZ, a.s. for approximately $13.9 million. The company says it will use all 19 aircraft it has acquired to date to transport donor organs under its National OCS Program. The filing reports no financial results, so the direct financial effect on shareholders is not quantified beyond the purchase price.
Buyer: TransMedics, Inc., a wholly-owned subsidiary of TransMedics Group, Inc.
Seller: A-JETS CZ, a.s.; purchase date December 5, 2024; price approximately $13.9 million
Fleet total: 19 aircraft acquired to date, including 18 in prior acquisitions
Stated use: transporting donor organs for the National OCS Program
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