TransMedics Group, Inc. (TMDX)

Nasdaq Health Care Health Care Equipment S&P SmallCap 600

$88.24

+19.26 (+27.92%)

Close of Nov 06, 2026 · end-of-day data

Source: TransMedics Group, Inc.'s 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 06, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$14.66M	$25.84M	$28.36M	$31.39M	$93.46M	$241.62M	$441.54M	$605.49M
Cost of revenue	$7.28M	$9.74M	$9.00M	$9.10M	$28.19M	$87.53M	$179.46M	$242.69M
Gross profit	$5.73M	$13.86M	$16.64M	$21.16M	$65.27M	$154.09M	$262.08M	$362.81M
Research & development	$13.66M	$19.87M	$18.83M	$22.30M	$26.81M	$36.05M	$55.97M	$69.06M
Selling, general & admin	$12.31M	$23.60M	$24.19M	$38.28M	$69.90M	$119.55M	$168.62M	$185.17M
Operating income	-$20.24M	-$29.60M	-$26.38M	-$39.43M	-$31.44M	-$28.73M	$37.50M	$108.58M
Interest expense	$2.72M	$4.35M	$3.98M	$3.87M	$3.73M	$10.79M	$14.41M	$13.78M
Pre-tax income	-$23.71M	-$33.51M	-$28.72M	-$44.18M	-$36.16M	-$26.67M	$35.78M	$107.52M
Income tax	$0	$0	$0	—	$66.00K	-$1.64M	$316.00K	-$82.77M
Net income	-$23.76M	-$33.55M	-$28.75M	-$44.22M	-$36.23M	-$25.03M	$35.46M	$190.29M
EBITDA	-$19.47M	-$28.38M	-$24.81M	-$37.61M	-$27.96M	-$20.55M	$57.25M	$135.77M
EPS (basic)	$-17.48	$-2.36	$-1.16	$-1.60	$-1.23	$-0.77	$1.07	$5.60
EPS (diluted)	$-17.48	$-2.36	$-1.16	$-1.60	$-1.23	$-0.77	$1.01	$4.87
Diluted shares	1.36M	14.20M	24.70M	27.62M	29.56M	32.52M	35.22M	40.54M
Gross margin	39.1%	53.6%	58.7%	67.4%	69.8%	63.8%	59.4%	59.9%
Operating margin	-138.1%	-114.5%	-93.0%	-125.6%	-33.6%	-11.9%	8.5%	17.9%
Net margin	-162.1%	-129.8%	-101.4%	-140.9%	-38.8%	-10.4%	8.0%	31.4%

Balance sheet

fiscal years · USD

Fiscal year	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$20.24M	$20.09M	$24.58M	$25.58M	$201.18M	$394.81M	$337.15M	$488.87M
Short-term investments	—	$60.60M	$101.06M	$66.87M	—	—	—	—
Receivables	$3.44M	$6.56M	$6.86M	$5.93M	$27.61M	$63.58M	$97.72M	$84.28M
Inventory	$9.28M	$11.22M	$11.93M	$14.86M	$20.61M	$44.23M	$46.55M	$48.88M
Total current assets	$34.79M	$100.00M	$146.77M	$118.70M	$252.29M	$510.65M	$497.22M	$637.78M
Goodwill	—	—	—	—	—	$11.99M	$11.55M	$11.55M
Total assets	$42.16M	$105.30M	$152.03M	$134.89M	$277.15M	$706.05M	$804.08M	$1.07B
Total current liabilities	$12.55M	$16.11M	$11.88M	$23.24M	$23.66M	$54.93M	$59.91M	$89.31M
Short-term debt	—	—	—	—	—	—	—	$10.00M
Long-term debt	$33.67M	$34.15M	$34.66M	$35.20M	$58.70M	—	—	—
Total debt	$33.67M	$34.15M	$34.66M	$35.20M	$58.70M	—	—	$10.00M
Total liabilities	$47.88M	$50.65M	$48.13M	$67.04M	$89.77M	$568.85M	$575.47M	$595.27M
Shareholders' equity	-$192.24M	$54.65M	$103.89M	$67.85M	$187.38M	$137.20M	$228.60M	$473.10M

Cash flow

fiscal years · USD

Fiscal year	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	-$25.98M	-$32.29M	-$30.27M	-$28.86M	-$45.82M	-$13.03M	$48.80M	$192.84M
Capital expenditures	$418.00K	$165.00K	$455.00K	$3.52M	$11.91M	$151.85M	$129.74M	$59.25M
Free cash flow	-$26.40M	-$32.45M	-$30.72M	-$32.38M	-$57.72M	-$164.88M	-$80.94M	$133.59M
Investing cash flow	$12.31M	-$60.50M	-$41.60M	$29.27M	$54.51M	-$193.95M	-$129.30M	-$59.25M
Financing cash flow	$22.06M	$92.72M	$75.55M	$1.39M	$167.93M	$400.42M	$22.87M	$16.86M
Stock-based compensation	$144.00K	$854.00K	$2.41M	$6.88M	$10.32M	$19.79M	$33.22M	$36.86M
Depreciation & amortization	$769.00K	$1.22M	$1.58M	$1.82M	$3.48M	$8.18M	$19.76M	$27.18M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	$81.17M	$96.85M	$114.31M	$108.76M	$121.62M	$143.54M	$157.37M	$143.82M	$160.76M	$173.93M	$189.95M	$203.00M
Cost of revenue	$33.25M	$36.89M	$45.04M	$47.92M	$49.61M	$55.31M	$60.78M	$59.25M	$67.35M	$72.77M	$76.75M	$84.35M
Gross profit	$47.92M	$59.96M	$69.26M	$60.84M	$72.01M	$88.23M	$96.59M	$84.58M	$93.41M	$101.16M	$113.20M	$118.66M
Research & development	$10.76M	$11.38M	$13.86M	$14.27M	$16.46M	$17.16M	$15.93M	$15.26M	$20.70M	$24.88M	$31.63M	$29.18M
Selling, general & admin	$34.56M	$36.16M	$42.90M	$42.66M	$46.91M	$43.62M	$44.09M	$46.02M	$51.44M	$62.98M	$57.83M	$61.33M
Operating income	$2.60M	$12.42M	$12.51M	$3.92M	$8.64M	$27.44M	$36.57M	$23.30M	$21.27M	$13.30M	$23.74M	$28.14M
Interest expense	$3.60M	$3.60M	$3.62M	$3.62M	$3.57M	$3.46M	$3.48M	$3.49M	$3.35M	$7.17M	$7.22M	$7.27M
Pre-tax income	$3.86M	$12.39M	$12.15M	$4.25M	$6.99M	$26.68M	$36.18M	$23.03M	$21.63M	$8.48M	$19.41M	$24.10M
Income tax	—	$196.00K	-$41.00K	$29.00K	$132.00K	$994.00K	$1.27M	-$1.29M	-$83.75M	$1.17M	$4.72M	$7.03M
Net income	$4.03M	$12.20M	$12.19M	$4.22M	$6.86M	$25.68M	$34.91M	$24.32M	$105.38M	$7.32M	$14.68M	$17.07M
EBITDA	$6.21M	$16.72M	$17.11M	$9.10M	$14.32M	$33.58M	$43.30M	$30.15M	$28.74M	$25.16M	$33.98M	$38.98M
EPS (basic)	$0.12	$0.37	$0.37	$0.13	$0.21	$0.76	$1.03	$0.71	$3.10	$0.21	$0.42	$0.49
EPS (diluted)	$0.12	$0.35	$0.35	$0.12	$0.20	$0.70	$0.92	$0.66	$2.59	$0.20	$0.41	$0.46
Diluted shares	42.85K	34.68M	35.29M	35.68M	-1.92K	39.91M	40.56M	40.75M	130.49K	36.19M	40.71M	40.83M
Gross margin	59.0%	61.9%	60.6%	55.9%	59.2%	61.5%	61.4%	58.8%	58.1%	58.2%	59.6%	58.5%
Operating margin	3.2%	12.8%	10.9%	3.6%	7.1%	19.1%	23.2%	16.2%	13.2%	7.6%	12.5%	13.9%
Net margin	5.0%	12.6%	10.7%	3.9%	5.6%	17.9%	22.2%	16.9%	65.6%	4.2%	7.7%	8.4%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Cash & equivalents	$394.81M	$350.22M	$362.75M	$330.09M	$337.15M	$310.64M	$401.07M	$466.67M	$488.87M	$480.18M	$491.11M	$511.40M
Receivables	$63.58M	$81.94M	$81.16M	$90.13M	$97.72M	$142.03M	$104.85M	$80.70M	$84.28M	$90.73M	$104.14M	$114.94M
Inventory	$44.23M	$48.54M	$48.67M	$52.15M	$46.55M	$43.38M	$38.87M	$44.51M	$48.88M	$49.89M	$54.14M	$58.37M
Total current assets	$510.65M	$488.31M	$509.26M	$492.48M	$497.22M	$505.92M	$558.13M	$613.00M	$637.78M	$619.28M	$651.12M	$692.46M
Goodwill	$11.99M	$11.99M	$11.55M	$11.55M	$11.55M	$11.55M	$11.55M	$11.55M	$11.55M	$11.55M	$11.55M	$18.02M
Total assets	$706.05M	$723.83M	$758.58M	$785.57M	$804.08M	$837.53M	$890.52M	$946.03M	$1.07B	$1.43B	$1.46B	$1.52B
Total current liabilities	$54.93M	$50.22M	$54.33M	$60.05M	$59.91M	$55.60M	$56.62M	$79.72M	$89.31M	$91.92M	$98.28M	$152.86M
Short-term debt	—	—	—	—	—	—	—	$5.00M	$10.00M	$15.00M	$20.00M	$54.82M
Total debt	—	—	—	—	—	—	—	$5.00M	$10.00M	$15.00M	$20.00M	$54.82M
Total liabilities	$568.85M	$564.36M	$568.68M	$575.65M	$575.47M	$571.22M	$572.42M	$590.83M	$595.27M	$940.81M	$946.34M	$967.23M
Shareholders' equity	$137.20M	$159.47M	$189.89M	$209.92M	$228.60M	$266.31M	$318.10M	$355.20M	$473.10M	$494.01M	$518.05M	$550.71M

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Operating cash flow	$8.30M	-$3.44M	$25.72M	$6.86M	$19.66M	-$2.85M	$91.61M	$69.57M	$34.51M	$24.53M	$17.31M	$36.00M
Capital expenditures	$41.82M	$44.17M	$23.76M	$48.20M	$13.61M	$27.04M	$9.07M	$7.62M	$15.51M	$36.66M	$7.09M	$8.40M
Free cash flow	-$33.51M	-$47.61M	$1.96M	-$41.35M	$6.06M	-$29.89M	$82.53M	$61.95M	$19.00M	-$12.12M	$10.22M	$27.60M
Investing cash flow	-$41.82M	-$44.17M	-$23.76M	-$47.76M	-$13.61M	-$27.04M	-$9.07M	-$7.62M	-$15.51M	-$36.66M	-$7.09M	-$13.71M
Financing cash flow	$924.00K	$3.19M	$10.64M	$7.86M	$1.19M	$3.03M	$7.09M	$3.64M	$3.10M	$3.76M	$970.00K	-$1.92M
Stock-based compensation	$5.72M	$6.87M	$7.64M	$7.94M	$10.77M	$8.96M	$9.37M	$9.14M	$9.39M	$9.95M	$8.61M	$12.60M
Depreciation & amortization	$3.60M	$4.30M	$4.60M	$5.18M	$5.68M	$6.14M	$6.73M	$6.85M	$7.47M	$11.86M	$10.24M	$10.84M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.