Q4 2025 Transmedics Group Inc Earnings Call Transcript

Feb 24, 2026 / 09:30 PM GMT

Release Date Price: $137.78 (+2.32%)

Transcript 8-K10-K8-K

Key Points

Positve

TransMedics Group Inc (TMDX) reported a 37% year-over-year revenue growth for 2025, reaching $605.5 million.
The company achieved an operating profit of approximately $108.6 million, representing 18% of total revenue for the full year.
TransMedics ended the year with a strong cash position of approximately $488.4 million.
The OCS transplant volume grew significantly, with 5,139 total US OCS transplants performed in 2025, up from 3,735 in 2024.
The company is expanding its market presence internationally, with active launches in Italy and interest from other European countries.

Negative

Gross margin for the fourth quarter was down 110 basis points year over year, primarily due to higher clinical service costs and increased freight expenses.
The lung transplant segment showed lower revenue compared to 2024, indicating potential challenges in this area.
There are competitive dynamics affecting the Part B of the enhanced heart program, with some hesitation from competitors regarding head-to-head comparisons.
The company faces operational challenges in building logistics infrastructure in Europe, which could moderate the initial pace of the EU NOP launch.
There is potential Q3 seasonality in the US transplant market that could temporarily slow down transplant activities.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TMDX.OQ - Transmedics Group Inc
Q4 2025 Transmedics Group Inc Earnings Call
Feb 24, 2026 / 09:30PM GMT

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Presentation
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Only 12% sequential growth from pre-Q 2025.

US transplant revenue grew approximately 11% sequentially to 155 million while all US transplant revenue grew approximately 33% sequentially to $5 million.

Finally, we delivered an operating profit of approximately $21.3 million in 4Q, representing approximately 13.2% of total revenue for fourth quarter while making substantial investments to fuel our growth.

Now, let me provide the financial results for the full year 2025.

Total revenue for the full year 2025 was $605.5 million representing approximately 37% growth year over year.

We delivered operating profit of approximately $108.6 million representing approximately 18% of total revenue

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