TransMedics Group (TMDX) Financials

$63.20 +1.16 (+1.87%)

Closing price 05/15/2026 04:00 PM Eastern

Extended Trading

$63.17 -0.03 (-0.04%)

As of 05/15/2026 07:59 PM Eastern

Annual Income Statements for TransMedics Group

This table shows TransMedics Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/28/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-34	-29	-44	-36	-25	35	190
Consolidated Net Income / (Loss)	-34	-29	-44	-36	-25	35	190
Net Income / (Loss) Continuing Operations	-34	-29	-44	-36	-25	35	190
Total Pre-Tax Income	-34	-29	-44	-36	-27	36	108
Total Operating Income	-30	-26	-39	-31	-29	37	109
Total Gross Profit	14	17	21	65	154	262	363
Total Revenue	24	26	30	93	242	442	605
Operating Revenue	24	26	30	93	242	442	605
Total Cost of Revenue	9.74	9.00	9.10	28	88	179	243
Operating Cost of Revenue	9.74	9.00	9.10	28	88	179	243
Total Operating Expenses	43	43	61	97	183	225	254
Selling, General & Admin Expense	24	24	38	70	120	169	185
Research & Development Expense	20	19	22	27	63	56	69
Total Other Income / (Expense), net	-3.90	-2.33	-4.75	-4.73	2.06	-1.72	-1.06
Interest Expense	4.35	3.99	3.87	3.73	11	14	14
Other Income / (Expense), net	0.45	1.65	-0.88	-1.00	13	13	13
Income Tax Expense	0.04	0.03	0.04	0.07	-1.64	0.32	-83
Basic Earnings per Share	($2.36)	($1.16)	($1.60)	($1.23)	($0.77)	$1.07	$5.60
Weighted Average Basic Shares Outstanding	14.20M	24.70M	27.62M	29.56M	32.52M	33.23M	33.99M
Diluted Earnings per Share	($2.36)	($1.16)	($1.60)	($1.23)	($0.77)	$1.01	$4.87
Weighted Average Diluted Shares Outstanding	14.20M	24.70M	27.62M	29.56M	32.52M	35.22M	40.54M
Weighted Average Basic & Diluted Shares Outstanding	14.20M	24.70M	27.96M	32.20M	32.72M	33.66M	34.30M
Cash Dividends to Common per Share	$0.00	$0.00	$0.00	-	-	$0.00	$0.00

This table shows TransMedics Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-25	4.03	12	12	4.22	6.86	26	35	24	105	7.32
Consolidated Net Income / (Loss)	-25	4.03	12	12	4.22	6.86	26	35	24	105	7.32
Net Income / (Loss) Continuing Operations	-25	4.03	12	12	4.22	6.86	26	35	24	105	7.32
Total Pre-Tax Income	-27	3.86	12	12	4.25	6.99	27	36	23	22	8.49
Total Operating Income	-28	2.60	12	13	3.92	8.64	27	37	23	21	13
Total Gross Profit	41	48	60	69	61	72	88	97	85	93	101
Total Revenue	66	81	97	114	109	122	144	157	144	161	174
Operating Revenue	66	81	97	114	109	122	144	157	144	161	174
Total Cost of Revenue	26	33	37	45	48	50	55	61	59	67	73
Operating Cost of Revenue	26	33	37	45	48	50	55	61	59	67	73
Total Operating Expenses	69	45	48	57	57	63	61	60	61	72	88
Selling, General & Admin Expense	31	35	36	43	43	47	44	44	46	51	63
Research & Development Expense	38	11	11	14	14	16	17	16	15	21	25
Total Other Income / (Expense), net	1.41	1.26	-0.03	-0.36	0.32	-1.66	-0.77	-0.39	-0.27	0.36	-4.81
Interest Expense	3.59	3.61	3.60	3.62	3.62	3.57	3.46	3.48	3.49	3.35	7.17
Other Income / (Expense), net	5.00	4.87	3.57	3.27	3.94	1.92	2.69	3.09	3.22	3.71	2.36
Income Tax Expense	-1.51	-0.17	0.20	-0.04	0.03	0.13	0.99	1.28	-1.29	-84	1.17
Basic Earnings per Share	($0.78)	$0.12	$0.37	$0.37	$0.13	$0.20	$0.76	$1.03	$0.71	$3.10	$0.21
Weighted Average Basic Shares Outstanding	32.61M	32.52M	32.76M	33.12M	33.44M	33.23M	33.72M	33.91M	34.11M	33.99M	34.38M
Diluted Earnings per Share	($0.78)	$0.12	$0.35	$0.35	$0.12	$0.19	$0.70	$0.92	$0.66	$2.59	$0.20
Weighted Average Diluted Shares Outstanding	32.61M	32.52M	34.68M	35.29M	35.68M	35.22M	39.91M	40.56M	40.75M	40.54M	36.19M
Weighted Average Basic & Diluted Shares Outstanding	32.65M	32.72M	32.94M	33.36M	33.56M	33.66M	33.83M	34.09M	34.17M	34.30M	34.56M

This table details how cash moves in and out of TransMedics Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/28/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-0.06	4.49	1.00	176	194	-58	152
Net Cash From Operating Activities	-32	-30	-29	-46	-13	49	193
Net Cash From Continuing Operating Activities	-32	-30	-29	-46	-13	49	193
Net Income / (Loss) Continuing Operations	-34	-29	-44	-36	-25	35	190
Consolidated Net Income / (Loss)	-34	-29	-44	-36	-25	35	190
Depreciation Expense	1.22	1.58	1.82	3.48	8.18	20	27
Non-Cash Adjustments To Reconcile Net Income	1.87	1.86	9.18	13	50	39	41
Changes in Operating Assets and Liabilities, net	-1.63	-5.59	3.00	-27	-46	-45	-65
Net Cash From Investing Activities	-61	-42	29	55	-194	-129	-59
Net Cash From Continuing Investing Activities	-61	-42	29	55	-194	-129	-59
Purchase of Property, Plant & Equipment	-0.17	-0.46	-3.52	-12	-152	-130	-59
Acquisitions	-	-	0.00	0.00	-42	0.44	0.00
Net Cash From Financing Activities	93	76	1.39	168	400	23	17
Net Cash From Continuing Financing Activities	93	76	1.39	168	400	23	17
Issuance of Debt	-	0.00	0.00	59	445	0.00	0.00
Issuance of Common Equity	97	75	0.42	140	0.96	2.06	3.25
Other Financing Activities, net	0.20	2.48	0.97	5.11	-46	21	14
Effect of Exchange Rate Changes	-	0.80	-0.80	-1.02	0.19	-0.54	1.27
Cash Interest Paid	3.88	3.48	3.33	3.26	8.09	11	11

This table details how cash moves in and out of TransMedics Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-155	-32	-45	13	-33	6.56	-27	90	66	22	-8.69
Net Cash From Operating Activities	-6.87	8.30	-3.44	26	6.86	20	-2.86	92	70	35	25
Net Cash From Continuing Operating Activities	-6.87	8.30	-3.44	26	6.86	20	-2.86	92	70	35	25
Net Income / (Loss) Continuing Operations	-25	4.03	12	12	4.22	6.86	26	35	24	105	7.32
Consolidated Net Income / (Loss)	-25	4.03	12	12	4.22	6.86	26	35	24	105	7.32
Depreciation Expense	1.89	3.61	4.30	4.60	5.18	5.68	6.14	6.73	6.85	7.47	12
Non-Cash Adjustments To Reconcile Net Income	34	6.35	8.16	8.75	8.71	13	9.73	9.79	10	11	16
Changes in Operating Assets and Liabilities, net	-17	-5.68	-28	0.18	-11	-5.83	-44	40	28	-89	-10
Net Cash From Investing Activities	-150	-42	-44	-24	-48	-14	-27	-9.08	-7.62	-16	-37
Net Cash From Continuing Investing Activities	-150	-42	-44	-24	-48	-14	-27	-9.08	-7.62	-16	-37
Purchase of Property, Plant & Equipment	-108	-42	-44	-24	-48	-14	-27	-9.08	-7.62	-16	-37
Net Cash From Financing Activities	1.52	0.92	3.19	11	7.86	1.19	3.03	7.09	3.64	3.10	3.76
Net Cash From Continuing Financing Activities	1.52	0.92	3.19	11	7.86	1.19	3.03	7.09	3.64	3.10	3.76
Issuance of Debt	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Issuance of Common Equity	0.57	-	0.64	-	1.42	-	1.29	-	1.96	-	1.69
Other Financing Activities, net	0.95	0.92	2.55	11	6.44	1.19	1.74	7.09	1.68	3.10	2.07
Effect of Exchange Rate Changes	-0.18	0.29	-0.17	-0.06	0.39	-0.69	0.36	0.81	0.01	0.09	-0.33

This table presents TransMedics Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/29/2018	12/28/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	42	105	152	135	277	706	804	1,068
Total Current Assets	35	100	147	119	252	511	497	638
Cash & Equivalents	20	20	25	26	201	395	337	488
Accounts Receivable	3.44	6.56	6.86	5.93	28	64	98	84
Inventories, net	9.28	11	12	15	21	44	47	49
Prepaid Expenses	1.84	1.54	2.33	5.46	2.90	8.03	16	16
Plant, Property, & Equipment, net	3.47	4.79	4.75	9.84	19	174	286	328
Total Noncurrent Assets	3.89	0.51	0.51	6.35	5.63	21	21	103
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	0.00
Goodwill	-	-	-	-	0.00	12	12	12
Intangible Assets	-	-	-	-	0.00	2.35	2.15	1.95
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	0.00	84
Other Noncurrent Operating Assets	3.89	0.51	0.51	6.35	5.63	7.11	7.19	5.89
Total Liabilities & Shareholders' Equity	42	105	152	135	277	706	804	1,068
Total Liabilities	48	51	48	67	90	569	575	595
Total Current Liabilities	13	16	12	23	24	55	60	89
Short-Term Debt	-	-	-	-	-	-	0.00	10
Accounts Payable	4.72	7.25	1.21	6.65	3.34	13	10	10
Accrued Expenses	7.18	8.33	10	16	19	38	45	63
Current Deferred Revenue	0.66	0.54	0.26	0.25	0.24	1.96	1.74	2.91
Other Current Liabilities	-	-	-	0.00	1.44	2.04	2.73	3.31
Total Noncurrent Liabilities	35	35	36	44	66	514	516	506
Long-Term Debt	34	34	35	35	59	506	509	502
Capital Lease Obligations	-	-	-	-	-	-	-	0.00
Other Noncurrent Operating Liabilities	0.90	-	-	8.60	7.42	7.71	6.25	3.58
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-192	55	104	68	187	137	229	473
Total Preferred & Common Equity	-192	55	104	68	187	137	229	473
Preferred Stock	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-192	55	104	68	187	137	229	473
Common Stock	144	424	502	510	666	641	697	751
Retained Earnings	-336	-369	-398	-442	-479	-504	-468	-278
Accumulated Other Comprehensive Income / (Loss)	-0.10	-0.00	-0.10	-0.19	-0.23	-0.20	-0.36	0.12

This table presents TransMedics Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	275	287	690	689	724	759	786	838	891	946	1,435
Total Current Assets	251	262	663	537	488	509	492	506	558	613	619
Cash & Equivalents	204	195	582	427	350	363	330	310	401	466	462
Accounts Receivable	22	39	48	61	82	81	90	142	105	81	91
Inventories, net	19	24	31	39	49	49	52	43	39	45	50
Prepaid Expenses	5.51	3.77	2.38	9.60	7.61	17	20	10	14	22	17
Plant, Property, & Equipment, net	18	19	20	131	214	229	272	311	312	313	362
Total Noncurrent Assets	5.32	6.20	7.74	21	21	20	21	20	20	20	454
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	-	-	-	335
Goodwill	-	-	-	12	12	12	12	12	12	12	12
Intangible Assets	-	-	-	2.41	2.30	2.25	2.20	2.10	2.05	2.00	0.00
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	-	-	82
Other Noncurrent Operating Assets	5.32	6.20	7.74	7.42	6.81	6.48	7.61	6.72	6.54	6.47	25
Total Liabilities & Shareholders' Equity	275	287	690	689	724	759	786	838	891	946	1,435
Total Liabilities	87	94	545	563	564	569	576	571	572	591	941
Total Current Liabilities	21	29	32	49	50	54	60	56	57	80	92
Short-Term Debt	-	-	-	-	-	-	-	-	-	5.00	15
Accounts Payable	3.08	4.33	7.03	13	9.23	13	13	11	9.54	12	11
Accrued Expenses	16	23	23	32	37	38	42	40	42	56	59
Current Deferred Revenue	0.23	0.24	0.24	2.63	2.06	1.45	2.18	2.08	1.57	3.31	2.95
Other Current Liabilities	1.41	1.48	1.88	1.99	2.09	2.14	2.54	2.79	3.02	3.24	3.51
Total Noncurrent Liabilities	66	66	513	514	514	514	516	516	516	511	849
Long-Term Debt	59	59	505	505	507	508	509	510	511	507	498
Capital Lease Obligations	7.79	-	-	-	-	-	-	-	-	-	344
Other Noncurrent Operating Liabilities	-	7.03	8.46	8.23	7.16	6.60	7.07	5.52	4.91	4.43	6.87
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	188	193	145	126	159	190	210	266	318	355	494
Total Preferred & Common Equity	188	193	145	126	159	190	210	266	318	355	494
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	188	193	145	126	159	190	210	266	318	355	494
Common Stock	660	674	628	634	651	669	685	709	726	738	765
Retained Earnings	-472	-481	-482	-508	-492	-479	-475	-443	-408	-383	-271
Accumulated Other Comprehensive Income / (Loss)	-0.25	-0.22	-0.22	-0.26	-0.18	-0.24	-0.23	-0.33	0.10	0.10	0.00

This table displays calculated financial ratios and metrics derived from TransMedics Group's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/28/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	8.62%	18.03%	208.83%	158.53%	82.74%	37.13%
EBITDA Growth	0.00%	19.96%	-64.88%	23.03%	73.05%	1,008.05%	112.29%
EBIT Growth	0.00%	15.17%	-62.97%	19.52%	51.05%	416.05%	141.69%
NOPAT Growth	0.00%	10.87%	-49.44%	20.27%	8.62%	284.82%	417.07%
Net Income Growth	0.00%	14.31%	-53.80%	18.06%	30.92%	241.70%	436.58%
EPS Growth	0.00%	50.85%	-37.93%	23.13%	37.40%	231.17%	382.18%
Operating Cash Flow Growth	0.00%	6.26%	4.63%	-58.73%	71.57%	474.60%	295.14%
Free Cash Flow Firm Growth	0.00%	0.00%	-8.70%	-122.58%	-297.57%	48.39%	183.38%
Invested Capital Growth	0.00%	59.20%	-17.88%	323.52%	453.80%	61.41%	23.89%
Revenue Q/Q Growth	0.00%	0.00%	7.23%	30.25%	25.96%	10.09%	6.91%
EBITDA Q/Q Growth	0.00%	-1,395.74%	-20.65%	18.57%	66.78%	7.98%	12.26%
EBIT Q/Q Growth	0.00%	0.00%	-18.68%	15.56%	45.32%	6.57%	13.50%
NOPAT Q/Q Growth	0.00%	0.00%	-15.98%	12.64%	24.62%	18.21%	102.70%
Net Income Q/Q Growth	0.00%	0.00%	-16.79%	14.10%	30.05%	8.66%	107.37%
EPS Q/Q Growth	0.00%	0.00%	-19.40%	17.45%	28.70%	7.45%	97.17%
Operating Cash Flow Q/Q Growth	0.00%	0.41%	1.67%	5.40%	48.64%	30.34%	8.34%
Free Cash Flow Firm Q/Q Growth	0.00%	-428.41%	-9.08%	11.57%	-22.81%	24.08%	16.81%
Invested Capital Q/Q Growth	-56.05%	13.60%	-1.42%	-8.80%	21.39%	3.32%	24.06%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	58.73%	64.88%	69.92%	69.84%	63.77%	59.36%	59.92%
EBITDA Margin	-119.20%	-87.83%	-122.70%	-30.58%	-3.19%	15.84%	24.52%
Operating Margin	-125.42%	-102.91%	-130.29%	-33.64%	-11.89%	8.49%	17.93%
EBIT Margin	-123.51%	-96.46%	-133.19%	-34.71%	-6.57%	11.37%	20.03%
Profit (Net Income) Margin	-142.12%	-112.13%	-146.11%	-38.77%	-10.36%	8.03%	31.43%
Tax Burden Percent	100.12%	100.11%	100.08%	100.18%	93.84%	99.12%	176.98%
Interest Burden Percent	114.93%	116.11%	109.61%	111.49%	167.95%	71.29%	88.64%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.88%	-76.98%
Return on Invested Capital (ROIC)	-255.61%	-175.78%	-234.84%	-79.32%	-13.70%	11.44%	42.78%
ROIC Less NNEP Spread (ROIC-NNEP)	-228.05%	-160.84%	-212.42%	-65.07%	17.94%	10.24%	40.87%
Return on Net Nonoperating Assets (RNNOA)	194.22%	139.52%	183.35%	50.93%	-1.72%	7.95%	11.46%
Return on Equity (ROE)	-61.39%	-36.27%	-51.49%	-28.39%	-15.42%	19.39%	54.24%
Cash Return on Invested Capital (CROIC)	0.00%	-221.46%	-215.21%	-202.91%	-152.52%	-35.55%	21.44%
Operating Return on Assets (OROA)	-39.54%	-19.22%	-28.10%	-15.75%	-3.23%	6.65%	12.96%
Return on Assets (ROA)	-45.50%	-22.34%	-30.82%	-17.59%	-5.09%	4.70%	20.33%
Return on Common Equity (ROCE)	172.63%	-36.27%	-51.49%	-28.39%	-15.42%	19.39%	54.24%
Return on Equity Simple (ROE_SIMPLE)	-61.39%	-27.67%	-65.16%	-19.34%	-18.24%	15.51%	0.00%
Net Operating Profit after Tax (NOPAT)	-21	-18	-28	-22	-20	37	192
NOPAT Margin	-87.79%	-72.03%	-91.20%	-23.55%	-8.32%	8.42%	31.74%
Net Nonoperating Expense Percent (NNEP)	-27.56%	-14.95%	-22.42%	-14.24%	-31.64%	1.20%	1.91%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-8.94%	-3.13%	5.04%	19.50%
Cost of Revenue to Revenue	41.27%	35.12%	30.08%	30.16%	36.23%	40.64%	40.08%
SG&A Expenses to Revenue	99.97%	94.34%	126.51%	74.79%	49.48%	38.19%	30.58%
R&D to Revenue	84.18%	73.45%	73.70%	28.69%	26.18%	12.68%	11.40%
Operating Expenses to Revenue	184.15%	167.79%	200.21%	103.48%	75.66%	50.86%	41.99%
Earnings before Interest and Taxes (EBIT)	-29	-25	-40	-32	-16	50	121
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-28	-23	-37	-29	-7.70	70	148
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.20	5.20	7.84	10.52	18.78	9.15	8.79
Price to Tangible Book Value (P/TBV)	7.20	5.20	7.84	10.52	20.97	9.74	9.05
Price to Revenue (P/Rev)	16.67	21.08	17.58	21.08	10.66	4.74	6.87
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	59.01	21.85
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	1.69%	4.58%
Enterprise Value to Invested Capital (EV/IC)	42.79	34.83	44.80	40.72	10.81	5.65	8.41
Enterprise Value to Revenue (EV/Rev)	14.70	17.53	15.69	19.56	11.13	5.13	6.91
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	32.38	28.16
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	45.13	34.47
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	60.95	21.76
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	46.42	21.68
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	43.42
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.62	0.33	0.52	0.31	3.69	2.23	1.08
Long-Term Debt to Equity	0.62	0.33	0.52	0.31	3.69	2.23	1.06
Financial Leverage	-0.85	-0.87	-0.86	-0.78	-0.10	0.78	0.28
Leverage Ratio	3.01	1.62	1.67	1.61	3.03	4.13	2.67
Compound Leverage Factor	3.46	1.88	1.83	1.80	5.09	2.94	2.37
Debt to Total Capital	38.45%	25.01%	34.15%	23.85%	78.68%	69.02%	51.99%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.01%
Long-Term Debt to Total Capital	38.45%	25.01%	34.15%	23.85%	78.68%	69.02%	50.98%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	61.55%	74.99%	65.85%	76.15%	21.32%	30.98%	48.01%
Debt to EBITDA	-1.21	-1.54	-0.95	-2.05	-65.72	7.28	3.45
Net Debt to EBITDA	1.65	4.04	1.54	4.99	-14.46	2.47	0.16
Long-Term Debt to EBITDA	-1.21	-1.54	-0.95	-2.05	-65.72	7.28	3.38
Debt to NOPAT	-1.65	-1.88	-1.28	-2.67	-25.17	13.70	2.67
Net Debt to NOPAT	2.25	4.93	2.07	6.47	-5.54	4.65	0.13
Long-Term Debt to NOPAT	-1.65	-1.88	-1.28	-2.67	-25.17	13.70	2.61
Altman Z-Score	0.01	3.77	0.26	11.69	2.76	2.77	5.38
Noncontrolling Interest Sharing Ratio	381.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	6.21	12.36	5.11	10.66	9.30	8.30	7.14
Quick Ratio	5.41	11.15	4.23	9.67	8.34	7.25	6.41
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-23	-25	-56	-224	-116	96
Operating Cash Flow to CapEx	-19,567.27%	-6,651.65%	-820.23%	-384.79%	-8.58%	37.61%	325.46%
Free Cash Flow to Firm to Interest Expense	0.00	-5.84	-6.53	-15.11	-20.74	-8.02	6.99
Operating Cash Flow to Interest Expense	-7.42	-7.59	-7.45	-12.30	-1.21	3.39	13.99
Operating Cash Flow Less CapEx to Interest Expense	-7.45	-7.71	-8.36	-15.49	-15.28	-5.62	9.69
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.32	0.20	0.21	0.45	0.49	0.58	0.65
Accounts Receivable Turnover	4.72	3.82	4.73	5.57	5.30	5.47	6.65
Inventory Turnover	0.95	0.78	0.68	1.59	2.70	3.95	5.09
Fixed Asset Turnover	5.71	5.37	4.15	6.43	2.50	1.92	1.97
Accounts Payable Turnover	1.63	2.13	2.32	5.64	10.90	15.60	23.51
Days Sales Outstanding (DSO)	77.29	95.55	77.18	65.50	68.87	66.67	54.86
Days Inventory Outstanding (DIO)	383.94	469.22	537.16	229.62	135.19	92.33	71.77
Days Payable Outstanding (DPO)	224.20	171.33	157.52	64.69	33.48	23.40	15.52
Cash Conversion Cycle (CCC)	237.03	393.44	456.82	230.43	170.58	135.60	111.10
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	8.11	13	11	45	249	401	497
Invested Capital Turnover	2.91	2.44	2.57	3.37	1.65	1.36	1.35
Increase / (Decrease) in Invested Capital	0.00	4.80	-2.31	34	204	153	96
Enterprise Value (EV)	347	450	475	1,828	2,688	2,265	4,181
Market Capitalization	393	541	532	1,970	2,577	2,093	4,157
Book Value per Share	$2.58	$3.83	$2.44	$5.87	$4.20	$6.81	$13.84
Tangible Book Value per Share	$2.58	$3.83	$2.44	$5.87	$3.76	$6.40	$13.45
Total Capital	89	139	103	246	643	738	985
Total Debt	34	35	35	59	506	509	512
Total Long-Term Debt	34	35	35	59	506	509	502
Net Debt	-47	-91	-57	-142	111	173	24
Capital Expenditures (CapEx)	0.17	0.46	3.52	12	152	130	59
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3.20	9.25	3.02	27	61	101	70
Debt-free Net Working Capital (DFNWC)	84	135	95	229	456	437	558
Net Working Capital (NWC)	84	135	95	229	456	437	548
Net Nonoperating Expense (NNE)	13	10	17	14	4.92	1.70	1.88
Net Nonoperating Obligations (NNO)	-47	-91	-57	-142	111	173	24
Total Depreciation and Amortization (D&A)	1.02	2.21	3.17	3.86	8.18	20	27
Debt-free, Cash-free Net Working Capital to Revenue	13.55%	36.06%	9.96%	29.37%	25.21%	22.80%	11.58%
Debt-free Net Working Capital to Revenue	355.39%	526.10%	315.47%	244.63%	188.61%	99.04%	92.24%
Net Working Capital to Revenue	355.39%	526.10%	315.47%	244.63%	188.61%	99.04%	90.58%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($1.16)	($1.60)	($1.23)	($0.77)	$1.07	$5.60
Adjusted Weighted Average Basic Shares Outstanding	0.00	27.37M	27.62M	29.56M	32.52M	33.23M	33.99M
Adjusted Diluted Earnings per Share	$0.00	($1.16)	($1.60)	($1.23)	($0.77)	$1.01	$4.87
Adjusted Weighted Average Diluted Shares Outstanding	0.00	27.37M	27.62M	29.56M	32.52M	35.22M	40.54M
Adjusted Basic & Diluted Earnings per Share	$0.00	($1.16)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	24.70M	27.96M	32.20M	32.72M	33.66M	34.30M
Normalized Net Operating Profit after Tax (NOPAT)	-21	-18	-28	-22	-20	37	76
Normalized NOPAT Margin	-87.79%	-72.03%	-91.20%	-23.55%	-8.32%	8.42%	12.55%
Pre Tax Income Margin	-141.95%	-112.00%	-145.99%	-38.70%	-11.04%	8.10%	17.76%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	-6.70	-6.21	-10.40	-8.71	-1.47	3.48	8.80
NOPAT to Interest Expense	-4.76	-4.63	-7.12	-5.91	-1.86	2.58	13.94
EBIT Less CapEx to Interest Expense	-6.74	-6.32	-11.31	-11.90	-15.54	-5.52	4.50
NOPAT Less CapEx to Interest Expense	-4.80	-4.75	-8.03	-9.10	-15.94	-6.43	9.64
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-14.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from TransMedics Group's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	34,302,451.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	34,302,451.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.21
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	158.65%	158.72%	133.07%	117.87%	63.72%	49.83%	48.21%	37.68%	32.24%	32.18%	21.18%
EBITDA Growth	-275.13%	351.15%	8,315.79%	598.49%	160.80%	46.66%	78.75%	127.68%	155.93%	99.85%	-24.14%
EBIT Growth	-252.55%	231.16%	1,142.44%	934.49%	133.69%	41.40%	88.46%	151.38%	237.34%	136.62%	-48.05%
NOPAT Growth	-411.09%	157.24%	935.98%	2,078.90%	119.64%	212.23%	116.13%	181.10%	531.46%	1,121.94%	-56.61%
Net Income Growth	-242.34%	159.99%	562.71%	1,318.18%	116.58%	70.11%	110.56%	186.26%	476.83%	1,436.87%	-71.52%
EPS Growth	-212.00%	163.16%	537.50%	1,266.67%	115.38%	58.33%	100.00%	162.86%	450.00%	1,263.16%	-71.43%
Operating Cash Flow Growth	51.91%	305.80%	60.34%	543.18%	199.84%	136.79%	16.89%	256.21%	914.63%	75.52%	959.30%
Free Cash Flow Firm Growth	-314.15%	-414.89%	-844.11%	-687.36%	-2.44%	28.26%	50.15%	77.13%	106.82%	105.39%	-232.95%
Invested Capital Growth	316.04%	453.80%	464.17%	394.88%	89.64%	61.41%	47.44%	27.93%	3.18%	23.89%	90.73%
Revenue Q/Q Growth	26.62%	22.19%	19.31%	18.02%	-4.85%	11.83%	18.02%	9.64%	-8.61%	11.78%	8.19%
EBITDA Q/Q Growth	-835.21%	151.63%	83.27%	0.40%	-36.00%	24.55%	123.36%	27.89%	-28.06%	-2.74%	-15.21%
EBIT Q/Q Growth	-1,630.43%	132.00%	114.13%	-1.34%	-50.16%	34.32%	185.39%	31.59%	-33.12%	-5.79%	-37.35%
NOPAT Q/Q Growth	-3,027.48%	113.69%	350.06%	2.66%	-68.96%	117.67%	211.53%	33.53%	-30.26%	321.21%	-88.94%
Net Income Q/Q Growth	-2,439.66%	115.86%	202.58%	-0.02%	-65.43%	62.64%	274.54%	35.92%	-30.33%	333.34%	-93.06%
EPS Q/Q Growth	-2,500.00%	115.38%	191.67%	0.00%	-65.71%	58.33%	268.42%	31.43%	-28.26%	292.42%	-92.28%
Operating Cash Flow Q/Q Growth	-18.35%	220.91%	-141.37%	848.70%	-73.34%	186.76%	-114.52%	3,308.72%	-24.05%	-50.39%	-28.92%
Free Cash Flow Firm Q/Q Growth	-442.26%	-14.59%	-23.37%	-2.71%	29.45%	19.75%	14.27%	52.88%	121.03%	-36.58%	-5,398.02%
Invested Capital Q/Q Growth	202.61%	21.39%	27.21%	5.90%	15.96%	3.32%	16.20%	-8.12%	-6.47%	24.06%	78.89%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	61.21%	59.04%	61.91%	60.59%	55.94%	59.21%	61.47%	61.38%	58.80%	58.11%	58.16%
EBITDA Margin	-32.28%	13.64%	20.95%	17.83%	11.99%	13.35%	25.27%	29.48%	23.20%	20.19%	15.82%
Operating Margin	-42.65%	3.21%	12.83%	10.94%	3.61%	7.11%	19.12%	23.24%	16.20%	13.23%	7.64%
EBIT Margin	-35.13%	9.20%	16.51%	13.80%	7.23%	8.68%	21.00%	25.20%	18.44%	15.54%	9.00%
Profit (Net Income) Margin	-38.27%	4.97%	12.59%	10.67%	3.88%	5.64%	17.89%	22.18%	16.91%	65.55%	4.21%
Tax Burden Percent	94.40%	104.35%	98.42%	100.34%	99.32%	98.11%	96.27%	96.48%	105.59%	487.14%	86.21%
Interest Burden Percent	115.38%	51.73%	77.50%	77.03%	53.99%	66.18%	88.52%	91.24%	86.84%	86.58%	54.20%
Effective Tax Rate	0.00%	-4.35%	1.58%	-0.34%	0.68%	1.89%	3.73%	3.52%	-5.59%	-387.14%	13.79%
Return on Invested Capital (ROIC)	-45.10%	5.51%	20.13%	19.57%	4.84%	9.48%	22.97%	31.21%	24.56%	86.89%	6.18%
ROIC Less NNEP Spread (ROIC-NNEP)	-26.57%	-2.95%	19.86%	18.51%	5.09%	8.33%	22.56%	30.92%	24.30%	88.67%	4.79%
Return on Net Nonoperating Assets (RNNOA)	5.10%	0.28%	1.14%	3.73%	3.89%	6.47%	18.90%	15.54%	9.63%	24.85%	3.75%
Return on Equity (ROE)	-40.00%	5.79%	21.27%	23.30%	8.73%	15.95%	41.87%	46.74%	34.19%	111.74%	9.93%
Cash Return on Invested Capital (CROIC)	-143.49%	-152.52%	-145.12%	-133.57%	-51.30%	-35.55%	-25.22%	-5.10%	20.90%	21.44%	-35.60%
Operating Return on Assets (OROA)	-13.98%	4.52%	9.70%	6.83%	3.93%	5.08%	13.13%	16.24%	12.06%	10.05%	5.04%
Return on Assets (ROA)	-15.23%	2.44%	7.40%	5.28%	2.11%	3.30%	11.19%	14.29%	11.06%	42.39%	2.35%
Return on Common Equity (ROCE)	-40.00%	5.79%	21.27%	23.30%	8.73%	15.95%	41.87%	46.74%	34.19%	111.74%	9.93%
Return on Equity Simple (ROE_SIMPLE)	-28.29%	0.00%	-6.39%	1.58%	15.55%	0.00%	18.38%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-20	2.72	12	13	3.90	8.48	26	35	25	104	11
NOPAT Margin	-29.86%	3.35%	12.62%	10.98%	3.58%	6.97%	18.41%	22.42%	17.11%	64.46%	6.59%
Net Nonoperating Expense Percent (NNEP)	-18.53%	8.46%	0.27%	1.06%	-0.25%	1.14%	0.41%	0.29%	0.25%	-1.78%	1.39%
Return On Investment Capital (ROIC_SIMPLE)	-	0.42%	-	-	-	1.15%	3.40%	4.26%	2.84%	10.52%	0.85%
Cost of Revenue to Revenue	38.79%	40.96%	38.09%	39.41%	44.06%	40.79%	38.53%	38.62%	41.20%	41.89%	41.84%
SG&A Expenses to Revenue	46.14%	42.58%	37.34%	37.53%	39.22%	38.57%	30.39%	28.02%	31.99%	32.00%	36.21%
R&D to Revenue	57.72%	13.26%	11.75%	12.12%	13.12%	13.54%	11.96%	10.13%	10.61%	12.88%	14.30%
Operating Expenses to Revenue	103.86%	55.83%	49.09%	49.65%	52.34%	52.10%	42.35%	38.14%	42.60%	44.87%	50.52%
Earnings before Interest and Taxes (EBIT)	-23	7.47	16	16	7.86	11	30	40	27	25	16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-21	11	20	20	13	16	36	46	33	32	28
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	14.13	18.78	15.14	26.13	24.95	9.15	8.50	14.25	10.77	8.79	6.90
Price to Tangible Book Value (P/TBV)	15.90	20.97	16.63	28.17	26.70	9.74	8.96	14.89	11.20	9.05	7.07
Price to Revenue (P/Rev)	9.31	10.66	8.13	13.83	13.06	4.74	4.64	8.53	6.75	6.87	5.36
Price to Earnings (P/E)	0.00	0.00	0.00	1,653.67	160.47	59.01	46.27	63.27	41.68	21.85	19.83
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.06%	0.62%	1.69%	2.16%	1.58%	2.40%	4.58%	5.04%
Enterprise Value to Invested Capital (EV/IC)	9.11	10.81	8.13	15.25	13.95	5.65	5.29	10.84	9.66	8.41	4.28
Enterprise Value to Revenue (EV/Rev)	9.72	11.13	8.66	14.23	13.50	5.13	5.05	8.74	6.83	6.91	5.98
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	200.26	168.54	83.60	32.38	28.68	41.49	29.26	28.16	27.23
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	1,562.75	321.21	114.99	45.13	38.31	52.65	36.21	34.47	35.62
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	172.26	60.95	48.00	62.71	40.83	21.76	20.94
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	215.27	144.64	46.42	49.91	40.29	21.75	21.68	17.28
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	46.94	43.42	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.00	3.69	3.18	2.67	2.42	2.23	1.92	1.61	1.44	1.08	1.73
Long-Term Debt to Equity	4.00	3.69	3.18	2.67	2.42	2.23	1.92	1.61	1.43	1.06	1.70
Financial Leverage	-0.19	-0.10	0.06	0.20	0.76	0.78	0.84	0.50	0.40	0.28	0.78
Leverage Ratio	3.07	3.03	2.87	4.32	4.38	4.13	3.67	3.25	3.06	2.67	2.99
Compound Leverage Factor	3.54	1.57	2.23	3.33	2.37	2.73	3.25	2.96	2.66	2.31	1.62
Debt to Total Capital	79.99%	78.68%	76.07%	72.78%	70.78%	69.02%	65.70%	61.63%	59.03%	51.99%	63.43%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.58%	1.01%	1.11%
Long-Term Debt to Total Capital	79.99%	78.68%	76.07%	72.78%	70.78%	69.02%	65.70%	61.63%	58.45%	50.98%	62.32%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	20.01%	21.32%	23.93%	27.22%	29.22%	30.98%	34.30%	38.37%	40.97%	48.01%	36.57%
Debt to EBITDA	-21.80	-65.72	39.49	16.76	7.85	7.28	5.94	4.56	3.87	3.45	6.13
Net Debt to EBITDA	-3.38	-14.46	12.21	4.79	2.75	2.47	2.33	0.99	0.34	0.16	2.83
Long-Term Debt to EBITDA	-21.80	-65.72	39.49	16.76	7.85	7.28	5.94	4.56	3.83	3.38	6.03
Debt to NOPAT	-18.95	-25.17	-50.94	-311.94	16.17	13.70	9.93	6.90	5.40	2.67	4.72
Net Debt to NOPAT	-2.94	-5.54	-15.75	-89.08	5.68	4.65	3.89	1.49	0.48	0.13	2.17
Long-Term Debt to NOPAT	-18.95	-25.17	-50.94	-311.94	16.17	13.70	9.93	6.90	5.34	2.61	4.63
Altman Z-Score	1.89	2.87	2.83	5.61	5.82	2.61	2.99	5.53	4.68	5.09	2.83
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	10.93	9.30	9.72	9.37	8.20	8.30	9.10	9.86	7.69	7.14	6.74
Quick Ratio	9.93	8.34	8.60	8.17	7.00	7.25	8.13	8.93	6.86	6.41	6.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-175	-201	-248	-255	-180	-144	-124	-58	12	7.77	-412
Operating Cash Flow to CapEx	-6.38%	19.86%	-7.78%	108.23%	14.23%	144.52%	-10.56%	1,009.47%	912.55%	222.46%	66.93%
Free Cash Flow to Firm to Interest Expense	-48.86	-55.75	-68.91	-70.29	-49.68	-40.38	-35.72	-16.76	3.51	2.32	-57.40
Operating Cash Flow to Interest Expense	-1.91	2.30	-0.95	7.10	1.90	5.51	-0.82	26.35	19.93	10.29	3.42
Operating Cash Flow Less CapEx to Interest Expense	-31.92	-9.30	-13.23	0.54	-11.43	1.70	-8.64	23.74	17.75	5.66	-1.69
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.40	0.49	0.59	0.50	0.54	0.58	0.63	0.64	0.65	0.65	0.56
Accounts Receivable Turnover	4.64	5.30	4.93	5.58	5.32	5.47	4.36	5.71	6.63	6.65	5.46
Inventory Turnover	2.24	2.70	3.08	3.56	3.56	3.95	4.31	4.88	4.65	5.09	5.58
Fixed Asset Turnover	2.57	2.50	2.54	2.88	1.99	1.92	1.86	1.96	1.94	1.97	1.89
Accounts Payable Turnover	8.16	10.90	16.47	14.05	12.56	15.60	19.97	18.93	17.79	23.51	23.93
Days Sales Outstanding (DSO)	78.67	68.87	74.10	65.46	68.61	66.67	83.72	63.89	55.05	54.86	66.80
Days Inventory Outstanding (DIO)	162.80	135.19	118.53	102.57	102.40	92.33	84.78	74.79	78.42	71.77	65.43
Days Payable Outstanding (DPO)	44.72	33.48	22.16	25.97	29.06	23.40	18.28	19.28	20.52	15.52	15.26
Cash Conversion Cycle (CCC)	196.75	170.58	170.48	142.06	141.95	135.60	150.22	119.40	112.94	111.10	116.98
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	205	249	316	335	388	401	466	428	401	497	889
Invested Capital Turnover	1.51	1.65	1.60	1.78	1.35	1.36	1.25	1.39	1.44	1.35	0.94
Increase / (Decrease) in Invested Capital	156	204	260	267	184	153	150	94	12	96	423
Enterprise Value (EV)	1,865	2,688	2,571	5,106	5,416	2,265	2,465	4,644	3,870	4,181	3,805
Market Capitalization	1,787	2,577	2,414	4,961	5,237	2,093	2,265	4,534	3,825	4,157	3,410
Book Value per Share	$3.88	$4.20	$4.87	$5.77	$6.29	$6.81	$7.91	$9.40	$10.42	$13.84	$14.40
Tangible Book Value per Share	$3.44	$3.76	$4.43	$5.35	$5.88	$6.40	$7.51	$9.00	$10.02	$13.45	$14.06
Total Capital	632	643	666	698	718	738	776	829	867	985	1,351
Total Debt	505	506	507	508	509	509	510	511	512	512	857
Total Long-Term Debt	505	506	507	508	509	509	510	511	507	502	842
Net Debt	78	111	157	145	178	173	200	110	46	24	395
Capital Expenditures (CapEx)	108	42	44	24	48	14	27	9.08	7.62	16	37
Debt-free, Cash-free Net Working Capital (DFCFNWC)	61	61	88	92	102	101	140	101	72	70	81
Debt-free Net Working Capital (DFNWC)	488	456	438	455	432	437	450	502	538	558	542
Net Working Capital (NWC)	488	456	438	455	432	437	450	502	533	548	527
Net Nonoperating Expense (NNE)	5.59	-1.31	0.03	0.36	-0.32	1.62	0.74	0.37	0.28	-1.75	4.15
Net Nonoperating Obligations (NNO)	78	111	157	145	178	173	200	110	46	24	395
Total Depreciation and Amortization (D&A)	1.89	3.61	4.30	4.60	5.18	5.68	6.14	6.73	6.85	7.47	12
Debt-free, Cash-free Net Working Capital to Revenue	31.55%	25.21%	29.59%	25.70%	25.51%	22.80%	28.71%	19.00%	12.73%	11.58%	12.68%
Debt-free Net Working Capital to Revenue	254.20%	188.61%	147.54%	126.81%	107.81%	99.04%	92.23%	94.39%	95.04%	92.24%	85.29%
Net Working Capital to Revenue	254.20%	188.61%	147.54%	126.81%	107.81%	99.04%	92.23%	94.39%	94.16%	90.58%	82.93%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.78)	$0.12	$0.37	$0.37	$0.13	$0.20	$0.76	$1.03	$0.71	$3.10	$0.21
Adjusted Weighted Average Basic Shares Outstanding	32.61M	32.52M	32.76M	33.12M	33.44M	33.23M	33.72M	33.91M	34.11M	33.99M	34.38M
Adjusted Diluted Earnings per Share	($0.78)	$0.12	$0.35	$0.35	$0.12	$0.19	$0.70	$0.92	$0.66	$2.59	$0.20
Adjusted Weighted Average Diluted Shares Outstanding	32.61M	32.52M	34.68M	35.29M	35.68M	35.22M	39.91M	40.56M	40.75M	40.54M	36.19M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	32.65M	32.72M	32.94M	33.36M	33.56M	33.66M	33.83M	34.09M	34.17M	34.30M	34.56M
Normalized Net Operating Profit after Tax (NOPAT)	-20	1.82	12	8.76	3.90	8.48	26	35	16	15	11
Normalized NOPAT Margin	-29.86%	2.24%	12.62%	7.66%	3.58%	6.97%	18.41%	22.42%	11.34%	9.26%	6.59%
Pre Tax Income Margin	-40.54%	4.76%	12.80%	10.63%	3.90%	5.75%	18.58%	22.99%	16.01%	13.46%	4.88%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-6.50	2.07	4.44	4.35	2.17	2.96	8.71	11.41	7.60	7.45	2.18
NOPAT to Interest Expense	-5.52	0.75	3.40	3.46	1.08	2.37	7.63	10.15	7.05	30.90	1.60
EBIT Less CapEx to Interest Expense	-36.51	-9.53	-7.83	-2.20	-11.15	-0.85	0.90	8.80	5.41	2.82	-2.93
NOPAT Less CapEx to Interest Expense	-35.53	-10.85	-8.88	-3.09	-12.25	-1.44	-0.18	7.54	4.86	26.27	-3.51
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here are key four-year trends for TransMedics Group (TMDX) drawn from the latest quarterly statements. This summary focuses on how revenue, profitability, cash flow, and the balance sheet have evolved, with emphasis on items that may impact a retail investor.

Top-line growth in 2025: quarterly revenue progressed from $143.54M (Q1 2025) to $157.37M (Q2 2025) to $143.82M (Q3 2025) to $160.76M (Q4 2025), ending 2025 higher than 2024 levels (Q4 2024 revenue was $121.62M).
Gross margin remains robust and relatively stable across 2025: Q1 2025 margin about 61.5%, Q2 about 61.3%, Q3 about 58.8%, Q4 about 58.1%.
Operating profitability held in positive territory in every 2025 quarter: Q1 operating income ~$27.44M, Q2 ~$36.57M, Q3 ~$23.30M, Q4 ~$21.27M.
Strong cash generation in 2025, with operating cash flow turning reliably positive after Q1: CFOs of roughly $91.6M (Q2), $69.6M (Q3), and $34.5M (Q4), following a small negative CFO in Q1 2025.
Liquidity improved meaningfully in 2025. Cash and equivalents rose to about $466.2M by Q3 2025 (from $310.1M in Q1 2025), providing substantial balance-sheet liquidity for operations or opportunistic investments.
Long-term debt remains sizable (roughly $506.7M–$511.0M across 2025 quarters) with ongoing interest expense, so leverage is a ongoing consideration despite strong cash balances.
Q4 2025 net income surged to $105.383M largely due to a one-time tax benefit, producing an outsized quarterly EPS that may not repeat in future periods.
Historical restatements impact comparability: prior periods were restated (e.g., Q4 2024 restated; Q3 2024 restated; Q3 2023 restated), which can affect year-over-year comparisons.
Working capital dynamics show higher accounts receivable and inventories in 2025, contributing to near-term cash-flow variability; Q1 2025 CFO was negative due to working capital changes.
Persistent negative retained earnings: Retained earnings have been negative across recent years (around -$383M to -$408M in 2025 quarters), and while equity has risen to about $355M in 2025, the negative retained earnings highlight ongoing balance-sheet pressure.

05/16/26 03:08 AM ETAI Generated. May Contain Errors.

TransMedics Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, TransMedics Group's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

TransMedics Group's net income appears to be on an upward trend, with a most recent value of $190.29 million in 2025, falling from -$33.55 million in 2019. The previous period was $35.46 million in 2024. See TransMedics Group's forecast for analyst expectations on what's next for the company.

TransMedics Group's total operating income in 2025 was $108.58 million, based on the following breakdown:

Total Gross Profit: $362.81 million
Total Operating Expenses: $254.22 million

Over the last 6 years, TransMedics Group's total revenue changed from $23.60 million in 2019 to $605.49 million in 2025, a change of 2,465.2%.

TransMedics Group's total liabilities were at $595.27 million at the end of 2025, a 3.4% increase from 2024, and a 1,143.3% increase since 2018.

In the past 7 years, TransMedics Group's cash and equivalents has ranged from $20.09 million in 2019 to $488.37 million in 2025, and is currently $488.37 million as of their latest financial filing in 2025.

Over the last 6 years, TransMedics Group's book value per share changed from 2.58 in 2019 to 13.84 in 2025, a change of 436.1%.

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Financial statements for NASDAQ:TMDX last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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TransMedics Group (TMDX) Financials

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TransMedics Group (TMDX) Financials

Annual Income Statements for TransMedics Group

Quarterly Income Statements for TransMedics Group

Annual Cash Flow Statements for TransMedics Group

Quarterly Cash Flow Statements for TransMedics Group

Annual Balance Sheets for TransMedics Group

Quarterly Balance Sheets for TransMedics Group

Annual Metrics And Ratios for TransMedics Group

Quarterly Metrics And Ratios for TransMedics Group

Financials Breakdown Chart

Key Financial Trends

TransMedics Group Financials - Frequently Asked Questions

When does TransMedics Group's fiscal year end?

How has TransMedics Group's net income changed over the last 6 years?

What is TransMedics Group's operating income?

How has TransMedics Group's revenue changed over the last 6 years?

How much debt does TransMedics Group have?

How much cash does TransMedics Group have?

How has TransMedics Group's book value per share changed over the last 6 years?

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