$TMDX

TransMedics Group, Inc.

CIK:0001756262|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 189,948	$ 157,370	$ 363,881	$ 300,907
Cost of revenue:
Total cost of revenue	76,750	60,781	149,522	116,090
Gross profit	113,198	96,589	214,359	184,817
Operating expenses:
Research, development and clinical trials	31,632	15,934	56,511	33,094
Selling, general and administrative	57,830	44,088	120,815	87,713
Total operating expenses	89,462	60,022	177,326	120,807
Income from operations	23,736	36,567	37,033	64,010
Other income (expense):
Interest expense	(7,225)	(3,476)	(14,395)	(6,937)
Interest income and other income (expense), net	2,894	3,091	5,252	5,785
Total other expense, net	(4,331)	(385)	(9,143)	(1,152)
Income before income taxes	19,405	36,182	27,890	62,858
Provision for income taxes	(4,723)	(1,275)	(5,893)	(2,269)
Net income	$ 14,682	$ 34,907	$ 21,997	$ 60,589
Net income per share, basic	$ 0.42	$ 1.03	$ 0.64	$ 1.79
Net income per share, diluted	$ 0.41	$ 0.92	$ 0.61	$ 1.62
Weighted average common shares outstanding, basic	34,579,980	33,912,669	34,482,634	33,817,664
Weighted average common shares outstanding, diluted	40,709,227	40,558,953	36,003,677	40,238,501
Net product revenue [Member]
Revenue:
Total revenue	$ 111,158	$ 96,100	$ 219,130	$ 184,334
Cost of revenue:
Total cost of revenue	25,566	19,421	49,874	35,733
Service Revenue [Member]
Revenue:
Total revenue	78,790	61,270	144,751	116,573
Cost of revenue:
Total cost of revenue	$ 51,184	$ 41,360	$ 99,648	$ 80,357

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 21,997	$ 60,589
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	22,106	12,868
Stock-based compensation expense	18,558	18,330
Deferred taxes	4,866
Non-cash interest expense	9,232	1,578
Non-cash operating lease expense	1,229	997
Unrealized foreign currency transaction (gains) losses	652	(1,473)
Loss on disposal of fixed assets		80
Changes in operating assets and liabilities
Accounts receivable	(19,948)	(6,616)
Inventory	(10,246)	5,717
Prepaid expenses and other current assets	(2,388)	1,081
Other non-current assets	(242)	(4)
Accounts payable	2,724	(410)
Accrued expenses and other current liabilities	(5,335)	(2,413)
Deferred revenue	225	(192)
Operating lease liabilities	(1,588)	(1,378)
Net cash provided by operating activities	41,842	88,754
Cash flows from investing activities:
Purchases of property, plant and equipment	(43,749)	(36,113)
Net cash used in investing activities	(43,749)	(36,113)
Cash flows from financing activities:
Proceeds from issuance of common stock upon exercise of stock options	3,221	8,831
Proceeds from issuance of common stock in connection with employee stock purchase plan	1,688	1,286
Tax withholding payments related to net settlement of restricted stock units	(177)
Net cash provided by financing activities	4,732	10,117
Effect of exchange rate changes on cash and restricted cash	(578)	1,167
Net increase in cash and restricted cash	2,247	63,925
Cash and restricted cash, beginning of period	488,866	337,150
Cash and restricted cash, end of period	491,113	401,075
Supplemental disclosure of non-cash activities:
Transfers of inventory to property, plant and equipment	4,897	2,251
Purchases of property, plant and equipment included in accounts payable and accrued expenses	2,910	1,240
Operating lease liabilities arising from obtaining right-of-use assets	763	324
Finance lease liability arising from obtaining right-of-use assets	340,040
Purchases of property, plant and equipment included in other long-term liabilities	3,986
Reconciliation of cash and restricted cash:
Cash	472,675	400,575
Restricted Cash	18,438	500
Total cash and restricted cash shown in the statement of cash flows	$ 491,113	$ 401,075

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash	$ 472,675	$ 488,366
Accounts receivable	104,138	84,282
Inventory	54,137	48,881
Prepaid expenses and other current assets	20,174	16,254
Total current assets	651,124	637,783
Property, plant and equipment, net	365,302	327,656
Finance lease right-of-use assets, net	332,472
Operating lease right-of-use assets, net	4,646	5,155
Deferred tax assets	78,677	83,543
Restricted cash	18,438	500
Goodwill	11,549	11,549
Acquired intangible assets, net	0	1,948
Other non-current assets	2,188	239
Total assets	1,464,396	1,068,373
Current liabilities:
Accounts payable	12,909	10,350
Accrued expenses and other current liabilities	58,598	62,740
Current portion of long-term debt	20,000	10,000
Deferred revenue	3,130	2,905
Operating lease liabilities	3,646	3,310
Total current liabilities	98,283	89,305
Convertible senior notes, net	454,260	452,804
Long-term debt, net	39,743	49,587
Finance lease liability	347,660
Operating lease liabilities, net of current portion	2,411	3,577
Other long-term liabilities	3,986
Total liabilities	946,343	595,273
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, no par value; 25,000,000 shares authorized; no shares issued or outstanding
Common stock, no par value; 150,000,000 shares authorized; 34,629,682 shares and 34,267,802 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	774,216	750,926
Accumulated other comprehensive income (loss)	(210)	124
Accumulated deficit	(255,953)	(277,950)
Total stockholders' equity	518,053	473,100
Total liabilities and stockholders' equity	$ 1,464,396	$ 1,068,373