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TransMedics Group (TMDX) investor relations material
TransMedics Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Achieved Q3 2025 revenue of $143.8 million, up 32.2% year-over-year, driven by increased OCS utilization, especially in liver and heart transplants through the National OCS Program (NOP), despite a seasonal slowdown and an 8.6% sequential decline.
Net income reached $24.3 million, or $0.66 per diluted share, up significantly year-over-year but down $10.6 million quarter-over-quarter.
Expanded logistics infrastructure with 21 aircraft in Q3 and 22 by October, covering 78% of air transport missions, and announced a strategic partnership with Mercedes-Benz for organ transport vehicles in Italy.
Growth observed across all organ segments, with liver revenue up 41%, heart up 14%, and lung up 5% year-over-year.
Continued investment in R&D, infrastructure, and new headquarters to support long-term growth.
Financial highlights
Q3 2025 revenue: $143.8 million, up 32.2% year-over-year; U.S. transplant revenue: $139 million, up 32% year-over-year, down 9% sequentially.
Product revenue: $88 million, up 33% year-over-year; service revenue: $56 million, up 31% year-over-year.
Gross margin: 59% in Q3 2025, up 2.9 percentage points year-over-year, down 2.6% sequentially.
Operating income: $23.3 million, up from $3.9 million in Q3 2024; operating margin: 16% vs. 4% prior year.
Net income: $24.3 million, up 477% year-over-year, down 30% sequentially; EPS: $0.71, diluted EPS: $0.66.
Cash and equivalents: $466.2 million at quarter-end, up $66 million from Q2 2025 and 38.5% from year-end.
Outlook and guidance
Full-year 2025 revenue guidance raised to $595–$605 million, representing 36% growth over 2024 at the midpoint.
Gross margins expected to remain around 60% in coming years, with temporary pressure possible from international expansion.
Operating margins projected to expand by at least 750 basis points in 2025, with a long-term target of 30% by 2028.
Management expects continued growth in revenue and gross margin over the long term, driven by NOP expansion and international adoption.
Guidance assumes continued increase in organ utilization and OCS adoption.
What is the expected impact of Italy's NOP expansion?
What drives gross margin expansion sustainability?
How is pilot retention impacting NOP expansion?
Italy NOP: expected revenue contribution?
Operating margin trajectory to 30% by 2028?
OCS Kidney trial timing and revenue impact?
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Next TransMedics Group earnings date
Q4 202526 Feb, 2026
Next TransMedics Group earnings date
Q4 202526 Feb, 2026
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TransMedics Group, Inc., a commercial-stage medical technology company, engages in transforming organ transplant therapy for end-stage organ failure patients in the United States and internationally. It develops Organ Care System platform that enables the assessment of donor organ viability, the maintenance of donor organ function, and intervention in the organ procurement process for use in lung, heart, kidney and liver transplantations.
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