TransMedics Group (TMDX) investor relations material

Strategic milestones and growth outlook

• Surpassed the internal target of 10,000 organ transplants and set new goals of 20,000–30,000 by 2030.

• Accelerated vertical integration of aviation and logistics, achieving network effects and critical mass in the U.S. faster than planned.

• Expanded ground transportation for organ missions from 20% to nearly 40%, increasing flexibility and efficiency.

• International expansion underway, with Europe, the Middle East, and Australia identified as key markets.

• Ongoing innovation and investment in next-generation clinical programs for heart, lung, and kidney transplants.

Operational performance and financial management

• Q3 seasonality expected to cause transient choppiness, but full-year performance remains on track.

• Double-shifting aircraft to maximize fleet utilization before further capital investment.

• Pricing for services has remained stable for seven years, with bundled offerings across clinical, logistics, and technology components.

• Commercial contracts are competitive and adoption rates are strong, with payers recognizing the value proposition.

• Pilots are highly motivated by the mission, and retention remains strong due to competitive compensation.

Market dynamics and competitive landscape

• Recent industry M&A validates the multibillion-dollar opportunity in organ transplant logistics and technology.

• Competition exists but is viewed as healthy; superior clinical outcomes and utilization rates drive market share.

• DCD (donation after circulatory death) organs now represent nearly 50% of U.S. donors, with ongoing efforts to increase utilization.

• International markets face unique challenges, such as older donor populations and complex logistics, creating opportunities for turnkey solutions.

• Regulatory and payer environments are supportive, with CMS and commercial payers engaged in ongoing dialogue.