TransMedics Group (TMDX) 43rd Annual J.P. Morgan Healthcare Conference 2025 summary

Strategic positioning and innovation

• Disrupted decades of monopolies in organ transplantation, establishing a new standard of care with unique OCS technology and integrated logistics.

• Developed the Organ Care System (OCS), the only portable, oxygenated, blood-based perfusion device that keeps organs alive and functional outside the body, enabling ex-vivo optimization and minimizing ischemic damage.

• Built the National OCS Program (NOP), a vertically integrated network for donor procurement and organ delivery, supporting over 7,500 US transplants and driving a 12% national growth in heart and liver transplants.

• Expanded the OCS platform to lung, heart, and liver, with FDA approval, strong clinical evidence, and high utilization rates of previously unused organs.

• Transitioning NOP operations from phone-based to app-based for scalability and transparency, with NOP Connect providing real-time visibility and digital logistics solutions.

Operational performance and growth

• Achieved over 7,500 NOP transplants in two and a half years, with 12% year-over-year growth in heart and liver transplants.

• Projected 3,700 transplants in 2024, exceeding previous guidance and driving $10 million in potential upside.

• Daytime liver transplants now account for 76% of procedures, improving staff efficiency and enabling multiple daily transplants.

• Vertically integrated air transport network and logistics increased efficiency, cost savings, and resource utilization for transplant logistics.

• Q4 2023 saw a strong rebound in case and flight volumes, correlating with increased transplant activity.

Market dynamics and future outlook

• Organ transplant market shows some seasonality, with Q3 2023 softness followed by a strong Q4 rebound.

• Liver transplant market grew 9% in early 2024, with OCS and NOP as primary growth drivers.

• 2025 guidance targets 20%-25% sales growth ($516-$538 million), driven by increased penetration in liver and heart, and new clinical trial contributions.

• Next-gen OCS programs for heart, lung, and kidney expected to launch in late 2025, with major impact anticipated in 2026.

• Long-term goal to reach 10,000 transplants by 2028, with further expansion into kidney and international markets.