TransMedics Group (TMDX) Morgan Stanley 24th Annual Global Healthcare Conference summary

Strategic vision and growth outlook

• Aims to be recognized as a leading global transplant company, driving significant market expansion and high growth in the next five years.

• Targets 10,000 U.S. NOP cases by 2028 and 20,000 by 2030, assuming OCS kidney platform approval and Gen 3.0 deployment by 2029-2030.

• Growth strategy balances increasing overall transplant numbers and capturing market share, with proven 25% U.S. volume growth over three years.

• Emphasizes scaling operations through automation, remote monitoring, and cloud-based controls to support higher transplant volumes.

• Describes itself as a high-growth, highly profitable, integrated med tech, infrastructure, and services company.

Technology, adoption, and operational investments

• Superior clinical outcomes in liver transplants have driven rapid adoption, with lessons applied to heart and lung programs.

• NOP enables semi-scheduled transplants and reduces workflow burden for centers, increasing loyalty and competitive moat.

• Integrated aviation network, now over 20 aircraft, has been critical for logistics, eliminating 25-30% volume loss seen with third-party providers.

• PAD Aviation acquisition establishes a foundation for European expansion, focusing first on building demand with leased aircraft before fleet ownership.

• Success in Europe depends on establishing reimbursement for both technology and services, and replicating integrated logistics.

Pipeline, clinical milestones, and future catalysts

• Key near-term milestones include ENHANCE Heart Part B (access to 600+ heart transplants), De Novo lung program, and CHOPS 510(k) approval.

• Kidney program expected to launch in the second half of next year, targeting the largest transplant segment and addressing major clinical and economic hurdles.

• OCS Gen 3.0 platform will deliver significant operating leverage through automation, remote control, and reduced part count.

• Investments in NOP and logistics infrastructure are purpose-built to support kidney and future organ programs.

• Anticipates transformative growth over the next 12-24 months, with kidney adoption expected to outpace liver.