TMDX on Nasdaq

TransMedics Group, Inc.

American electromedical and electrotherapeutic apparatus company.

Price unavailable

Last updated Oct 18, 2026.

Overview

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TickerTMDX on Nasdaq
IndustryElectromedical & Electrotherapeutic Apparatus
HeadquartersMA
Incorporated inMA²
Business address200 Minuteman Road, Andover, Ma 01810²
Filer categoryLarge accelerated filer²

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

59.9%Gross margin³

17.9%Operating margin³

31.4%Net margin³

37.1%Revenue growth, 2025³

40.2%Return on equity³

$133.6MFree cash flow³

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 61% of the revenue TransMedics Group, Inc. broke down this way in fiscal 2025.

Product$372.4M³61%up 36% from 2024
Service$233.1M³38%up 39% from 2024
Service Unrelated to OCS Transplant$4.1M³1%down 7% from 2024

Products and services by year

Products and services	2023	2024	2025
Product	$176.0M	$273.7M	$372.4M
Service	$65.6M	$167.7M	$233.1M
Service Unrelated to OCS Transplant	$4.9M	$4.4M	$4.1M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueSelling, general and adminProfit

Cost of revenue32¢$242.7M
Research and development9¢$69.1M
Selling, general and admin24¢$185.2M
Income tax11¢$82.8M
Profit25¢$190.3M

Out of $605.5M in revenue.³

Where each dollar of operating cash went, fiscal 2025

Capital spendingKept or used elsewhere

Capital spending31¢$59.3M
Kept or used elsewhere69¢$133.6M

Out of $192.8M of cash from operations.³

Financial statements

Revenue⁴⁵⁶³$605.5M in 2025+2243% since 2019

Gross profit⁴⁷⁸⁶³$362.8M in 2025+2517% since 2019

Operating income⁴⁷⁸⁶³$108.6M in 2025

Net income⁴⁷⁸⁶³$190.3M in 2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.³

Period ending	2025-12-31	2024-12-31	2023-12-31
Total revenue	$605.5M	$441.5M	$241.6M
Total cost of revenue	$242.7M	$179.5M	$87.5M
Gross profit	$362.8M	$262.1M	$154.1M
Research, development and clinical trials	$69.1M	$56.0M	$36.1M
Acquired in-process research and development expenses			$27.2M
Selling, general and administrative	$185.2M	$168.6M	$119.6M
Total operating expenses	$254.2M	$224.6M	$182.8M
Income (loss) from operations	$108.6M	$37.5M	-$28.7M
Interest expense	-$13.8M	-$14.4M	-$10.8M
Interest income and other income (expense), net	$12.7M	$12.7M	$12.8M
Total other income (expense), net	-$1.1M	-$1.7M	$2.1M
Income (loss) before income taxes	$107.5M	$35.8M	-$26.7M
(Provision) benefit for income taxes	$82.8M	-$316.0K	$1.6M
Net income (loss)	$190.3M	$35.5M	-$25.0M
Net income (loss) per share, basic	$5.60	$1.07	-$0.77
Net income (loss) per share, diluted	$4.87	$1.01	-$0.77
Weighted average common shares outstanding, basic	34.0M shares	33.2M shares	32.5M shares
Weighted average common shares outstanding, diluted	40.5M shares	35.2M shares	32.5M shares

Total assets⁴⁵⁷⁸⁶³$1.1B in 2025+915% since 2019

Total liabilities⁴⁵⁷⁸⁶³$595.3M in 2025+1075% since 2019

Shareholders’ equity⁷⁸⁶³$473.1M in 2025+766% since 2019

Cash⁴⁷⁸³$488.9M in 2025+2333% since 2019

Long-term debt⁴⁵⁷$58.7M in 2022+72% since 2019

Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.³

Period ending	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Cash	$488.4M	$336.6M	$394.8M
Accounts receivable	$84.3M	$97.7M
Inventory	$48.9M	$46.6M
Prepaid expenses and other current assets	$16.3M	$16.3M
Total current assets	$637.8M	$497.2M
Property, plant and equipment, net	$327.7M	$286.0M
Operating lease right-of-use assets	$5.2M	$6.5M
Deferred tax assets	$83.5M
Restricted cash	$500.0K	$500.0K
Goodwill	$11.5M	$11.5M
Acquired intangible assets, net	$1.9M	$2.2M
Other non-current assets	$239.0K	$208.0K
Total assets	$1.1B	$804.1M
Accounts payable	$10.3M	$10.3M
Accrued expenses and other current liabilities	$62.7M	$45.2M
Long-Term Debt, Current Maturities	$10.0M
Deferred revenue	$2.9M	$1.7M
Operating lease liabilities	$3.3M	$2.7M
Total current liabilities	$89.3M	$59.9M
Convertible senior notes, net	$452.8M	$449.9M
Long-term debt, net	$49.6M	$59.4M
Operating lease liabilities, net of current portion	$3.6M	$6.2M
Total liabilities	$595.3M	$575.5M
Common stock, no par value; 150,000,000 shares authorized; 34,267,802 shares and 33,617,972 shares issued and outstanding as of December 31, 2025 and 2024, respectively	$750.9M	$697.2M
Accumulated other comprehensive loss	$124.0K	-$364.0K
Accumulated deficit	-$277.9M	-$468.2M
Total stockholders equity	$473.1M	$228.6M	$137.2M	$187.4M
Total liabilities and stockholders equity	$1.1B	$804.1M
Preferred Stock, No Par Value	$0	$0
Preferred Stock, Shares Authorized	25.0M shares	25.0M shares
Preferred Stock, Shares Issued	0 shares	0 shares
Preferred Stock, Shares Outstanding	0 shares	0 shares
Common Stock, No Par Value	$0	$0
Common Stock, Shares Authorized	150.0M shares	150.0M shares
Common Stock, Shares, Issued	34.3M shares	33.6M shares
Common Stock, Shares, Outstanding	34.3M shares	33.6M shares

Period ending	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Cash	$488.4M	$336.6M	$394.8M
Accounts receivable	$84.3M	$97.7M
Inventory	$48.9M	$46.6M
Prepaid expenses and other current assets	$16.3M	$16.3M
Total current assets	$637.8M	$497.2M
Property, plant and equipment, net	$327.7M	$286.0M
Operating lease right-of-use assets	$5.2M	$6.5M
Deferred tax assets	$83.5M
Restricted cash	$500.0K	$500.0K
Goodwill	$11.5M	$11.5M
Acquired intangible assets, net	$1.9M	$2.2M
Other non-current assets	$239.0K	$208.0K
Total assets	$1.1B	$804.1M
Accounts payable	$10.3M	$10.3M
Accrued expenses and other current liabilities	$62.7M	$45.2M
Long-Term Debt, Current Maturities	$10.0M
Deferred revenue	$2.9M	$1.7M
Operating lease liabilities	$3.3M	$2.7M
Total current liabilities	$89.3M	$59.9M
Convertible senior notes, net	$452.8M	$449.9M
Long-term debt, net	$49.6M	$59.4M
Operating lease liabilities, net of current portion	$3.6M	$6.2M
Total liabilities	$595.3M	$575.5M
Common stock, no par value; 150,000,000 shares authorized; 34,267,802 shares and 33,617,972 shares issued and outstanding as of December 31, 2025 and 2024, respectively	$750.9M	$697.2M
Accumulated other comprehensive loss	$124.0K	-$364.0K
Accumulated deficit	-$277.9M	-$468.2M
Total stockholders equity	$473.1M	$228.6M	$137.2M	$187.4M
Total liabilities and stockholders equity	$1.1B	$804.1M
Preferred Stock, No Par Value	$0	$0
Preferred Stock, Shares Authorized	25.0M shares	25.0M shares
Preferred Stock, Shares Issued	0 shares	0 shares
Preferred Stock, Shares Outstanding	0 shares	0 shares
Common Stock, No Par Value	$0	$0
Common Stock, Shares Authorized	150.0M shares	150.0M shares
Common Stock, Shares, Issued	34.3M shares	33.6M shares
Common Stock, Shares, Outstanding	34.3M shares	33.6M shares

Cash from operations⁴⁷⁸⁶³$192.8M in 2025

Capital spending⁴⁷⁸⁶³$59.3M in 2025+35810% since 2019

Free cash flow⁴⁷⁸⁶³$133.6M in 2025

Every line of the cash flow as filed: the last 3 fiscal years, latest first.³

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income (loss)	$190.3M	$35.5M	-$25.0M
Depreciation and amortization expense	$27.2M	$19.8M	$8.2M
Stock-based compensation expense	$36.9M	$33.2M	$19.8M
Acquired in-process research and development expenses			$27.2M
Deferred taxes	-$83.5M		-$1.7M
Non-cash interest expense and end of term accretion expense	$3.1M	$3.1M	$2.1M
Non-cash lease expense	$2.1M	$1.6M	$1.0M
Unrealized foreign currency transaction (gains) losses	-$1.6M	$665.0K	-$342.0K
Loss on disposal of fixed assets	$80.0K	$17.0K
Accounts receivable	$13.9M	-$34.3M	-$33.8M
Inventory	-$7.7M	-$8.4M	-$28.1M
Prepaid expenses and other current assets	-$3.8M	-$6.3M	-$2.1M
Other non-current assets	-$23.0K	-$149.0K	-$54.0K
Accounts payable	-$19.0K	-$1.4M	$7.0M
Accrued expenses and other current liabilities	$17.7M	$7.9M	$14.2M
Deferred revenue	$1.1M	-$203.0K	$83.0K
Operating lease liabilities	-$2.9M	-$2.3M	-$1.6M
Net cash provided by (used in) operating activities	$192.8M	$48.8M	-$13.0M
Purchases of property, plant and equipment	-$59.3M	-$129.7M	-$151.8M
Purchase of business, net of cash acquired		$441.0K	-$14.9M
Purchase of in-process research and development assets			-$27.2M
Net cash used in investing activities	-$59.3M	-$129.3M	-$194.0M
Proceeds from issuance of convertible senior notes, net of issuance costs paid of $14,620			$445.4M
Purchases of capped calls related to convertible senior notes			-$52.1M
Proceeds from issuance of common stock upon exercise of stock options	$13.7M	$20.8M	$6.2M
Proceeds from issuance of common stock in connection with employee stock purchase plan	$3.2M	$2.1M	$955.0K
Tax withholding payments related to net settlement of restricted stock units	-$138.0K
Net cash provided by financing activities	$16.9M	$22.9M	$400.4M
Effect of exchange rate changes on cash and restricted cash	$1.3M	-$536.0K	$193.0K
Net increase (decrease) in cash and restricted cash	$151.7M	-$58.2M	$193.6M
Cash paid for interest	$10.7M	$11.3M	$8.1M
Transfers of inventory to property, plant and equipment	$5.7M	$5.8M	$4.6M
Purchases of property, plant and equipment included in accounts payable and accrued expenses	$1.8M	$2.1M	$2.5M
Operating lease liabilities arising from obtaining right-of-use assets	$795.0K	$1.5M	$2.2M
Conversion of convertible senior notes into common stock		$4.0K
Convertible senior notes, issuance costs paid			$14.6M

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Leadership

Who has led TransMedics Group, Inc., and when. Pick a name to see everywhere that person has worked.

20202025

Chief executive officerWaleed H. Hassanein May 1, 2019 to now¹¹
PresidentWaleed H. Hassanein May 1, 2019 to now¹¹
Chief financial officerGerardo Hernandez Dec 2, 2024 to now¹²

Board members and other officers (18)

Chief Commercial OfficerGiovanni Cecere Feb 12, 2026 to now¹³
OfficerMatthew S. Forsyth Mar 13, 2026 to now¹⁴
OfficerNicholas Corcoran Feb 2, 2023 to now¹⁵
OfficerAnil P. Ranganath Jun 7, 2023 to now¹⁶
Chief Digital OfficerRakesh P. Godhani Aug 6, 2021 to Aug 6, 2021¹⁷
VP of OperationsJohn F. Carey May 1, 2019 to Feb 3, 2023¹⁸
VP of Quality & EngineeringJohn F. Sullivan May 1, 2019 to Sep 1, 2021¹⁹
VP of US Regulatory & FDA Rel.Miriam Provost May 1, 2019 to Dec 15, 2023²⁰
Chief Commercial OfficerTamer I. Khayal May 1, 2019 to Mar 5, 2025²¹
VP, Clinical AffairsLaura Damme Aug 7, 2019 to Feb 22, 2023²²
Board memberMerilee Raines Jan 5, 2021 to now²³
Board memberStephanie Lovell Mar 24, 2021 to now²⁴
Board memberDavid Weill May 1, 2019 to now²⁵
Board memberEdward M. Basile May 1, 2019 to now²⁶
Board memberEdwin M. Kania Jr. May 1, 2019 to now²⁷
Board memberJames R. Tobin May 1, 2019 to now²⁸
Board memberThomas James Gunderson May 1, 2019 to now²⁹
Board memberWaleed H. Hassanein May 1, 2019 to now¹¹

Timeline

May 1, 2019New chief executive Waleed H. Hassanein becomes CEO¹¹

Filings

420 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 54 major events, 237 insider forms, 23 large holders, 86 other. The latest 20:

Sep 29, 20263 EDGAR
Sep 14, 20264 EDGAR
Sep 10, 20268-K EDGAR
Aug 17, 20264 EDGAR
Aug 4, 202610-Q EDGAR
Aug 4, 20268-K EDGAR
Jul 14, 20264 EDGAR
Jul 14, 20264 EDGAR
Jul 14, 20264 EDGAR
Jun 17, 20264 EDGAR
Jun 15, 2026144 EDGAR
May 29, 2026SD EDGAR
May 22, 20264 EDGAR
May 22, 20264 EDGAR
May 22, 20264 EDGAR
May 22, 20264 EDGAR
May 22, 20264 EDGAR
May 22, 20264 EDGAR
May 22, 20264 EDGAR
May 21, 20264 EDGAR

The 420 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 23 such filings since October 2021, the latest 10:

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

Fund	Shares	Value	Share of the fund	Change
BlackRock, Inc.	5,596,549	$371.7M	0.0%	+303,218
Fmr LLC	5,133,328	$341.0M	0.0%	+37,085
Vanguard Portfolio Management LLC	1,933,989	$128.5M	0.0%	+14,454
Vanguard Capital Management LLC	1,497,600	$99.5M	0.0%	+19,448
State Street Corp	1,420,421	$94.3M	0.0%	+100,942
Nomura Asset Management International Inc.	910,495	$60.5M	0.1%	+24,654
Geode Capital Management, LLC	894,913	$59.5M	0.0%	+55,758
Hood River Capital Management LLC	751,133	$49.9M	0.4%	+51,363
Dimensional Fund Advisors LP	610,107	$40.5M	0.0%	+93,428
Braidwell LP	609,715	$40.5M	1.6%	+280,324
Goldman Sachs Group Inc	559,771	$37.2M	0.0%	−306,511
Citadel Advisors LLC	558,824	$37.1M	0.0%	+497,223
Eventide Asset Management, LLC	548,874	$36.5M	0.5%	+50
Wellington Management Group Llp	515,973	$34.3M	0.0%	+29,500
Emerald Advisers, LLC	490,491	$32.6M	0.8%	+147,700
UBS Group AG	488,058	$32.4M	0.0%	−92,735
Morgan Stanley	405,112	$26.9M	0.0%	−289,038
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	398,250	$26.5M	0.0%	−541,273
Invesco Ltd.	394,979	$26.2M	0.0%	−642,995
Citigroup Inc	386,066	$25.6M	0.0%	+28,685
Capital World Investors	384,671	$25.5M	0.0%	+10,494
Northern Trust Corp	368,860	$24.5M	0.0%	+30,701
Charles Schwab Investment Management Inc	328,666	$21.8M	0.0%	+9,740
Wasatch Advisors LP	308,434	$20.5M	0.1%	−37,710
Zevenbergen Capital Investments LLC	308,391	$20.5M	0.5%	+21,870

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARTransMedics Group, Inc. filings on SEC EDGAR
2
SEC EDGARTransMedics Group, Inc. filings on SEC EDGAR
3
SEC EDGARTransMedics Group, Inc. 10-K for fiscal 2025
4
SEC EDGARTransMedics Group, Inc. 10-K for fiscal 2019
5
SEC EDGARTransMedics Group, Inc. 10-K for fiscal 2020
6
SEC EDGARTransMedics Group, Inc. 10-K for fiscal 2022
7
SEC EDGARTransMedics Group, Inc. 10-K for fiscal 2020
8
SEC EDGARTransMedics Group, Inc. 10-K for fiscal 2021
9
SEC EDGARTransMedics Group, Inc. 10-Q for fiscal 2026
10
SEC EDGARTransMedics Group, Inc. 10-Q for fiscal 2026
11
SEC EDGARWaleed H. Hassanein, Chief executive officer
12
SEC EDGARGerardo Hernandez, Chief financial officer
13
SEC EDGARGiovanni Cecere, Chief Commercial Officer
14
SEC EDGARMatthew S. Forsyth, Officer
15
SEC EDGARNicholas Corcoran, Officer
16
SEC EDGARAnil P. Ranganath, Officer
17
SEC EDGARRakesh P. Godhani, Chief Digital Officer
18
SEC EDGARJohn F. Carey, VP of Operations
19
SEC EDGARJohn F. Sullivan, VP of Quality & Engineering
20
SEC EDGARMiriam Provost, VP of US Regulatory & FDA Rel.
21
SEC EDGARTamer I. Khayal, Chief Commercial Officer
22
SEC EDGARLaura Damme, VP, Clinical Affairs
23
SEC EDGARMerilee Raines, Board member
24
SEC EDGARStephanie Lovell, Board member
25
SEC EDGARDavid Weill, Board member
26
SEC EDGAREdward M. Basile, Board member
27
SEC EDGAREdwin M. Kania Jr., Board member
28
SEC EDGARJames R. Tobin, Board member
29
SEC EDGARThomas James Gunderson, Board member