Short answer
TransMedics Group, Inc. (TMDX) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $605M (+37.1% year over year) and net income of $190M.
- Top risk flagged: Leverage risk from $460M Notes issued May 2023, 1.50% interest, maturing June 2028
FY2025 key financial metrics · XBRL
- Revenue
- $605M
- +37.1% YoY
- Net income
- $190M
- +436.6% YoY
- Operating margin
- 17.9%
- +9.4 pp YoY
- Gross margin
- 59.9%
- +0.6 pp YoY
- EPS (diluted)
- $4.87
- +382.2% YoY
- ROE
- 40.2%
- +24.7 pp YoY
- Operating cash flow
- $193M
- +295.1% YoY
Source: XBRL data from the TransMedics Group, Inc. (TMDX) FY2025 10-K on SEC EDGAR. USD.
TransMedics Group, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Medical technology company providing OCS platform and NOP services to improve organ transplant therapy for heart, lung, and liver
- New emphasis on NOP expansion with acquisition of Summit Aviation and 22 fixed-wing aircraft to enhance national organ transportation logistics
- Strategic pivot toward integrating comprehensive transplant logistics, including owning aircraft, to become a full-service U.S. organ procurement provider
- Revenue growth to $605.5M in 2025, up 37.1% YoY; total employees 898 worldwide, mostly U.S.-based
- Commenced transition to new corporate headquarters in Somerville, MA, to support expansion and operations consolidation by 2028
Management Discussion & Analysis
- Convertible Senior Notes issued $460M, net proceeds $393.3M after $52.1M capped call costs and $14.6M issuance costs, interest 1.50%
- CIBC credit facility borrowings $60M, interest rate min 3.5% to 4.0% plus spreads, repayment starting July 2026, maturity July 2027
- Cash expected to fund operations, capex, debt service for 12+ months; potential future capital raises may be needed
- Risks include capacity expansion, regulatory approvals, reimbursement, competition, operating cost increases, and new product development
Risk Factors
- Leverage risk from $460M Notes issued May 2023, 1.50% interest, maturing June 2028
- Macroeconomic exposure to long-term Somerville lease, $23.9M annual base rent starting 2028, escalating 2-3% annually
- Supply chain risk from $4.0M noncancellable manufacturing purchase commitment through 2029
- Competitive risk from reliance on sales of organ-specific disposable OCS Perfusion Sets and Consoles amid evolving organ transplant tech
- Operational risk in international expansion with $42.9M spent on fixed-wing aircraft for transplant logistics in 2025
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