TransMedics Group, Inc. (TMDX) FY2025 10-K Annual Report
TransMedics Group, Inc. (TMDX) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 24, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
TransMedics Group, Inc. FY2025 10-K Analysis
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
- • No revenue or profitability data disclosed in this section
- • 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
TransMedics Group, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$605M
▲ +37.1% YoY
Net Income
$190M
▲ +436.6% YoY
Gross Margin
59.9%
▲ +56bp YoY
Operating Margin
17.9%
▲ +944bp YoY
Net Margin
31.4%
▲ +2340bp YoY
ROE
40.2%
▲ +2471bp YoY
Total Assets
$1.1B
▲ +32.9% YoY
EPS (Diluted)
$4.87
▲ +382.2% YoY
Operating Cash Flow
$193M
▲ +295.1% YoY
Source: XBRL data from TransMedics Group, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
Get deeper insights on TransMedics Group, Inc.
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.