TransMedics Group, Inc. (TMDX) FY2025 10-K Annual Report

Filed: Feb 24, 2026
Health Care
Electromedical & Electrotherapeutic ApparatusSEC EDGAR

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
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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%
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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
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TransMedics Group, Inc. FY2025 Key Financial Metrics
XBRL

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.

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