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Transmedics Group Financials

TMDX
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Transmedics Group (TMDX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 86 / 100
Financial Profile 86/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
62

Transmedics Group has an operating margin of 17.9%, meaning the company retains $18 of operating profit per $100 of revenue. This results in a moderate score of 62/100, indicating healthy but not exceptional operating efficiency. This is up from 8.5% the prior year.

Growth
95

Transmedics Group's revenue surged 37.1% year-over-year to $605.5M, reflecting rapid business expansion. This strong growth earns a score of 95/100.

Leverage
76

Transmedics Group carries a low D/E ratio of 1.26, meaning only $1.26 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 76/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
100

With a current ratio of 7.14, Transmedics Group holds $7.14 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow
80

Transmedics Group converts 22.1% of revenue into free cash flow ($133.6M). This strong cash generation earns a score of 80/100.

Returns
100

Transmedics Group earns a strong 40.2% return on equity (ROE), meaning it generates $40 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 15.5% the prior year.

Altman Z-Score Safe
4.64

Transmedics Group scores 4.64, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.5B) relative to total liabilities ($595.3M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
6/9

Transmedics Group passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed
1.01x

For every $1 of reported earnings, Transmedics Group generates $1.01 in operating cash flow ($192.8M OCF vs $190.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
7.9x

Transmedics Group earns $7.9 in operating income for every $1 of interest expense ($108.6M vs $13.8M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$605.5M
YoY+37.1%
5Y CAGR+88.2%

Transmedics Group generated $605.5M in revenue in fiscal year 2025. This represents an increase of 37.1% from the prior year.

EBITDA
$135.8M
YoY+137.1%

Transmedics Group's EBITDA was $135.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 137.1% from the prior year.

Net Income
$190.3M
YoY+436.6%

Transmedics Group reported $190.3M in net income in fiscal year 2025. This represents an increase of 436.6% from the prior year.

EPS (Diluted)
$4.87
YoY+382.2%

Transmedics Group earned $4.87 per diluted share (EPS) in fiscal year 2025. This represents an increase of 382.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$133.6M
YoY+265.0%

Transmedics Group generated $133.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 265.0% from the prior year.

Cash & Debt
$488.9M
YoY+45.0%
5Y CAGR+81.9%

Transmedics Group held $488.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
$0.00

Transmedics Group paid $0.00 per share in dividends in fiscal year 2025.

Shares Outstanding
34M
YoY+1.9%
5Y CAGR+4.8%

Transmedics Group had 34M shares outstanding in fiscal year 2025. This represents an increase of 1.9% from the prior year.

Margins & Returns

Gross Margin
59.9%
YoY+0.6pp
5Y CAGR-5.0pp

Transmedics Group's gross margin was 59.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.6 percentage points from the prior year.

Operating Margin
17.9%
YoY+9.4pp
5Y CAGR+120.8pp

Transmedics Group's operating margin was 17.9% in fiscal year 2025, reflecting core business profitability. This is up 9.4 percentage points from the prior year.

Net Margin
31.4%
YoY+23.4pp
5Y CAGR+143.6pp

Transmedics Group's net profit margin was 31.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 23.4 percentage points from the prior year.

Return on Equity
40.2%
YoY+24.7pp
5Y CAGR+67.9pp

Transmedics Group's ROE was 40.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 24.7 percentage points from the prior year.

Capital Allocation

R&D Spending
$69.1M
YoY+23.4%
5Y CAGR+29.7%

Transmedics Group invested $69.1M in research and development in fiscal year 2025. This represents an increase of 23.4% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$59.3M
YoY-54.3%
5Y CAGR+164.8%

Transmedics Group invested $59.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 54.3% from the prior year.

TMDX Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $160.8M+11.8% $143.8M-8.6% $157.4M+9.6% $143.5M+18.0% $121.6M+11.8% $108.8M-4.9% $114.3M+18.0% $96.8M
Cost of Revenue $67.3M+13.7% $59.2M-2.5% $60.8M+9.9% $55.3M+11.5% $49.6M+3.5% $47.9M+6.4% $45.0M+22.1% $36.9M
Gross Profit $93.4M+10.5% $84.6M-12.4% $96.6M+9.5% $88.2M+22.5% $72.0M+18.4% $60.8M-12.2% $69.3M+15.5% $60.0M
R&D Expenses $20.7M+35.7% $15.3M-4.2% $15.9M-7.1% $17.2M+4.2% $16.5M+15.4% $14.3M+2.9% $13.9M+21.8% $11.4M
SG&A Expenses $51.4M+11.8% $46.0M+4.4% $44.1M+1.1% $43.6M-7.0% $46.9M+10.0% $42.7M-0.6% $42.9M+18.6% $36.2M
Operating Income $21.3M-8.7% $23.3M-36.3% $36.6M+33.2% $27.4M+217.5% $8.6M+120.3% $3.9M-68.6% $12.5M+0.7% $12.4M
Interest Expense $3.4M-3.9% $3.5M+0.4% $3.5M+0.4% $3.5M-3.1% $3.6M-1.3% $3.6M-0.2% $3.6M+0.7% $3.6M
Income Tax -$83.8M-6402.3% -$1.3M-201.0% $1.3M+28.3% $994K+653.0% $132K+355.2% $29K+170.7% -$41K-120.9% $196K
Net Income $105.4M+333.3% $24.3M-30.3% $34.9M+35.9% $25.7M+274.5% $6.9M+62.6% $4.2M-65.4% $12.2M0.0% $12.2M
EPS (Diluted) N/A $0.66-28.3% $0.92+31.4% $0.70 N/A $0.12-65.7% $0.350.0% $0.35

TMDX Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $1.1B+12.9% $946.0M+6.2% $890.5M+6.3% $837.5M+4.2% $804.1M+2.4% $785.6M+3.6% $758.6M+4.8% $723.8M
Current Assets $637.8M+4.0% $613.0M+9.8% $558.1M+10.3% $505.9M+1.8% $497.2M+1.0% $492.5M-3.3% $509.3M+4.3% $488.3M
Cash & Equivalents $488.9M+4.8% $466.7M+16.4% $401.1M+29.1% $310.6M-7.9% $337.1M+2.1% $330.1M-9.0% $362.8M+3.6% $350.2M
Inventory $48.9M+9.8% $44.5M+14.5% $38.9M-10.4% $43.4M-6.8% $46.6M-10.7% $52.2M+7.2% $48.7M+0.3% $48.5M
Accounts Receivable $84.3M+4.4% $80.7M-23.0% $104.9M-26.2% $142.0M+45.3% $97.7M+8.4% $90.1M+11.1% $81.2M-1.0% $81.9M
Goodwill $11.5M0.0% $11.5M0.0% $11.5M0.0% $11.5M0.0% $11.5M0.0% $11.5M0.0% $11.5M-3.7% $12.0M
Total Liabilities $595.3M+0.8% $590.8M+3.2% $572.4M+0.2% $571.2M-0.7% $575.5M0.0% $575.7M+1.2% $568.7M+0.8% $564.4M
Current Liabilities $89.3M+12.0% $79.7M+40.8% $56.6M+1.8% $55.6M-7.2% $59.9M-0.2% $60.0M+10.5% $54.3M+8.2% $50.2M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $473.1M+33.2% $355.2M+11.7% $318.1M+19.4% $266.3M+16.5% $228.6M+8.9% $209.9M+10.5% $189.9M+19.1% $159.5M
Retained Earnings -$277.9M+27.5% -$383.3M+6.0% -$407.7M+7.9% -$442.6M+5.5% -$468.2M+1.4% -$475.1M+0.9% -$479.3M+2.5% -$491.5M

TMDX Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $34.5M-50.4% $69.6M-24.1% $91.6M+3308.7% -$2.9M-114.5% $19.7M+186.8% $6.9M-73.3% $25.7M+848.7% -$3.4M
Capital Expenditures $15.5M+103.5% $7.6M-16.0% $9.1M-66.4% $27.0M+98.7% $13.6M-71.8% $48.2M+102.8% $23.8M-46.2% $44.2M
Free Cash Flow $19.0M-69.3% $61.9M-24.9% $82.5M+376.1% -$29.9M-593.5% $6.1M+114.6% -$41.3M-2214.9% $2.0M+104.1% -$47.6M
Investing Cash Flow -$15.5M-103.5% -$7.6M+16.0% -$9.1M+66.4% -$27.0M-98.7% -$13.6M+71.5% -$47.8M-101.0% -$23.8M+46.2% -$44.2M
Financing Cash Flow $3.1M-14.9% $3.6M-48.6% $7.1M+134.1% $3.0M+155.3% $1.2M-84.9% $7.9M-26.1% $10.6M+234.1% $3.2M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

TMDX Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 58.1%-0.7pp 58.8%-2.6pp 61.4%-0.1pp 61.5%+2.3pp 59.2%+3.3pp 55.9%-4.6pp 60.6%-1.3pp 61.9%
Operating Margin 13.2%-3.0pp 16.2%-7.0pp 23.2%+4.1pp 19.1%+12.0pp 7.1%+3.5pp 3.6%-7.3pp 10.9%-1.9pp 12.8%
Net Margin 65.5%+48.6pp 16.9%-5.3pp 22.2%+4.3pp 17.9%+12.3pp 5.6%+1.8pp 3.9%-6.8pp 10.7%-1.9pp 12.6%
Return on Equity 22.3%+15.4pp 6.9%-4.1pp 11.0%+1.3pp 9.6%+6.6pp 3.0%+1.0pp 2.0%-4.4pp 6.4%-1.2pp 7.6%
Return on Assets 9.9%+7.3pp 2.6%-1.3pp 3.9%+0.8pp 3.1%+2.2pp 0.9%+0.3pp 0.5%-1.1pp 1.6%-0.1pp 1.7%
Current Ratio 7.14-0.5 7.69-2.2 9.86+0.8 9.10+0.8 8.30+0.1 8.20-1.2 9.37-0.3 9.72
Debt-to-Equity 1.26-0.4 1.66-0.1 1.80-0.3 2.15-0.4 2.52-0.2 2.74-0.3 2.99-0.5 3.54
FCF Margin 11.8%-31.3pp 43.1%-9.4pp 52.4%+73.3pp -20.8%-25.8pp 5.0%+43.0pp -38.0%-39.7pp 1.7%+50.9pp -49.2%

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Frequently Asked Questions

Transmedics Group (TMDX) reported $605.5M in total revenue for fiscal year 2025. This represents a 37.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Transmedics Group (TMDX) revenue grew by 37.1% year-over-year, from $441.5M to $605.5M in fiscal year 2025.

Yes, Transmedics Group (TMDX) reported a net income of $190.3M in fiscal year 2025, with a net profit margin of 31.4%.

Transmedics Group (TMDX) reported diluted earnings per share of $4.87 for fiscal year 2025. This represents a 382.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Transmedics Group (TMDX) had EBITDA of $135.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Transmedics Group (TMDX) had a gross margin of 59.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Transmedics Group (TMDX) had an operating margin of 17.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Transmedics Group (TMDX) had a net profit margin of 31.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Transmedics Group (TMDX) has a return on equity of 40.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Transmedics Group (TMDX) generated $133.6M in free cash flow during fiscal year 2025. This represents a 265.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Transmedics Group (TMDX) generated $192.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Transmedics Group (TMDX) had $1.1B in total assets as of fiscal year 2025, including both current and long-term assets.

Transmedics Group (TMDX) invested $59.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Transmedics Group (TMDX) invested $69.1M in research and development during fiscal year 2025.

Transmedics Group (TMDX) had 34M shares outstanding as of fiscal year 2025.

Transmedics Group (TMDX) had a current ratio of 7.14 as of fiscal year 2025, which is generally considered healthy.

Transmedics Group (TMDX) had a debt-to-equity ratio of 1.26 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Transmedics Group (TMDX) had a return on assets of 17.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Transmedics Group (TMDX) has an Altman Z-Score of 4.64, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Transmedics Group (TMDX) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Transmedics Group (TMDX) has an earnings quality ratio of 1.01x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Transmedics Group (TMDX) has an interest coverage ratio of 7.9x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Transmedics Group (TMDX) scores 86 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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