Transmedics Group Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Transmedics Group has an operating margin of 8.5%, meaning the company retains $8 of operating profit per $100 of revenue. This results in a moderate score of 42/100, indicating healthy but not exceptional operating efficiency. This is up from -11.9% the prior year.
Transmedics Group's revenue surged 82.7% year-over-year to $441.5M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Transmedics Group has elevated debt relative to equity (D/E of 2.52), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 18/100, reflecting increased financial risk.
With a current ratio of 8.30, Transmedics Group holds $8.30 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Transmedics Group generated $48.8M in operating cash flow, capex of $129.7M consumed most of it, leaving -$80.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Transmedics Group's ROE of 15.5% shows moderate profitability relative to equity, earning a score of 62/100.
Transmedics Group scores 5.17, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($4.4B) relative to total liabilities ($575.5M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Transmedics Group passes 5 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), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Transmedics Group generates $1.38 in operating cash flow ($48.8M OCF vs $35.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Transmedics Group earns $2.6 in operating income for every $1 of interest expense ($37.5M vs $14.4M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
This page shows Transmedics Group (TMDX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).
Key Financial Metrics
Transmedics Group generated $441.5M in revenue in fiscal year 2024. This represents an increase of 82.7% from the prior year.
Transmedics Group's EBITDA was $57.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 378.6% from the prior year.
Transmedics Group generated -$80.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 50.9% from the prior year.
Transmedics Group reported $35.5M in net income in fiscal year 2024. This represents an increase of 241.7% from the prior year.
Transmedics Group earned $1.01 per diluted share (EPS) in fiscal year 2024. This represents an increase of 231.2% from the prior year.
Transmedics Group held $337.1M in cash against $0 in long-term debt as of fiscal year 2024.
Transmedics Group paid $0.00 per share in dividends in fiscal year 2024.
Transmedics Group had 34M shares outstanding in fiscal year 2024. This represents an increase of 2.9% from the prior year.
Transmedics Group's gross margin was 59.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 4.4 percentage points from the prior year.
Transmedics Group's operating margin was 8.5% in fiscal year 2024, reflecting core business profitability. This is up 20.4 percentage points from the prior year.
Transmedics Group's net profit margin was 8.0% in fiscal year 2024, showing the share of revenue converted to profit. This is up 18.4 percentage points from the prior year.
Transmedics Group's ROE was 15.5% in fiscal year 2024, measuring profit generated per dollar of shareholder equity.
Transmedics Group invested $56.0M in research and development in fiscal year 2024. This represents an increase of 55.2% from the prior year.
Transmedics Group invested $129.7M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 14.6% from the prior year.
TMDX Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $143.8M-8.6% | $157.4M+9.6% | $143.5M+18.0% | $121.6M+6.4% | $114.3M+18.0% | $96.8M+19.3% | $81.2M+22.2% | $66.4M |
| Cost of Revenue | $59.2M-2.5% | $60.8M+9.9% | $55.3M+11.5% | $49.6M+10.1% | $45.0M+22.1% | $36.9M+10.9% | $33.3M+29.0% | $25.8M |
| Gross Profit | $84.6M-12.4% | $96.6M+9.5% | $88.2M+22.5% | $72.0M+4.0% | $69.3M+15.5% | $60.0M+25.1% | $47.9M+17.9% | $40.7M |
| R&D Expenses | $15.3M-4.2% | $15.9M-7.1% | $17.2M+4.2% | $16.5M+18.8% | $13.9M+21.8% | $11.4M+5.8% | $10.8M-3.3% | $11.1M |
| SG&A Expenses | $46.0M+4.4% | $44.1M+1.1% | $43.6M-7.0% | $46.9M+9.3% | $42.9M+18.6% | $36.2M+4.6% | $34.6M+12.7% | $30.7M |
| Operating Income | $23.3M-36.3% | $36.6M+33.2% | $27.4M+217.5% | $8.6M-30.9% | $12.5M+0.7% | $12.4M+377.2% | $2.6M+109.2% | -$28.3M |
| Interest Expense | $3.5M+0.4% | $3.5M+0.4% | $3.5M-3.1% | $3.6M-1.4% | $3.6M+0.7% | $3.6M-0.2% | $3.6M+0.4% | $3.6M |
| Income Tax | -$1.3M-201.0% | $1.3M+28.3% | $994K+653.0% | $132K+422.0% | -$41K-120.9% | $196K | N/A | N/A |
| Net Income | $24.3M-30.3% | $34.9M+35.9% | $25.7M+274.5% | $6.9M-43.8% | $12.2M0.0% | $12.2M+202.6% | $4.0M+115.9% | -$25.4M |
| EPS (Diluted) | $0.66-28.3% | $0.92+31.4% | $0.70+268.4% | $0.19-45.7% | $0.350.0% | $0.35+191.7% | $0.12+115.4% | $-0.78 |
TMDX Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $946.0M+6.2% | $890.5M+6.3% | $837.5M+4.2% | $804.1M+6.0% | $758.6M+4.8% | $723.8M+2.5% | $706.0M+2.4% | $689.2M |
| Current Assets | $613.0M+9.8% | $558.1M+10.3% | $505.9M+1.8% | $497.2M-2.4% | $509.3M+4.3% | $488.3M-4.4% | $510.7M-4.9% | $536.7M |
| Cash & Equivalents | $466.7M+16.4% | $401.1M+29.1% | $310.6M-7.9% | $337.1M-7.1% | $362.8M+3.6% | $350.2M-11.3% | $394.8M-7.6% | $427.1M |
| Inventory | $44.5M+14.5% | $38.9M-10.4% | $43.4M-6.8% | $46.6M-4.3% | $48.7M+0.3% | $48.5M+9.7% | $44.2M+12.4% | $39.4M |
| Accounts Receivable | $80.7M-23.0% | $104.9M-26.2% | $142.0M+45.3% | $97.7M+20.4% | $81.2M-1.0% | $81.9M+28.9% | $63.6M+4.8% | $60.7M |
| Goodwill | $11.5M0.0% | $11.5M0.0% | $11.5M0.0% | $11.5M0.0% | $11.5M-3.7% | $12.0M0.0% | $12.0M+2.7% | $11.7M |
| Total Liabilities | $590.8M+3.2% | $572.4M+0.2% | $571.2M-0.7% | $575.5M+1.2% | $568.7M+0.8% | $564.4M-0.8% | $568.8M+1.1% | $562.8M |
| Current Liabilities | $79.7M+40.8% | $56.6M+1.8% | $55.6M-7.2% | $59.9M+10.3% | $54.3M+8.2% | $50.2M-8.6% | $54.9M+11.9% | $49.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $355.2M+11.7% | $318.1M+19.4% | $266.3M+16.5% | $228.6M+20.4% | $189.9M+19.1% | $159.5M+16.2% | $137.2M+8.5% | $126.5M |
| Retained Earnings | -$383.3M+6.0% | -$407.7M+7.9% | -$442.6M+5.5% | -$468.2M+2.3% | -$479.3M+2.5% | -$491.5M+2.4% | -$503.7M+0.8% | -$507.7M |
TMDX Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $69.6M-24.1% | $91.6M+3308.7% | -$2.9M-114.5% | $19.7M-23.5% | $25.7M+848.7% | -$3.4M-141.4% | $8.3M+220.9% | -$6.9M |
| Capital Expenditures | $7.6M-16.0% | $9.1M-66.4% | $27.0M+98.7% | $13.6M-42.7% | $23.8M-46.2% | $44.2M+5.6% | $41.8M-61.2% | $107.7M |
| Free Cash Flow | $61.9M-24.9% | $82.5M+376.1% | -$29.9M-593.5% | $6.1M+209.8% | $2.0M+104.1% | -$47.6M-42.1% | -$33.5M+70.8% | -$114.6M |
| Investing Cash Flow | -$7.6M+16.0% | -$9.1M+66.4% | -$27.0M-98.7% | -$13.6M+42.7% | -$23.8M+46.2% | -$44.2M-5.6% | -$41.8M+72.1% | -$149.8M |
| Financing Cash Flow | $3.6M-48.6% | $7.1M+134.1% | $3.0M+155.3% | $1.2M-88.9% | $10.6M+234.1% | $3.2M+244.7% | $924K-39.3% | $1.5M |
| 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 | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 58.8%-2.6pp | 61.4%-0.1pp | 61.5%+2.3pp | 59.2%-1.4pp | 60.6%-1.3pp | 61.9%+2.9pp | 59.0%-2.2pp | 61.2% |
| Operating Margin | 16.2%-7.0pp | 23.2%+4.1pp | 19.1%+12.0pp | 7.1%-3.8pp | 10.9%-1.9pp | 12.8%+9.6pp | 3.2%+45.9pp | -42.6% |
| Net Margin | 16.9%-5.3pp | 22.2%+4.3pp | 17.9%+12.3pp | 5.6%-5.0pp | 10.7%-1.9pp | 12.6%+7.6pp | 5.0%+43.2pp | -38.3% |
| Return on Equity | 6.9%-4.1pp | 11.0%+1.3pp | 9.6%+6.6pp | 3.0%-3.4pp | 6.4%-1.2pp | 7.6%+4.7pp | 2.9% | N/A |
| Return on Assets | 2.6%-1.3pp | 3.9%+0.8pp | 3.1%+2.2pp | 0.9%-0.8pp | 1.6%-0.1pp | 1.7%+1.1pp | 0.6%+4.3pp | -3.7% |
| Current Ratio | 7.69-2.2 | 9.86+0.8 | 9.10+0.8 | 8.30-1.1 | 9.37-0.3 | 9.72+0.4 | 9.30-1.6 | 10.93 |
| Debt-to-Equity | 1.66-0.1 | 1.80-0.3 | 2.15-0.4 | 2.52-0.5 | 2.99-0.5 | 3.54-0.6 | 4.15-0.3 | 4.45 |
| FCF Margin | 43.1%-9.4pp | 52.4%+73.3pp | -20.8%-25.8pp | 5.0%+3.3pp | 1.7%+50.9pp | -49.2%-7.9pp | -41.3%+131.2pp | -172.5% |
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Frequently Asked Questions
What is Transmedics Group's annual revenue?
Transmedics Group (TMDX) reported $441.5M in total revenue for fiscal year 2024. This represents a 82.7% 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.
How fast is Transmedics Group's revenue growing?
Transmedics Group (TMDX) revenue grew by 82.7% year-over-year, from $241.6M to $441.5M in fiscal year 2024.
Is Transmedics Group profitable?
Yes, Transmedics Group (TMDX) reported a net income of $35.5M in fiscal year 2024, with a net profit margin of 8.0%.
What is Transmedics Group's earnings per share (EPS)?
Transmedics Group (TMDX) reported diluted earnings per share of $1.01 for fiscal year 2024. This represents a 231.2% 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.
What is Transmedics Group's EBITDA?
Transmedics Group (TMDX) had EBITDA of $57.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Transmedics Group's gross margin?
Transmedics Group (TMDX) had a gross margin of 59.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Transmedics Group's operating margin?
Transmedics Group (TMDX) had an operating margin of 8.5% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Transmedics Group's net profit margin?
Transmedics Group (TMDX) had a net profit margin of 8.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Transmedics Group's return on equity (ROE)?
Transmedics Group (TMDX) has a return on equity of 15.5% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Transmedics Group's free cash flow?
Transmedics Group (TMDX) generated -$80.9M in free cash flow during fiscal year 2024. This represents a 50.9% 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.
What is Transmedics Group's operating cash flow?
Transmedics Group (TMDX) generated $48.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Transmedics Group's total assets?
Transmedics Group (TMDX) had $804.1M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Transmedics Group's capital expenditures?
Transmedics Group (TMDX) invested $129.7M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Transmedics Group spend on research and development?
Transmedics Group (TMDX) invested $56.0M in research and development during fiscal year 2024.
How many shares does Transmedics Group have outstanding?
Transmedics Group (TMDX) had 34M shares outstanding as of fiscal year 2024.
What is Transmedics Group's current ratio?
Transmedics Group (TMDX) had a current ratio of 8.30 as of fiscal year 2024, which is generally considered healthy.
What is Transmedics Group's debt-to-equity ratio?
Transmedics Group (TMDX) had a debt-to-equity ratio of 2.52 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Transmedics Group's return on assets (ROA)?
Transmedics Group (TMDX) had a return on assets of 4.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Transmedics Group's Altman Z-Score?
Transmedics Group (TMDX) has an Altman Z-Score of 5.17, 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.
What is Transmedics Group's Piotroski F-Score?
Transmedics Group (TMDX) has a Piotroski F-Score of 5 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.
Are Transmedics Group's earnings high quality?
Transmedics Group (TMDX) has an earnings quality ratio of 1.38x, 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.
Can Transmedics Group cover its interest payments?
Transmedics Group (TMDX) has an interest coverage ratio of 2.6x, meaning it can adequately 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.
How financially healthy is Transmedics Group?
Transmedics Group (TMDX) scores 54 out of 100 on our Financial Profile, indicating moderate 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.