Transmedics Group Financials
Transmedics Group (TMDX) reported $605.5M in revenue for fiscal year 2025, up 37.1% from the prior fiscal year. This page shows its 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).
Revenue scale is finally outrunning overhead, turning a formerly cash-hungry growth build into a self-funding operating model.
The real inflection is cash conversion: FY2024 generated only$48.8M of operating cash flow and still burned-$80.9M of free cash flow. By FY2025, operating cash flow reached$192.8M while capital spending fell to$59.3M , showing growth no longer needed the same external balance-sheet support.
Operating leverage is doing the heavy lifting: revenue rose
Net income in FY2025 looks unusually strong relative to operations because an income-tax benefit lifted reported earnings; operating income was
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Transmedics Group's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
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 53/100, indicating healthy but not exceptional operating efficiency. This is up from 8.5% the prior year.
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.
Transmedics Group has a moderate D/E ratio of 1.26. This balance of debt and equity financing earns a leverage score of 41/100.
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 94/100.
Transmedics Group's free cash flow margin of 22.1% results in a low score of 17/100. Capital expenditures of $59.3M absorb a large share of operating cash flow.
Transmedics Group's ROE of 40.2% shows moderate profitability relative to equity, earning a score of 43/100. This is up from 15.5% the prior year.
Transmedics Group scores 4.38, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.2B) relative to total liabilities ($595.3M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Transmedics Group passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 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.
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.
Transmedics Group earns $7.88 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
Earnings & Revenue
Transmedics Group generated $605.5M in revenue in fiscal year 2025. This represents an increase of 37.1% from the prior year.
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.
Transmedics Group reported $190.3M in net income in fiscal year 2025. This represents an increase of 436.1% from the prior year.
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
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.
Transmedics Group held $488.9M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Transmedics Group paid $0.00 per share in dividends in fiscal year 2025.
Margins & Returns
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.
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.
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.
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
Transmedics Group invested $69.1M in research and development in fiscal year 2025. This represents an increase of 23.4% from the prior year.
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.
Not reported for fiscal year 2025.
TMDX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $668.5M | $605.5M+37.1% | $441.5M+82.7% | $241.6M+158.5% | $93.5M+208.8% | $30.3M+18.0% | $25.6M+8.6% | $23.6M+81.3% | $13.0M |
| Cost of Revenue | $276.1M | $242.7M+35.2% | $179.5M+105.0% | $87.5M+210.5% | $28.2M+209.6% | $9.1M+1.1% | $9.0M-7.6% | $9.7M+33.7% | $7.3M |
| Gross Profit | $392.3M | $362.8M+38.4% | $262.1M+70.1% | $154.1M+136.1% | $65.3M+208.5% | $21.2M+27.2% | $16.6M+20.0% | $13.9M+141.8% | $5.7M |
| R&D Expenses | $92.5M | $69.1M+23.4% | $56.0M+55.2% | $36.1M+34.5% | $26.8M+20.2% | $22.3M+18.4% | $18.8M-5.2% | $19.9M+45.5% | $13.7M |
| SG&A Expenses | $218.3M | $185.2M+9.8% | $168.6M+41.0% | $119.6M+71.0% | $69.9M+82.6% | $38.3M+58.3% | $24.2M+2.5% | $23.6M+91.6% | $12.3M |
| Operating Income | $81.6M | $108.6M+189.6% | $37.5M+230.5% | -$28.7M+8.6% | -$31.4M+20.3% | -$39.4M-49.4% | -$26.4M+10.9% | -$29.6M-46.3% | -$20.2M |
| Interest Expense | $21.2M | $13.8M-4.4% | $14.4M+33.5% | $10.8M+189.6% | $3.7M-3.8% | $3.9M-2.8% | $4.0M-8.5% | $4.4M+60.0% | $2.7M |
| Income Tax | -$79.1M | -$82.8M-26292.7% | $316K+119.2% | -$1.6M-2589.4% | $66K | N/A | $0 | $0 | $0 |
| Net Income | $151.7M | $190.3M+436.1% | $35.5M+242.0% | -$25.0M+30.9% | -$36.2M+18.1% | -$44.2M-53.7% | -$28.7M+14.3% | -$33.5M-41.2% | -$23.8M |
| EPS (Diluted) | — | $4.87+382.2% | $1.01+231.2% | -$0.77+37.4% | -$1.23+23.1% | -$1.60-37.9% | -$1.16 | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
TMDX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.1B+32.9% | $804.1M+13.9% | $706.0M+154.8% | $277.1M+105.5% | $134.9M-11.3% | $152.0M+44.4% | $105.3M+149.8% | $42.2M |
| Current Assets | $637.8M+28.3% | $497.2M-2.6% | $510.7M+102.4% | $252.3M+112.5% | $118.7M-19.1% | $146.8M+46.8% | $100.0M+187.4% | $34.8M |
| Cash & Equivalents | $488.9M+45.0% | $337.1M-14.6% | $394.8M+96.2% | $201.2M+686.5% | $25.6M+4.1% | $24.6M+22.3% | $20.1M-0.7% | $20.2M |
| Inventory | $48.9M+5.0% | $46.6M+5.2% | $44.2M+114.7% | $20.6M+38.7% | $14.9M+24.5% | $11.9M+6.4% | $11.2M+20.9% | $9.3M |
| Accounts Receivable | $84.3M-13.8% | $97.7M+53.7% | $63.6M+130.3% | $27.6M+365.3% | $5.9M-13.5% | $6.9M+4.7% | $6.6M+90.8% | $3.4M |
| Goodwill | $11.5M0.0% | $11.5M-3.7% | $12.0M | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $595.3M+3.4% | $575.5M+1.2% | $568.8M+533.7% | $89.8M+33.9% | $67.0M+39.3% | $48.1M-5.0% | $50.6M-78.4% | $234.4M |
| Current Liabilities | $89.3M+49.1% | $59.9M+9.1% | $54.9M+132.2% | $23.7M+1.8% | $23.2M+95.6% | $11.9M-26.3% | $16.1M+28.4% | $12.6M |
| Long-Term Debt | N/A | N/A | N/A | $58.7M+66.8% | $35.2M+1.6% | $34.7M+1.5% | $34.1M+1.4% | $33.7M |
| Total Equity | $473.1M+107.0% | $228.6M+66.6% | $137.2M-26.8% | $187.4M+176.1% | $67.9M-34.7% | $103.9M+90.1% | $54.6M+128.4% | -$192.2M |
| Retained Earnings | -$277.9M+40.6% | -$468.2M+7.0% | -$503.7M-5.2% | -$478.7M-8.2% | -$442.4M-11.1% | -$398.2M-7.8% | -$369.5M-10.0% | -$335.9M |
TMDX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $145.9M | $192.8M+295.1% | $48.8M+474.6% | -$13.0M+71.6% | -$45.8M-58.7% | -$28.9M+4.6% | -$30.3M+6.3% | -$32.3M-24.3% | -$26.0M |
| Capital Expenditures | $66.9M | $59.3M-54.3% | $129.7M-14.6% | $151.8M+1175.3% | $11.9M+238.4% | $3.5M+673.4% | $455K+175.8% | $165K-60.5% | $418K |
| Free Cash Flow | $79.0M | $133.6M+265.0% | -$80.9M+50.9% | -$164.9M-185.6% | -$57.7M-78.3% | -$32.4M-5.4% | -$30.7M+5.3% | -$32.5M-22.9% | -$26.4M |
| Investing Cash Flow | -$66.9M | -$59.3M+54.2% | -$129.3M+33.3% | -$194.0M-455.8% | $54.5M+86.3% | $29.3M+170.4% | -$41.6M+31.2% | -$60.5M-591.6% | $12.3M |
| Financing Cash Flow | $11.5M | $16.9M-26.3% | $22.9M-94.3% | $400.4M+138.4% | $167.9M+11955.1% | $1.4M-98.2% | $75.5M-18.5% | $92.7M+320.2% | $22.1M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
TMDX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.9%+0.6pp | 59.4%-4.4pp | 63.8%-6.1pp | 69.8%-0.1pp | 69.9%+5.0pp | 64.9%+6.2pp | 58.7%+14.7pp | 44.0% |
| Operating Margin | 17.9%+9.4pp | 8.5%+20.4pp | -11.9%+21.7pp | -33.6% | -130.3% | -102.9% | -125.4% | -155.5% |
| Net Margin | 31.4%+23.4pp | 8.0%+18.4pp | -10.3%+28.4pp | -38.7% | -146.1% | -112.1% | -142.1% | -182.5% |
| Return on Equity | 40.2%+24.7pp | 15.5%+33.8pp | -18.2%+1.1pp | -19.3%+45.8pp | -65.1%-37.5pp | -27.7%+33.7pp | -61.4% | N/A |
| Return on Assets | 17.8%+13.4pp | 4.4%+8.0pp | -3.5%+9.5pp | -13.1%+19.7pp | -32.8%-13.9pp | -18.9%+13.0pp | -31.9%+24.5pp | -56.4% |
| Current Ratio | 7.14-1.2x | 8.30-1.0x | 9.30-1.4x | 10.66+5.6x | 5.11-7.2x | 12.36+6.1x | 6.21+3.4x | 2.77 |
| Debt-to-Equity | 1.26-1.3x | 2.52-1.6x | 4.15+3.8x | 0.31-0.2x | 0.52+0.2x | 0.33-0.3x | 0.62 | N/A |
| FCF Margin | 22.1%+40.4pp | -18.3%+49.9pp | -68.2%-6.5pp | -61.8% | -107.0% | -119.8% | -137.5% | -202.8% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Transmedics Group Ranks
Frequently Asked Questions
What is Transmedics Group's annual revenue?
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.
How fast is Transmedics Group's revenue growing?
Transmedics Group (TMDX) revenue grew by 37.1% year-over-year, from $441.5M to $605.5M in fiscal year 2025.
Is Transmedics Group profitable?
Yes, Transmedics Group (TMDX) reported a net income of $190.3M in fiscal year 2025, with a net profit margin of 31.4%.
What is Transmedics Group's EBITDA?
Transmedics Group (TMDX) had EBITDA of $135.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Transmedics Group's gross margin?
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.
What is Transmedics Group's operating margin?
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.
What is Transmedics Group's net profit margin?
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.
What is Transmedics Group's return on equity (ROE)?
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.
What is Transmedics Group's free cash flow?
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.
What is Transmedics Group's operating cash flow?
Transmedics Group (TMDX) generated $192.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Transmedics Group's total assets?
Transmedics Group (TMDX) had $1.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Transmedics Group's capital expenditures?
Transmedics Group (TMDX) invested $59.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Transmedics Group spend on research and development?
Transmedics Group (TMDX) invested $69.1M in research and development during fiscal year 2025.
What is Transmedics Group's current ratio?
Transmedics Group (TMDX) had a current ratio of 7.14 as of fiscal year 2025, which is generally considered healthy.
What is Transmedics Group's debt-to-equity ratio?
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.
What is Transmedics Group's return on assets (ROA)?
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.
What is Transmedics Group's Altman Z-Score?
Transmedics Group (TMDX) has an Altman Z-Score of 4.38, 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 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 1.01x, 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.
Can Transmedics Group cover its interest payments?
Transmedics Group (TMDX) has an interest coverage ratio of 7.88x, 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.
How financially healthy is Transmedics Group?
Transmedics Group (TMDX) scores 57 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.