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Overview
TransMedics makes the Organ Care System (OCS), a portable platform that keeps donor organs alive outside the body by warm, oxygenated perfusion and continuous viability monitoring. The OCS circulates warmed, nutrient-rich blood through the organ, allowing surgeons to assess health in near-physiological conditions. Revenue comes from selling OCS consoles, disposable sets used per procedure, and the National OCS Program, which provides end-to-end organ retrieval and logistics services. It distinguishes itself by holding FDA approvals to preserve and assess hearts, lungs, and livers in the United States and by integrating hardware, consumables, and logistics to expand transplant opportunities.
About TransMedics
Industries
Healthcare
Company Size
501-1,000
Company Stage
IPO
Headquarters
Andover, Massachusetts
Founded
1998
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Simplify's Take
What believers are saying
- Q2 2026 revenue rose 21% to $189.9 million, and guidance increased to $737-$757 million.
- FDA approved ENHANCE Heart and DENOVO Lung IDEs in January-February 2026, advancing next-generation trials.
- PAD Aviation closed July 6, 2026, opening pan-European transplant logistics contracts.
What critics are saying
- Judge Sorokin partially denied dismissal July 21, 2026, forcing discovery in the fraud case.
- CHOPS and kidney development burn cash while gross margin slipped to 60% in Q2 2026.
- A bad ENHANCE or DENOVO safety signal in 2026-2027 would damage OCS credibility.
What makes TransMedics unique
- FDA-approved OCS remains the only U.S. warm-perfusion platform for hearts, lungs, and livers.
- The National OCS Program bundles surgeons, logistics, aircraft, and disposables into a sticky ecosystem.
- PAD Aviation extends TransMedics' logistics moat into Europe, copying the U.S. NOP playbook.
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Funding
Total Funding
$808.4M
Above
Industry Average
Funded Over
13 Rounds
Kleiner PerkinsBenefits
Health Insurance
Dental Insurance
Vision Insurance
Short Term Disability
Long Term Disability
Health Savings Account/Flexible Spending Account
Dependent Care Flexible Spending Account
401(k) Plan
Pet insurance
Employee Stock Purchase Plan
Wellness Program
Stock Price
Growth & Insights and Company News
6 month growth
↑ 1%1 year growth
↑ 1%2 year growth
↑ 2%David Weill, a director at TransMedics Group, purchased 1,336 shares of common stock for approximately $109,000 on 11 September 2026, according to an SEC Form 4 filing. The purchase increased his direct holdings by 9% to 16,392 shares, valued at roughly $1.4 million. The transaction occurred as the stock recorded a one-year return of -30%. TransMedics, a commercial-stage medical technology company with a market capitalisation of $2.7 billion, develops the Organ Care System, a portable device that preserves and monitors donor organs for transplantation. The company reported trailing twelve-month revenues of $668.5 million and net income of $151.7 million. Management has guided for 22%-25% sales growth in 2026 as it expands internationally and develops new platforms.
TransMedics Group and SoFi Technologies have declined 28% and 34% respectively over the past year, presenting potential buying opportunities despite broader market strength driven by tech giants. TransMedics, which developed the Organ Care System for transplants, faces near-term headwinds. Second-quarter revenue grew 21% year over year to $189.9 million, marking a slowdown from recent quarters. Adjusted earnings per share fell 52% to $0.44. However, the company is investing in expansion initiatives, including potential kidney transplant approval and a logistics network for greater control over the organ transplant cycle. These investments are pressuring current profits but could drive future growth. The OCS technology maintains organ temperature and blood supply during transport, addressing limitations of traditional cold storage methods. With a large addressable market remaining, the stock may offer value at current levels.
TransMedics Group reported second quarter 2026 revenue of $189.9 million, a 21% increase from $157.4 million in the prior year period. The growth was driven primarily by increased utilisation of the company's Organ Care System, particularly in liver and heart transplants through its National OCS Programme, as well as logistics services revenue. Gross margin decreased to 60% from 61% year-over-year, reflecting a higher mix of service revenue and temporary product-cost factors. Net income fell to $14.7 million, or $0.41 per diluted share, compared to $34.9 million, or $0.92 per share, in the second quarter of 2025. The company raised the low end of its full-year 2026 revenue guidance to a range of $737 million to $757 million, representing approximately 22% to 25% growth. TransMedics develops portable extracorporeal warm perfusion technology for donor organ transplantation.
TransMedics Group has completed a strategic investment in PAD Aviation service GmbH, a Germany-based private aviation operator. The deal aims to establish a dedicated organ transplantation air logistics network across Europe, replicating TransMedics' OCS NOP model from the US. PAD Aviation, founded in 2006, operates from a 24/7 hub in Paderborn, Germany. The company maintains a fleet of nine Embraer Phenom 300 aircraft and employs over 40 pilots, holding a valid EASA Air Operator Certificate. TransMedics develops portable extracorporeal warm perfusion technology for preserving and assessing donor organs. The investment supports the company's efforts to expand adoption of its OCS perfusion technology and create a pan-European organ transport logistics network across the European Union.
TransMedics Group has received a 'Buy' rating from TD Cowen with a $120 price target, implying 77% upside from its last close. The firm cited growing US transplant activity in heart, liver and lung procedures as a key driver for the company's Organ Care System technology and logistics business. Monthly US transplant data showed volumes rose approximately 5% year-over-year in the second quarter of 2026. TransMedics generated $173.9 million in total revenue in the first quarter of 2026, up 21% year-over-year, with product revenue reaching $108 million and service revenue contributing $66 million. The company ended the quarter with $461.7 million in cash and cash equivalents. Shares closed up 2% on Wednesday and gained further in after-hours trading.
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About TransMedics
Industries
Healthcare
Company Size
501-1,000
Company Stage
IPO
Headquarters
Andover, Massachusetts
Founded
1998
TransMedics is Hiring for 54 Jobs on Simplify!
Find jobs on Simplify and start your career today