TransMedics Group, Inc. (TMDX) Form 10-Q — Aug 4, 2026
TransMedics reported Q2 2026 revenue of $189.9 million, up roughly 21% year over year, but net income fell to $14.7 million from $34.9 million a year ago, with diluted EPS of $0.41 versus $0.92. Growth was driven by US OCS Liver revenue of $148.0 million, up 28%, while US OCS Lung revenue dropped about 46% to $2.3 million. The profit decline reflects a spending surge: research, development and clinical trials expense nearly doubled to $31.6 million on next-generation OCS and OCS Kidney development, SG&A rose to $57.8 million, and interest expense more than doubled to $7.2 million after the company took on a finance lease for its new headquarters. Overall gross margin slipped to 60% from 61%.
Key figures
- Eps
- 0.42 basic / 0.41 diluted (Q2 2026)
- Revenue
- 189948000
- Net Income
- 14682000
- Total Debt
- $520.0M principal ($460.0M 1.50% convertible notes due June 2028 + $60.0M CIBC term loan)
- Revenue Yoy
- +20.7% YoY (from $157.4M in Q2 2025)
- Total Assets
- 1464396000
- Cash Position
- 472675000
- Shares Outstanding
- 34675145
- Six Month Revenue
- 363881000
- Us Lung Revenue Q2
- 2253000
- Us Heart Revenue Q2
- 33381000
- Us Liver Revenue Q2
- 147989000
- Rnd Expense Q2 2026
- 31632000
- Six Month Net Income
- 21997000
- Accumulated Deficit
- 255953000
- Gross Margin Q2 2025
- 61%
- Gross Margin Q2 2026
- 60%
- Sgna Expense Q2 2026
- 57830000
- Finance Lease Liability
- 347660000
- Interest Expense Q2 2026
- 7225000
- Effective Tax Rate Guidance
- 25%-27% for full year 2026
- Operating Cash Flow Six Months
- 41842000
Price after filing
Close on the filing date to close N calendar days later (from $76.13). Historical, not a forecast.
AI analysis
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