Product pipeline and R&Dpositive · 2 filings
“Facility related and other costs increased by $0.4 million primarily due to the increased cost of supporting a larger group of research and development personnel.”10-Q · Oct 29, 2025 ↗
TransMedics Group, Inc.
TMDX
Market read
TransMedics Group, Inc.'s current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
Company-1.5% todayVolume comparison unavailable
Market group0 of 1 activeOrgan Transplant Devices · unavailable
Disclosed network0 of 2 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Revenue from U.S. customers related to OCS transplant was $167.0 million for the quarter, up $28.4 million year-over-year driven by higher OCS Liver disposable set volumes and increased NOP usage.
- Gross margin from net product revenue decreased year-over-year, primarily attributed to product mix and higher freight costs.
Invalidation: The isolated read changes if TMDX's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 2 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- Revenue from U.S. customers related to OCS transplant was $167.0 million for the quarter, up $28.4 million year-over-year driven by higher OCS Liver disposable set volumes and increased NOP usage.
- Gross margin from net product revenue decreased year-over-year, primarily attributed to product mix and higher freight costs.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods8
Price observations327
Usable filing statements93
Verified relationships2
Evidence supporting the case
- Latest annual revenue changed +37.1% year over year.
- Operating margin changed +9.4 percentage points in the latest annual period.
- Net margin changed +23.4 percentage points in the latest annual period.
Evidence challenging the case
- Diluted shares increased 15.1% in the latest annual period.
Questions before a position
- P/E is 62% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
85.106m-34.0%12m-21.4%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$30.3M+18.0%$-1.60+11.8%
2022-12-31$93.5M+208.8%$-1.23+7.0%
2023-12-31$241.6M+158.5%$-0.77+10.0%
2024-12-31$441.5M+82.7%$1.01+8.3%
2025-12-31$605.5M+37.1%$4.87+15.1%
What management says matters
Persistent and emerging business drivers
Energy and commodity pricesmixed · 1 filings
“We also expect to see modest improvements in the future in our services gross margin as we provide more services and the efficiency in provisioning of these services improves due to scale and experience, including effectively managing fluctuating aircraft fue…”10-Q · May 5, 2026 ↗
Input and raw-material costsnegative · 1 filings
“Gross margin from net product revenue decreased from the three months ended March 31, 2025 to the three months ended March 31, 2026 primarily due to product mix and higher freight costs.”10-Q · May 5, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 5.7× · EV/sales 5.7×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
85.10-1.5% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for TMDX. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for TMDX. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind TMDX
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
BTIBritish American Tobacco p.l.c.competitorFeb 24, 2026 ▾
“Sometimes the relevant rules are found in industry guidance rather than legislation—for example, relationships with healthcare professionals in the UK are governed by the code of Association of British HealthTech Industries, or ABHI, and rules may limit or re…”
Depended on by
HTGCHercules Capital, Inc.investeeOct 30, 2025 ▾
“The net realized gains (losses) were generated from gross realized gains of $2.8 million and $17.8 million respectively, for the three and nine month periods, primarily from the sale of our equity and warrant positions in Palantir Technologies, TransMedics Gr…”
Filing peers
No filing peers are available for this name yet.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
TMDX is currently a Leader in the organic co-movement group Organ Transplant Devices. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for TMDX; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.