TransMedics outlines 20–25% 2026 revenue growth target while advancing OCS programs and European expansion

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• What's coming is the unequivocal drop-the-mic statistical superiority in the most important outcomes after liver transplantation, referring to upcoming registry publication

  80% confidence

• Gross margin for full year 2025 was 59.9%, up from 59.4% in 2024, reflecting logistics efficiencies and scale benefits

  80% confidence

• Results were achieved despite external challenges earlier in the year designed to distract and disrupt sustained growth

  80% confidence

• By organ, liver contributed $127 million, heart $26 million and lung $2 million in Q4 2025

  80% confidence

• Gross margin for full year 2025 was 59.9%, up from 59.4% in 2024, reflecting logistics efficiencies and scale benefits

  80% confidence

• Most lung centers were waiting to see FDA approval to start launching into DENOVO program

  80% confidence

• TransMedics is just getting started and has sights focused on new peaks

  80% confidence

• Operating margins expected to be up to approximately 250 basis points below 2025 full year levels in 2026, primarily reflecting timing and scale of investments

  80% confidence

• Operating profit of approximately $21.3 million in Q4 represented approximately 13.2% of total revenue

  80% confidence

• NOP Connect 2.0 is showing efficiency in management and billing, though in early stages

  80% confidence

• U.S. transplant revenue grew approximately 11% sequentially to $155 million

  80% confidence

• OCS was responsible for 5,139 U.S. transplants in 2025, up from 3,735 in 2024

  80% confidence

• Most lung transplant centers were waiting for FDA approval before launching into DENOVO program

  80% confidence

• Almost 50% of the incremental investment in 2026 is driven by really 3 elements and those, by nature, are transitory

  80% confidence

• Total revenue for Q4 was approximately $161 million with U.S. transplant revenue of approximately $155 million, up 33% year-over-year and 11% sequentially

  80% confidence

• TransMedics is not seeing competitive dynamics impacting ability to execute in 2026 and beyond

  80% confidence

• Most of the lung centers were waiting to see the FDA approval to start launching into DENOVO

  80% confidence

• The makers of styrofoam box competitor are refusing to randomize their technology against OCS in ENHANCE Part B

  80% confidence

• OCS Liver reached 36% of U.S. liver transplant volume in 2025, up from 26% in 2024

  80% confidence

• TransMedics was prepared and expected ENHANCE Part B trial challenges, and will execute Part B hoping for significant success

  80% confidence

• Operating margins are expected to be up to approximately 250 basis points below 2025 full year levels in 2026, primarily reflecting the timing and scale of investments

  80% confidence

• OCS Liver reached 36% of U.S. liver transplant volume in 2025, up from 26% in 2024

  80% confidence

• Total revenue for Q4 2025 was $160.8 million, representing approximately 32% year-over-year growth and approximately 12% sequential growth

  80% confidence

• OUS (outside U.S.) transplant revenue grew approximately 33% sequentially to $5 million in Q4 2025

  80% confidence

• Gross margin for full year 2025 was 59.9%, up from 59.4% in 2024, reflecting logistics efficiencies and scale benefits

  80% confidence

• Total revenue for Q4 was approximately $161 million with U.S. transplant revenue at approximately $155 million, up 33% year-over-year and 11% sequentially

  80% confidence

• TransMedics achieved its best operational performance to date in Q4 2025

  80% confidence

• TransMedics delivered 'our best operational performance to date' and achieved results despite external challenges earlier in the year designed to distract and disrupt sustained growth

  80% confidence

• TransMedics continues to expect operating margins to approach 30% by 2028

  80% confidence

• TransMedics has huge opportunities ahead but also a few challenges and moving dynamics, with guidance factoring in all factors to be realistic and enable execution

  80% confidence