Business
TransMedics Reports Fourth Quarter and Full Year 2019 Financial Results
ANDOVER, Mass., March 02, 2020 (GLOBE NEWSWIRE) -- TransMedics Group, Inc. (“TransMedics”) (Nasdaq: TMDX), a medical technology company that is transforming
About this update from Transmedics Group, Inc.
[{"type":"text","content":"ANDOVER, Mass., March 02, 2020 (GLOBE NEWSWIRE) -- TransMedics Group, Inc. (“TransMedics”) (Nasdaq: TMDX), a medical technology company that is transforming organ transplant therapy for patients with end-stage lung, heart and liver failure, today reported financial results for the quarter and year ended December 28, 2019.\n Recent Highlights Net revenue of $6.1 million in the fourth quarter of 2019, representing 71% growth compared to the fourth quarter of 2018OCS Heart FDA Panel scheduled for April 16, 2020Initiated the OCS Heart DCD program enabling patients access to a broader pool of donor hearts “2019 was a momentum building year for Transmedics in which we built a solid foundation for growth and made meaningful progress across our three OCS products,” said Waleed Hassanein, M.D., President and Chief Executive Officer. “Through 2020 and beyond, we look forward to building on this momentum to catalyze our growth with accelerated commercial traction and the continued advancement of our clinical programs.” Fourth Quarter 2019 Financial Results Net revenue for the fourth quarter of 2019 was $6.1 million, a 71% increase compared to $3.5 million in the fourth quarter of 2018. The increase in revenue was driven by OCS Lung adoption and ongoing OCS Heart EXPAND CAP and DCD Heart trials. Gross margin for the fourth quarter of 2019 was 62% as compared to 42% in the fourth quarter of 2018. The continued improvement in gross margin was largely due to the increasing numbers of commercial sales and a higher percentage of domestic sales. Operating expenses for the fourth quarter of 2019 were $12.4 million compared to $7.9 million in the fourth quarter of 2018. The increase in operating expenses was primarily driven by higher SG&A costs stemming from investments in our commercial team and costs associated with being a public company. In addition, costs associated with supporting clinical trials and product development drove R&D expenses as compared to the fourth quarter of 2018. Net loss for the fourth quarter of 2019 was $9.2 million compared to $7.6 million in the fourth quarter of 2018. Cash, cash equivalents and marketable securities were $80.7 million as of December 28, 2019. Full Year 2019 Financial Results Net revenue for the full year 2019 was $23.6 million, an 81% increase compared to $13.0 million in full year 2018. Gross margin ...