Business
TransMedics Reports Fourth Quarter and Full Year 2022 Financial Results
ANDOVER, Mass., Feb. 22, 2023 /PRNewswire/ - TransMedics Group, Inc. ("TransMedics") (Nasdaq: TMDX), a medical technology company that is transforming organ
About this update from Transmedics Group, Inc.
[{"type":"text","content":"ANDOVER, Mass., Feb. 22, 2023 /PRNewswire/ - 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 31, 2022.\n\n \n \n \n \n \n \n\n \nRecent Highlights \nTotal revenue of $31.4 million in the fourth quarter of 2022, a 225% increase compared to the fourth quarter of 2021Total revenue of $93.5 million in the full year of 2022, a 209% increase compared to the full year of 2021Appointed Nick Corcoran as Senior Vice President of Supply Chain and Operations in January 2023\"2022 was a transformative year for TransMedics as we delivered exceptional 209% revenue growth. We strongly believe that we are in the early stage of a long sustained growth period for our business and organ transplantation in the US,\" said Waleed Hassanein, MD, President and Chief Executive Officer. \"We are now laser focused on scaling our production capacity and NOP clinical and logistics infrastructure to achieve this goal.\"\nFourth Quarter 2022 Financial Results Total revenue for the fourth quarter of 2022 was $31.4 million, a 225% increase compared to $9.7 million in the fourth quarter of 2021. The increase was due primarily to the contribution of revenue attributed to OCS™ Heart and OCS™ Liver which were driven by expansion of the company's NOP.\nGross margin for the fourth quarter of 2022 was 66% compared to 72% in the fourth quarter of 2021.\nOperating expenses for the fourth quarter of 2022 were $27.5 million compared to $18.3 million in the fourth quarter of 2021. The increase in operating expense was driven primarily by increased investment in the company's NOP, our next generation OCS™ platform, as well as further investments in general commercial efforts and corporate infrastructure. Fourth quarter operating expenses in 2022 included $3.0 million of stock compensation expense compared to $2.0 million of stock compensation in the fourth quarter of 2021.\nNet loss for the fourth quarter of 2022 was $6.7 million compared to $12.7 million in the fourth quarter of 2021.\nFull Year 2022 Financial ResultsTotal revenue for the full year of 2022 was $93.5 million, a 209% increase compared to $30.3 million in the full year of 2021. The increase was d...