Business
TransMedics Reports Second Quarter 2020 Financial Results
ANDOVER, Mass., Aug. 05, 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., Aug. 05, 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 ended June 30, 2020.\n Recent Highlights OCS Heart FDA Advisory Committee meeting rescheduled as a virtual meeting to be held on October 7, 2020Submitted OCS Liver PMA to FDA in June 2020OCS Heart DCD U.S. clinical program surpassed 50 transplants; enrollment completion expected in Q4 2020Completed underwritten public equity offering raising $75 million in net proceeds “Despite the continued impact of the COVID-19 pandemic on our revenue, we achieved several significant milestones in the second quarter. We are leaning forward to advance our commercial, clinical, and regulatory initiatives to position TransMedics to achieve our long-term strategic growth objectives,” said Waleed Hassanein, MD, President and Chief Executive Officer. “We are laser focused on ensuring that we are in a position to have our three OCS products – OCS Lung, OCS Heart, and OCS Liver – approved and commercially available in the U.S. in 2021.” Second Quarter 2020 Financial Results Net revenue for the second quarter of 2020 was $3.4 million, a 40% decrease compared to $5.7 million in the second quarter of 2019. The decrease in revenue was a result of fewer organ transplant procedures performed during the period due to the impact of the global COVID-19 pandemic. Gross margin for the second quarter of 2020 was 56% as compared to 59% in the second quarter of 2019. Operating expenses for the second quarter of 2020 were $9.8 million compared to $11.0 million in the second quarter of 2019. The decrease in operating expenses was due primarily to our cash conservation steps and decreased activities as a result of the global COVID-19 pandemic. Net loss for the second quarter of 2020 was $8.5 million compared to $9.2 million in the second quarter of 2019. Cash, cash equivalents and marketable securities were $139.4 million as of June 30, 2020. 2020 Financial OutlookAs previously announced, TransMedics is not providing annual guidance for 2020 due to the unpredictability of the duration and the magnitude of the impact of the COVID-19 pandemic. Webcast and Conference Call DetailsThe Tra...