Business
TransMedics Reports Second Quarter 2022 Financial Results
Accelerated Commercial Momentum to Achieve Net Revenue of $20.5 million 2022 Revenue Guidance Range Raised to $67 million to $75 million ANDOVER, Mass., Aug.
About this update from Transmedics Group, Inc.
[{"type":"text","content":"Accelerated Commercial Momentum to Achieve Net Revenue of $20.5 million \n2022 Revenue Guidance Range Raised to $67 million to $75 million\nANDOVER, Mass., Aug. 1, 2022 /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 ended June 30, 2022. The Company also announced it entered into a new $60 million five-year loan agreement with CIBC Innovation Banking (\"CIBC\"), which was fully funded upon closing.\n\n \n \n \n \n \n \n\n \nRecent Highlights \nNet revenue of $20.5 million in the second quarter of 2022, a 151% increase compared to the second quarter of 2021. Transplant centers use of the National OCS Program (NOP) drove 84% of total US revenue.Integrated OCS™ Heart DCD offering into NOPRefinanced outstanding debt with new $60 million term loan\"For the third sequential quarter we posted significant growth over the same period from the previous year. The second quarter results further validated that NOP is a critical catalyst that will fuel our expected growth for the foreseeable future,\" said Waleed Hassanein, MD, President, and Chief Executive Officer. \"We are still very early on our growth trajectory, and we fully expect to continue to build on our momentum. We look forward to further broadening our NOP infrastructure and resources with the goal to maximize our coverage capacity and drive significant growth in transplant procedures in the US and around the world over the next several years.\"\n\"We are pleased to have secured a non-dilutive debt financing, enabling us to retire our existing debt facility while providing TransMedics with incremental financial flexibility to continue to scale the business,\" said Waleed Hassanein, MD, President, and Chief Executive Officer. \"We look forward to a long-term and successful partnership with CIBC Innovation Bank as we continue grow our market presence.\"\nDebt Financing Agreement On July 25, 2022, TransMedics entered into a new $60 million five-year loan agreement with CIBC, which was fully funded upon closing. A portion of the proceeds from the new credit facility were used to repay the Company's existing $35 million credit facility with OrbiMed Advisors LLC (\"OrbiMed\"). T...