Business
TransMedics Reports Second Quarter 2024 Financial Results
ANDOVER, Mass., July 31, 2024 /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., July 31, 2024 /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, 2024.\n\n \n \n \n \n \n \n\n \nRecent Highlights \nTotal revenue of $114.3 million in the second quarter of 2024, a 118% increase compared to the second quarter of 2023Generated net income of $12.2 million or $0.35 per diluted share in the second quarter of 2024Owned 15 total aircraft as of June 30, 2024Purchased two additional aircraft in July 2024Published 2023 Environmental, Social, and Governance (\"ESG\") update report on TransMedics corporate website\"We set a new high-water mark for the business in the second quarter of 2024, with product and service revenue growth driven by the sustained momentum of OCS NOP and our transplant logistics network,\" said Waleed Hassanein, MD, President and Chief Executive Officer. \"We remain well positioned to successfully execute our 2024 strategy and to launch our new OCS lung and heart clinical programs in 2025.\"\nSecond Quarter 2024 Financial Results Total revenue for the second quarter of 2024 was $114.3 million, a 118% increase compared to $52.5 million in the second quarter of 2023. The increase was driven primarily by the increase in utilization of the Organ Care System (\"OCS™\") across all three organs through the National OCS Program (\"NOP™\") as well as additional revenue generated by the launch of TransMedics logistics services.\nGross margin for the second quarter of 2024 was 61%, compared to 70% in the second quarter of 2023. The change from prior year is a result of a higher proportion of service revenue in 2024.\nOperating expenses for the second quarter of 2024 were $56.8 million, compared to $37.6 million in the second quarter of 2023. The increase in operating expense was driven primarily by increased research and development investment as well as investment throughout the organization to support the growth of the company. Second quarter operating expenses in 2024 included $7.3 million of stock compensation expense compared to $4.9 million of stock compensation expense in the second quarter of 2023.\nNet income for the second quarter of 2024 was $12.2 million, or 10.7% ...