Business
TransMedics Reports Third Quarter 2020 Financial Results
ANDOVER, Mass., Nov. 4, 2020 /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., Nov. 4, 2020 /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 September 30, 2020.\n\n \n \n \n \n \n \n\n \nRecent Highlights\nNet revenue of $7.1 million in the third quarter of 2020, representing a 2% decrease compared to the third quarter of 2019 Completed enrollment in OCS Heart DCD U.S. clinical program Received FDA approval for OCS Heart DCD continued access protocol \"Our sequential growth in the third quarter was driven by the ongoing recovery in transplant activities in the United States in addition to the rapid enrollment and completion of our OCS Heart DCD U.S. trial,\" said Waleed Hassanein, MD, President and Chief Executive Officer. \"We are actively engaged with FDA to complete the review of the additional OCS Heart EXPAND CAP data and the rescheduling of our OCS Heart FDA Advisory Committee meeting. We remain confident in our ability to have all three of our OCS products approved and commercially available in the second half of 2021.\" \nThird Quarter 2020 Financial Results Net revenue for the third quarter of 2020 was $7.1 million, a 2% decrease compared to $7.2 million in the third quarter of 2019. The slight decrease in revenue was predominantly a result of the lingering impact of the global COVID-19 pandemic through the third quarter.\nGross margin for the third quarter of 2020 was 71% as compared to 59% in the third quarter of 2019. \nOperating expenses for the third quarter of 2020 were $9.6 million compared to $11.5 million in the third quarter of 2019. The decrease in operating expenses was due primarily to our cash preservation measures enacted earlier this year in response to the COVID-19 pandemic. \nNet loss for the third quarter of 2020 was $5.1 million compared to $8.3 million in the third quarter of 2019. \nCash, cash equivalents and marketable securities were $132.7 million as of September 30, 2020. \n2020 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.\nWebcast and Conference Call DetailsThe TransMedics management team will h...