Transmedics Group, Inc. · NASDAQ:TMDX
Transmedics — Q1 2026 Earnings Presentation
14 slides from Transmedics's earnings presentation, May 5, 2026
Slide 1: TransMedics Q1 2026 Performance Highlights
TransMedics Q1 2026 Performance Highlights May 5, 2026 1
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements. These forward-looking statements address various matters, including, among other things, future results and events, including financial guidance and projected estimates, and other statements t
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures, including Adjusted R&D, Adjusted SG&A, Adjusted Total Operating Expenses, Adjusted Income from Operations, Adjusted Operating Margin, Adjusted Net Income and Adjusted Diluted EPS. These non-GAAP financial mea
Slide 4: TMDX Q1 2026 Performance – Key Highlights
TMDX Q1 2026 Performance – Key Highlights Product Revenue: $108.0M 22.4% Y/Y Growth 7.6% Q/Q Growth 58.2% Service Revenue: $66.0M $173.9M Q1 GM 19.3% Y/Y Growth Q1 Total Revenue -3.3pp Y/Y 9.3% Q/Q Growth +0.1pp Q/Q Owned Aircraft: 22 82% NOP Coverage in Q1 10.4% 21.2% Q1 Adj. YoY Rev Growth Op. Mar
Slide 5: Q1 2026 Total Revenue
Q1 2026 Total Revenue Total Revenue Trend Highlights 174 Q/Q Y/Y 157 161 Growth Growth 144 144 Total Revenue +8.2% +21.2% 102 Total Revenue ($M) Product Revenue +7.6% +22.4% 92 96 84 84 US Product Revenue +7.1% +21.6% 6 4 5 OUS Product Revenue +16.6% +39.1% 4 4 61 56 60 66 Service Revenue +9.3% +19.
Slide 6: Q1 2026 Total Revenue by Organ
Q1 2026 Total Revenue by Organ Total Revenue Trend by Organ Highlights 173 156 160 Q/Q Y/Y Growth Growth 143 143 Total Revenue by Organ ($M) Total Revenue +8.2% +21.2% 139 Liver Revenue +8.9% +27.7% 116 128 109 108 Heart Revenue +3.1% +3.5% Lung Revenue +30.5% -29.6% 30 36 31 31 30 Higher Organ Util
Slide 7: Q1 2026 Total Service Revenue
Q1 2026 Total Service Revenue Service Revenue Trend Highlights 66 61 Q/Q Y/Y 60 1.3 Growth Growth 55 1.0 56 1.0 0.9 1.2 Total Service +9.3% +19.3% Total Service Revenue ($M) 32 30 29 Clinical Service Revenue +6.4% +15.5% 26 27 Logistics Revenue +11.9% +22.4% Flight School Revenue +21.9% +47.5% 30 31
Slide 8: Q1 2026 Financial Summary
Q1 2026 Financial Summary ($ Thousands) Q1 2026 Q1 2025 Actual % Change Net product revenue 107,972 88,234 +22.4% Service revenue 65,961 55,303 +19.3% Total revenue 173,933 143,537 +21.2% Liver Revenue 138,980 108,855 +27.7% Heart Revenue 30,868 29,816 +3.5% Lung Revenue 2,824 4,011 -29.6% Non-OCS R
Slide 9: Total Revenue and Operating Profit Trend
Total Revenue and Operating Profit Trend Total Revenue Trend Income / (Loss) from Operations Trend ($M) 109 174 161 37 157 144 144 122 (29) Total Revenue ($M) (31) 114 109 FY’22 FY’23 FY’24 FY’25 Operating Margin Trend 17.9% 8.5% -11.9% Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 -33.6% FY’22 FY
Slide 10: 2026 Reiterated Revenue Guidance
2026 Reiterated Revenue Guidance Guidance Reiterated from Assumption February 24, 2026 20% to 25% growth Continued increase of organ Total Revenue $727M to $757M utilization & OCS adoption 10
Slide 11: Appendix
Appendix Footer 11
Slide 12: Non-GAAP P&L Trend
Non-GAAP P&L Trend ($ Thousands) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net product revenue 88,234 96,100 87,677 100,390 107,972 Service revenue 55,303 61,270 56,146 60,374 65,961 Total revenue 143,537 157,370 143,823 160,764 173,933 Liver Revenue 108,855 116,106 107,941 127,626 138,980 Heart Reven
Slide 13: Reconciliation of GAAP Measures to Non-GAAP Measures
Reconciliation of GAAP Measures to Non-GAAP Measures Three Months Ended March 31, June 30, September 30, December 31, March 31, (in thousands, except operating margin and adjusted operat ing margin ) 2025 2025 2025 2025 2026 Total Reven ue $ 143,537 $ 157,370 $ 143,823 $ 160,764 $ 173,933 Reconcilia
Slide 14: Reconciliation of GAAP Measures to Non-GAAP Measures – Footnotes
Reconciliation of GAAP Measures to Non-GAAP Measures – Footnotes (1) Incremental amortization of acquired intangible assets – We record intangible assets acquired in a business combination or asset acquisition at acquisition date fair values and amortize over their estimated useful lives. These adju