Slide 1: TransMedics Q3 2025 Performance Highlights
TransMedics Q3 2025 Performance Highlights October 29, 2025
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements regarding future results and events, including financial guidance and projected estimates. Investors are cautioned not to place undue reliance on these forward-looking statements. For this purp
Slide 3: TMDX Q3 2025 Performance – Key Highlights
TMDX Q3 2025 Performance – Key Highlights Product Revenue $87.7M 33.1% Y/Y Growth -8.8% Q/Q Growth 58.8% Service Revenue: $56.1M 30.9% Y/Y Growth $143.8M Q3 GM -8.4% Q/Q Growth Q3 Total Revenue +2.9% Y/Y - 2.6%p Q/Q Owned Aircraft: 21 78% NOP Coverage in Q3 32.2% 16.2% YoY Growth Q3 Op. Margin Net I
Slide 4: Q3 2025 Total Revenue
Q3 2025 Total Revenue Total Revenue Trend Highlights 157 Q/Q Y/Y 144 144 Growth Growth 122 Total Revenue -8.6% 32.2% 109 92 84 84 Product Revenue -8.8% 33.1% 71 63 US Product Revenue -8.6% 32.8% 4 4 4 4 OUS Product Revenue -12.8% 40.6% 3 55 61 56 Service Revenue -8.4% 30.9% 43 47 Q3’24 Q4’24 Q1’25 Q
Slide 5: Q3 2025 Total Revenue by Organ
Q3 2025 Total Revenue by Organ Revenue Trend by Organ Highlights Liver Heart Lung 156 Q/Q Y/Y 143 143 Growth Growth 121 Total Revenue -8.6% 32.2% 108 116 Liver Revenue -7.0% 40.8% 109 108 89 Heart Revenue -14.2% 13.6% 77 Lung Revenue -10.2% 5.2% 30 36 31 27 28 Higher Organ Utilization & OCS Adoption
Slide 6: Q3 2025 Service Revenue
Q3 2025 Service Revenue Service Revenue Trend Highlights 61 1.0 Q/Q Y/Y 55 56 Growth Growth 0.9 1.2 47 Total Service -8.4% 30.9% 43 1.1 30 1.3 26 27 Clinical Service Revenue -8.7% 29.0% 22 Logistics Revenue -8.9% 35.2% 20 Flight School Revenue 15.7% -5.7% 28 30 28 22 24 21 owned aircrafts Covered 78
Slide 7: Q3 and Sep YTD 2025 Financial Summary
Q3 and Sep YTD 2025 Financial Summary Actual % Actual % ($ Thousands) Q3 2025 Q3 2024 Sep YTD'25 Sep YTD'24 Change Change Net product revenue 87,677 65,861 +33.1% 272,011 198,918 +36.7% Service revenue 56,146 42,900 +30.9% 172,719 120,998 +42.7% Total revenue 143,823 108,761 +32.2% 444,730 319,916 +
Slide 8: Total Revenue and Operating Profit Trend
Total Revenue and Operating Profit Trend Total Revenue Trend Operating Profit Trend 37 157 27 23 144 144 12 13 9 3 4 122 114 109 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 97 81 Operating Margin Trend 23.2% 19.1% 16.2% 12.8% 10.9% 7.1% 3.2% 3.6% Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q
Slide 9: Updated 2025 Revenue Guidance
Updated 2025 Revenue Guidance Guidance Updated Guidance Assumption As of July 30, 2025 As of October 29, 2025 $585M to $605M $595M to $605M Continued increase of Total Revenue 35% growth at the mid- 36% growth at the mid- organ utilization & OCS point of range point of range adoption 9