Transmedics Group, Inc. · NASDAQ:TMDX
Transmedics — Q4 2025 Earnings Presentation
9 slides from Transmedics's earnings presentation, Feb 24, 2026
Slide 1: TransMedics Q4 2025 Performance Highlights
TransMedics Q4 2025 Performance Highlights February 24, 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: TMDX Q4 2025 Performance – Key Highlights
TMDX Q4 2025 Performance – Key Highlights Product Revenue $100.4M 33.9% Y/Y Growth 14.5% Q/Q Growth 58.1% Service Revenue: $60.4M 29.3% Y/Y Growth $160.8M Q4 GM 7.5% Q/Q Growth Q4 Total Revenue -1.1ppY/Y - 0.7pp Q/Q Owned Aircrafts: 22 79% NOP Coverage in Q4 32.2% 13.2% YoY Rev Growth Q4 Op. Margin
Slide 4: Q4 2025 Total Revenue
Q4 2025 Total Revenue Total Revenue Trend Highlights 157 161 Q/Q Y/Y Growth Growth 144 144 Total Revenue +11.8% +32.2% 122 92 96 Product Revenue +14.5% +33.9% 84 84 71 US Product Revenue +13.7% +34.5% 4 5 4 4 OUS Product Revenue +33.4% +24.5% 4 55 61 56 60 Service Revenue +7.5% +29.3% 47 Q4’24 Q1’25
Slide 5: Q4 2025 Total Revenue by Organ
Q4 2025 Total Revenue by Organ Total Revenue Trend by Organ Highlights 156 160 Q/Q Y/Y 143 143 Growth Growth 121 Total Revenue +11.8% +32.2% 116 128 Liver Revenue +18.2% +43.4% 109 108 89 Heart Revenue -2.1% +6.4% Lung Revenue -47.3% -36.6% 30 36 31 28 30 Higher Organ Utilization & OCS Adoption 3 4
Slide 6: Q4 2025 Total Service Revenue
Q4 2025 Total Service Revenue Service Revenue Trend Highlights 61 60 Q/Q Y/Y 55 1.0 56 1.0 Growth Growth 0.9 1.2 47 Total Service +7.5% +29.3% 1.1 30 29 26 27 Clinical Service Revenue +10.6% +28.8% 22 Logistics Revenue +5.3% +31.6% Flight School Revenue -12.6% -4.7% 28 30 28 31 24 22 owned aircrafts
Slide 7: Q4 and Dec YTD 2025 Financial Summary
Q4 and Dec YTD 2025 Financial Summary Actual % Actual % ($ Thousands) Q4 2025 Q4 2024 Dec YTD'25 Dec YTD'24 Change Change Net product revenue 100,390 74,948 +33.9% 372,401 273,866 +36.0% Service revenue 60,374 46,676 +29.3% 233,093 167,674 +39.0% Total revenue 160,764 121,624 +32.2% 605,494 441,540
Slide 8: Total Revenue and Operating Profit Trend
Total Revenue and Operating Profit Trend Total Revenue Trend Operating Profit / (Loss) Trend 109 157 161 37 144 144 122 114 (31) (29) 109 97 FY’22 FY’23 FY’24 FY’25 Operating Margin Trend 17.9% 8.5% -11.9% Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 -33.6% FY’22 FY’23 FY’24 FY’25 8 Numbers may n
Slide 9: 2026 Revenue Guidance
2026 Revenue Guidance Guidance Assumption As of February 24, 2026 20% to 25% growth Continued increase of organ Total Revenue $727M to $757M utilization & OCS adoption 9