Slide 1: TransMedics Q2 2026 Performance Highlights
TransMedics Q2 2026 Performance Highlights August 4, 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 Research and development expenses, Adjusted Selling, general and administrative expenses, Adjusted Operating Expenses, Adjusted Income from Operations, Adjusted Operating Margin, Adjusted N
Slide 4: TMDX Q2 2026 Performance – Key Highlights
TMDX Q2 2026 Performance – Key Highlights Product Revenue: $111.2M 15.7% Y/Y Growth 3.0% Q/Q Growth 59.6% Service Revenue: $78.8M $189.9M Q2 Gross Margin 28.6% Y/Y Growth Q2 Total Revenue -1.8 pp Y/Y 19.4% Q/Q Growth +1.4 pp Q/Q Owned Aircraft: 22 86% NOP Coverage in Q2 13.6% 20.7% Q2 Adj. YoY Rev G
Slide 5: Q2 2026 Total Revenue
Q2 2026 Total Revenue Total Revenue Trend Highlights 190 Q/Q Y/Y 174 Growth Growth 157 161 Total Revenue +9.2% +20.7% 144 106 Total Revenue ($M) Product Revenue +3.0% +15.7% 102 92 96 84 US Product Revenue +3.5% +15.2% 5 4 6 OUS Product Revenue -7.2% +25.9% 4 5 79 Service Revenue +19.4% +28.6% 61 56
Slide 6: Q2 2026 Total Revenue by Organ
Q2 2026 Total Revenue by Organ Revenue Trend by Organ Highlights 189 173 Q/Q Y/Y 160 Growth Growth 156 143 Total Revenue by Organ ($M) Total Revenue +9.2% +20.7% 148 Liver Revenue +6.7% +27.7% 116 139 128 108 Heart Revenue +23.0% +6.5% Lung Revenue -5.7% -41.8% 36 31 38 30 31 Higher Organ Utilizatio
Slide 7: Q2 2026 Total Service Revenue
Q2 2026 Total Service Revenue Service Revenue Trend Highlights 79 Q/Q Y/Y 1.1 Growth Growth 66 61 60 1.3 Total Service +19.4% +28.6% 1.0 56 1.0 Total Service Revenue ($M) 1.2 41 Clinical Service Revenue +10.8% +19.1% 32 30 29 27 Logistics Revenue +29.6% +39.1% Flight School Revenue -14.1% +6.0% 33 3
Slide 8: Q2 and June YTD 2026 Financial Summary
Q2 and June YTD 2026 Financial Summary Actual % Actual % ($ Thousands) Q2 2026 Q2 2025 Jun YTD'26 Jun YTD'25 Change Change Net product revenue 111,158 96,100 +15.7% 219,130 184,334 +18.9% Service revenue 78,790 61,270 +28.6% 144,751 116,573 +24.2% Total revenue 189,948 157,370 +20.7% 363,881 300,907
Slide 9: Total Revenue and Operating Profit Trend
Total Revenue and Operating Profit Trend Total Revenue Trend Income / (Loss) from Operations Trend ($M) 109 190 174 37 157 161 144 144 Total Revenue ($M) (31) (29) 122 FY’22 FY’23 FY’24 FY’25 109 Operating Margin Trend 17.9% 8.5% -11.9% Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 -33.6% FY’22 FY
Slide 10: 2026 Revenue Guidance - Updated
2026 Revenue Guidance - Updated Guidance Updated Guidance Assumptions As of May 5, 2026 As of Aug 4, 2026 • Continued increase of organ utilization & OCS Total Revenue, adoption 20% to 25% growth 22% to 25% excluding PAD $727M to $757M $737M to $757M • No incremental revenue Aviation from ENHANCE Pa
Slide 11: Appendix
Appendix Footer 11
Slide 12: Non-GAAP P&L Trend
Non-GAAP P&L Trend ($ Thousands) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net product revenue 88,234 96,100 87,677 100,390 107,972 111,158 Service revenue 55,303 61,270 56,146 60,374 65,961 78,790 Total revenue 143,537 157,370 143,823 160,764 173,933 189,948 Liver Revenue 108,855 116,106 107,
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, June 30, (in thousands, except operating margin, adjusted operating margin and EPS ) 2025 2025 2025 2025 2026 2026 Total Revenue $ 143,537 $ 157,370 $ 143,823 $ 160,764 $ 1
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