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Dec 31, 2025
TransMedics Q4 2025 Earnings Report
TransMedics reported strong Q4 2025 results with 32% revenue growth and significant net income driven by a one-time tax benefit.
Key Takeaways
TransMedics generated Q4 2025 revenue of 160764000, up 32% year-over-year, driven by increased OCS utilization and NOP expansion. Net income reached 105383000, primarily reflecting an 83750000 income tax benefit. Operating income was 21273000 with a gross margin of 58%.
Revenue increased 32% year-over-year to 160764000.
Gross margin was 58%, slightly down from 59% last year.
Net income reached 105383000, boosted by 83750000 tax benefit.
Operating expenses rose to 72141000 due to growth investments.
Revenue by Segment
Forward Guidance
For full year 2026, TransMedics expects total revenue in the range of 727000000 to 757000000, representing 20% to 25% growth year-over-year.
Positive Outlook
- Projected 20% to 25% revenue growth in 2026.
- Continued expansion of National OCS Program.
- Planned launch of NOP model in Europe.
- Advancement of OCS Kidney program.
- Ongoing adoption across heart, lung, and liver segments.
Challenges Ahead
- Gross margin slightly declined year-over-year.
- Higher clinical service and freight costs.
- Increased operating expenses to support growth.
- Dependence on OCS platform adoption.
- Exposure to regulatory and reimbursement risks.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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