TransMedics (TMDX) financial statements
TransMedics reported revenue of $605M in fiscal 2025, up 73.1% a year over 7 years.
Net income was $190M and the operating margin 17.9%, against -155.5% in 2018.
Free cash flow was $134M.
The diluted share count rose 2884% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from TransMedics's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $13M | $24M | $26M | $30M | $93M | $242M | $442M | $605M |
| Cost of revenue | $7M | $10M | $9M | $9M | $28M | $88M | $179M | $243M |
| Gross profit | $6M | $14M | $17M | $21M | $65M | $154M | $262M | $363M |
| Research and development | $14M | $20M | $19M | $22M | $27M | $36M | $56M | $69M |
| Selling, general and admin | $12M | $24M | $24M | $38M | $70M | $120M | $169M | $185M |
| Operating income | -$20M | -$30M | -$26M | -$39M | -$31M | -$29M | $37M | $109M |
| Interest expense | $3M | $4M | $4M | $4M | $4M | $11M | $14M | $14M |
| Pre-tax income | -$24M | -$34M | -$29M | -$44M | -$36M | -$27M | $36M | $108M |
| Income tax | $0 | $0 | $0 | — | $66,000 | -$2M | $316,000 | -$83M |
| Net income | -$24M | -$34M | -$29M | -$44M | -$36M | -$25M | $35M | $190M |
| EPS (diluted) | -$17.48 | -$2.36 | -$1.16 | -$1.60 | -$1.23 | -$0.77 | $1.01 | $4.87 |
| Diluted shares | 1M | 14M | 25M | 28M | 30M | 33M | 35M | 41M |
| Gross margin | 44.1% | 58.7% | 64.9% | 69.9% | 69.8% | 63.8% | 59.4% | 59.9% |
| Operating margin | -155.5% | -125.4% | -102.9% | -130.3% | -33.6% | -11.9% | 8.5% | 17.9% |
| Net margin | -182.5% | -142.1% | -112.1% | -146.1% | -38.8% | -10.4% | 8.0% | 31.4% |
Balance sheet
Fiscal years, from TransMedics's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $20M | $81M | $126M | $92M | $201M | $395M | $337M | $488M |
| Receivables | $3M | $7M | $7M | $6M | $28M | $64M | $98M | $84M |
| Inventory | $9M | $11M | $12M | $15M | $21M | $44M | $47M | $49M |
| Total current assets | $35M | $100M | $147M | $119M | $252M | $511M | $497M | $638M |
| Property, plant and equipment | $3M | $5M | $5M | $10M | $19M | $174M | $286M | $328M |
| Goodwill | — | — | — | — | — | $12M | $12M | $12M |
| Total assets | $42M | $105M | $152M | $135M | $277M | $706M | $804M | $1.1B |
| Total current liabilities | $13M | $16M | $12M | $23M | $24M | $55M | $60M | $89M |
| Long-term debt | $34M | $34M | $35M | $35M | $59M | — | — | — |
| Total liabilities | $48M | $51M | $48M | $67M | $90M | $569M | $575M | $595M |
| Shareholders' equity | -$192M | $55M | $104M | $68M | $187M | $137M | $229M | $473M |
| Net debt | $13M | $14M | $10M | $10M | -$142M | -$395M | -$337M | -$478M |
Cash flow
Fiscal years, from TransMedics's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$26M | -$32M | -$30M | -$29M | -$46M | -$13M | $49M | $193M |
| Capital spending | $418,000 | $165,000 | $455,000 | $4M | $12M | $152M | $130M | $59M |
| Free cash flow | -$26M | -$32M | -$31M | -$32M | -$58M | -$165M | -$81M | $134M |
| Stock-based compensation | $144,000 | $854,000 | $2M | $7M | $10M | $20M | $33M | $37M |
| Net borrowing | $24M | — | — | — | $22M | — | — | — |
| Free cash flow margin | -202.8% | -137.5% | -119.8% | -107.0% | -61.8% | -68.2% | -18.3% | 22.1% |
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Open TMDX in InvestinglyQuestions
What was TransMedics's revenue in 2025?
$605M in fiscal 2025, from its 10-K filing.
How much free cash flow does TransMedics generate?
$134M in fiscal 2025 (operating cash flow minus capital spending).
From TransMedics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.