olivLaw · US equity research
TransMedics Group, Inc. TMDX
Electromedical & Electrotherapeutic Apparatus · SIC 3845
TransMedics develops the OCS, a portable warm perfusion platform that keeps donor organs living outside the body, and the NOP service for organ procurement and transport. The company is in focus because it recently became profitable and revenue has grown sharply, reaching 605.5 million USD in 2025 and 189.9 million USD in the second quarter of 2026.
At the close of 04 Nov 2026, TransMedics Group, Inc. (TMDX) stock was 72.76 USD (+8.04% on the day), with market capitalisation 2.5 bn USD, P/E 18.9 on diluted EPS of 3.84 USD over the last 12 months, dividend yield 0.00%, beta 1.19, 52-week range 62.04–150.42 USD. Latest reported quarter (Q2 2026): revenue of 189.9 m USD (+20.7% YoY), net income of 14.7 m USD (−57.9% YoY), diluted EPS 0.41 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 47.6
- neutral
- Bollinger (20, 2)
- 63.82 – 80.75
- in the upper half of the band · %B 0.53 · band width 23.4%
- SMA 50 / 200
- 80.15 / 93.37
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -3.50 / -3.68
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.3% | −1.1% | −11.2 pp | — |
| 3 months | −4.9% | −0.5% | −4.4 pp | — |
| 6 months | −0.2% | +4.4% | −4.6 pp | — |
| Year to date | −40.2% | +12.3% | −52.5 pp | — |
| 1 year | −40.5% | +13.5% | −54.0 pp | — |
| 3 years | +70.7% | +76.4% | −5.7 pp | — |
| 5 years | +131.0% | +63.7% | +67.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 108.8 m | 121.6 m | 143.5 m | 157.4 m | 143.8 m | 160.8 m | 173.9 m | 189.9 m |
| Cost of revenue | 47.9 m | 49.6 m | 55.3 m | 60.8 m | 59.2 m | 67.4 m | 72.8 m | 76.8 m |
| Gross profit | 60.8 m | 72.0 m | 88.2 m | 96.6 m | 84.6 m | 93.4 m | 101.2 m | 113.2 m |
| Research & development | 14.3 m | 16.5 m | 17.2 m | 15.9 m | 15.3 m | 20.7 m | 24.9 m | 31.6 m |
| SG&A | 42.7 m | 46.9 m | 43.6 m | 44.1 m | 46.0 m | 51.4 m | 63.0 m | 57.8 m |
| Operating income | 3.9 m | 8.6 m | 27.4 m | 36.6 m | 23.3 m | 21.3 m | 13.3 m | 23.7 m |
| Depreciation & amortisation | 5.2 m ≈ | 5.7 m | 6.1 m | 6.7 m ≈ | 6.8 m ≈ | 7.5 m | 11.9 m | 10.2 m ≈ |
| Interest expense | 3.6 m | 3.6 m | 3.5 m | 3.5 m | 3.5 m | 3.4 m | 7.2 m | 7.2 m |
| Pre-tax income | 4.2 m | 7.0 m | 26.7 m | 36.2 m | 23.0 m | 21.6 m | 8.5 m | 19.4 m |
| Income tax | 29.0 k | 132.0 k | 994.0 k | 1.3 m | -1.3 m | -83.8 m | 1.2 m | 4.7 m |
| Net income | 4.2 m | 6.9 m | 25.7 m | 34.9 m | 24.3 m | 105.4 m | 7.3 m | 14.7 m |
| Diluted EPS | 0.12 | 0.19 ≈ | 0.70 | 0.92 | 0.66 | 2.57 ≈ | 0.20 | 0.41 |
| Operating cash flow | 6.9 m ≈ | 19.7 m | -2.9 m | 91.6 m ≈ | 69.6 m ≈ | 34.5 m | 24.5 m | 17.3 m ≈ |
| Capex | 48.2 m ≈ | 13.6 m | 27.0 m | 9.1 m ≈ | 7.6 m ≈ | 15.5 m | 36.7 m | 7.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 11 percentile of its own 9-quarter history (min 17.3, median 49.3, max 3,464.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13.0 m | 23.6 m | 25.6 m | 30.3 m | 93.5 m | 241.6 m | 441.5 m | 605.5 m |
| Revenue YoY | unavailable | +81.3% | +8.6% | +18.0% | +208.8% | +158.5% | +82.7% | +37.1% |
| Net income | -23.8 m | -33.5 m | -28.7 m | -44.2 m | -36.2 m | -25.0 m | 35.5 m | 190.3 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +436.6% |
| Diluted EPS | unavailable | unavailable | -1.16 | -1.60 | -1.23 | -0.77 | 1.01 | 4.87 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +382.2% |
| net % | -182.5% | -142.1% | -112.1% | -146.1% | -38.8% | -10.4% | 8.0% | 31.4% |
| Free cash flow | -26.4 m | -32.5 m | -30.7 m | -32.4 m | -57.7 m | -164.9 m | -80.9 m | 133.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 488.9 m USD
- Financial debt
- 10.0 m USD
- Net debt
- -478.9 m USD
- Equity
- 473.1 m USD
- Total assets
- 1.1 bn USD
- Debt / equity
- 0.02x
- Current ratio
- 7.14x
- ROE
- 54.2%
- ROA
- 20.3%
- FCF margin
- 22.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 25.6 m | 30.3 m | 93.5 m | 241.6 m | 441.5 m | 605.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 9.0 m | 9.1 m | 28.2 m | 87.5 m | 179.5 m | 242.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 16.6 m | 21.2 m | 65.3 m | 154.1 m | 262.1 m | 362.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Research & development | 18.8 m | 22.3 m | 26.8 m | 36.1 m | 56.0 m | 69.1 m | SEC (XBRL)· 24 Feb 2026verified |
| SG&A | 24.2 m | 38.3 m | 69.9 m | 119.6 m | 168.6 m | 185.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | -26.4 m | -39.4 m | -31.4 m | -28.7 m | 37.5 m | 108.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 1.6 m | 1.8 m | 3.5 m | 8.2 m | 19.8 m | 27.2 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | -24.8 m ≈ | -37.6 m ≈ | -28.0 m ≈ | -20.6 m ≈ | 57.3 m ≈ | 135.8 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 4.0 m | 3.9 m | 3.7 m | 10.8 m | 14.4 m | 13.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | -28.7 m | -44.2 m | -36.2 m | -26.7 m | 35.8 m | 107.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 0 | — | 66.0 k | -1.6 m | 316.0 k | -82.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | -28.7 m | -44.2 m | -36.2 m | -25.0 m | 35.5 m | 190.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | -1.16 | -1.60 | -1.23 | -0.77 | 1.01 | 4.87 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 24.7 m | 27.6 m | 29.6 m | 32.5 m | 35.2 m | 40.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 24.6 m | 25.6 m | 201.2 m | 394.8 m | 337.2 m | 488.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 6.9 m | 5.9 m | 27.6 m | 63.6 m | 97.7 m | 84.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 11.9 m | 14.9 m | 20.6 m | 44.2 m | 46.6 m | 48.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 146.8 m | 118.7 m | 252.3 m | 510.7 m | 497.2 m | 637.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 4.8 m | 9.8 m | 19.2 m | 173.9 m | 286.0 m | 327.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | — | — | — | 12.0 m | 11.5 m | 11.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | — | — | — | 2.4 m | 2.2 m | 1.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 152.0 m | 134.9 m | 277.1 m | 706.0 m | 804.1 m | 1.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 1.2 m | 6.7 m | 3.3 m | 12.7 m | 10.3 m | 10.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | — | — | — | — | — | 10.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 34.7 m | 35.2 m | 58.7 m | — | — | — | SEC (XBRL)· 27 Feb 2023verified |
| Current liabilities | 11.9 m | 23.2 m | 23.7 m | 54.9 m | 59.9 m | 89.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 48.1 m | 67.0 m | 89.8 m | 568.8 m | 575.5 m | 595.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 103.9 m † | 67.9 m † | 187.4 m † | 137.2 m † | 228.6 m † | 473.1 m † | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -30.3 m | -28.9 m | -45.8 m | -13.0 m | 48.8 m | 192.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 455.0 k | 3.5 m | 11.9 m | 151.8 m | 129.7 m | 59.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | -30.7 m ≈ | -32.4 m ≈ | -57.7 m ≈ | -164.9 m ≈ | -80.9 m ≈ | 133.6 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -41.6 m | 29.3 m | 54.5 m | -194.0 m | -129.3 m | -59.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | 75.5 m | 1.4 m | 167.9 m | 400.4 m | 22.9 m | 16.9 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 64 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet81
- Growth100
- Valuation29
- Quality81
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 59.80 – 84.20 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)59.80 – 84.20 (Mid 69.31)WACC 9.3% · starting FCFF 96.9 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 17.9%
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 64/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 146.0% | 100 (on a fixed band) | 13% |
| Net margin · Quality | 22.7% | 100 (on a fixed band) | 8% |
| FCF conversion · Quality | 52.1% | 32 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 86.4% | 100 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -4.0x | 100 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 3.8x | 36 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 6.6x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 18.9x | 50 (on a fixed band) | 13% |
| EV/EBITDA · Valuation | 17.4x | 0 (on a fixed band) | 13% |
| FCF yield · Valuation | 3.1% | 39 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet81/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality81/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation29/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TransMedics Group, Inc. (TMDX). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 605.5 m USD in 2025; YoY growth 37.1%; net margin 22.7%; ROE 36.3%; net debt/EBITDA -4.0x.
The estimated value range is 59.80–84.20 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 69.31 USD, the price of 72.75 USD leaves a potential of -4.7% (value / price − 1) and a margin of safety of -5.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 64/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 146.0%
- Net margin: 22.7%
- Revenue CAGR 3Y: 86.4%
- Net debt / EBITDA: -4.0x
- Current ratio: 6.6x
What contradicts it
- EV/EBITDA: 17.4x
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Not enough comparable companies with data for an average.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 54.10 Total return -26% · Per year -26% | 95.20 Total return 31% · Per year 31% | 142.80 Total return 96% · Per year 96% |
| 3 years | 64.17 Total return -12% · Per year -4% | 125.90 Total return 73% · Per year 20% | 205.64 Total return 183% · Per year 41% |
| 5 years | 76.11 Total return 5% · Per year 1% | 166.51 Total return 129% · Per year 18% | 296.12 Total return 307% · Per year 32% |
- Exit P/E± 31.48
- Net margin± 22.03
- Annual revenue growth± 16.43
- Annual dilution± 1.85
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
TransMedics develops the OCS, a portable warm perfusion platform that keeps donor organs living outside the body, and the NOP service for organ procurement and transport. The company is in focus because it recently became profitable and revenue has grown sharply, reaching 1 605.5 million USD in 2025 and 2 189.9 million USD in the second quarter of 2026.
SWOT
Strengths
- The company is the only one with an OCS system approved by the FDA for heart, lung and liver. It has a solid clinical base and close relationships with transplant centers worldwide1.
- The revenue model is largely recurring, tied to disposables used in each transplant. The NOP service adds an integrated revenue stream1.
- The company reached profitability in 2024 and reported strong revenue growth in 2025 and 202612.
Weaknesses
- The operating margin fell noticeably in the second quarter of 2026 because of heavy investment spending3.
- The company depends on the availability of donor organs and surgeons, which makes quarterly revenue hard to anticipate1.
- Convertible debt creates refinancing pressure, and the CIBC credit agreement imposes strict financial covenants1.
Opportunities
Risks
- Volatile quarterly revenuemedium
Results can vary widely from quarter to quarter because of donor organ and surgeon availability, which makes period comparisons difficult1.
- Debt and credit covenantshigh
The CIBC credit agreement carries variable interest and financial covenants; a breach could lead to acceleration of the obligations1.
- Refinancing of convertible noteshigh
Convertible notes maturing in 2028 require liquidity or refinancing, and capital market conditions could be unfavorable at that time1.
- Federal OPTN systemmedium
HRSA's reorganization of the OPTN is still under way, and its impact on NOP is uncertain2.
- Expansion costsmedium
Investment in Europe, aircraft and research could outpace revenue growth, which could reduce profitability13.
Investment thesis
What would need to be true (bull case)
- If revenue keeps growing at the pace guided for 2026, the company could strengthen its leading position in its niche.
- If the NOP service expands in Europe through PAD Aviation, recurring revenue could grow faster than product sales.
- If margins recover after the investment period, operating profitability could return to earlier levels.
What would break the thesis
- If heavy investment does not translate into revenue, the operating margin could remain below levels seen in prior years.
- If the federal OPTN reform reduces the volume of organs procured, dependence on NOP could become a vulnerability.
- If debt obligations cannot be refinanced on time, the company could be forced to sell assets or issue costly equity.
What to watch
- Delivery of the 2026 revenue guidance and whether the raised low end holdsnext 10-K
- Trend in gross margin and operating expenses after the second-quarter investmentsQ3 2026
- Contribution of PAD Aviation to revenue and to the European logistics network2027
- Refinancing timetable for the CIBC credit and the 2028 notes2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
TransMedics Group, Inc. (Nasdaq: TMDX) is a medical technology company seeking to transform organ transplant therapy for patients with end-stage organ failure. Its main product, the Organ Care System (OCS), keeps donor organs in a living, functioning state outside the human body and is described by the company as the only FDA approved, portable, multi-organ warm perfusion platform. The company generated 605.5 million USD in total revenue in 2025, compared with 441.5 million USD in 2024, according to its annual report1.
Segments
OCS products (disposables and consoles)
Most revenue comes from single-use, organ-specific disposable sets required for each transplant performed with the OCS, while consoles are sold or loaned to customers. This segment produces recurring revenue tied directly to transplant volume1.
NOP service (National OCS Program)
NOP provides transplant centers with outsourced organ procurement, OCS perfusion management and transport logistics, including dedicated aviation. The company has acquired fixed-wing aircraft, and this segment grew faster than product sales in the second quarter of 20263.
Logistics aviation and European investment
Through the 2023 acquisition of Summit Aviation and the investment in PAD Aviation in Germany, completed on July 1, 2026, the company is expanding its air transport network. The stated aim is a dedicated organ transplant air logistics network across Europe and beyond3.
Market context
The addressed market is organ transplantation for end-stage heart, lung and liver failure, where cold storage limits how many organs are used. The company guides 2026 revenue of 737 to 757 million USD, excluding PAD Aviation, implying growth of roughly 22% to 25%. That growth depends on donor and surgeon availability, which is unpredictable1.
Trends
- Reform of the federal OPTN systemmixed
The US government has moved toward a multi-vendor model for the transplant network, and UNOS is gradually reducing its role. The company says the impact on NOP is still uncertain, which could affect organ flow if new structures change quickly2.
- Expansion in Europetailwind
CE marking for the OCS lines and the PAD Aviation investment open commercial opportunities in European markets, where the company says it is building a dedicated logistics network. If these markets open up, non-US revenue could grow13.
- Cost and tariff pressuresheadwind
Inflation, trade policies and tariffs modestly increased cost of revenue in 2025, and supply chains remain exposed. If these pressures persist, gross margins could stay below earlier levels13.
- Heavy investment in growthheadwind
Operating expenses rose considerably for OCS Kidney, Gen 3.0 and clinical programs, which reduced the operating margin in the second quarter. If revenue does not grow in parallel, profitability could be affected3.
Competitive position
Cold storage remains the standard in the field and is the main alternative to the OCS, since it is inexpensive and well understood by transplant centers. The documents do not describe other portable perfusion makers in detail, so direct competition remains incompletely covered by these sources. The company stresses that the OCS is the only portable, multi-organ platform approved by the FDA1.
- Cold storage
The current standard of organ preservation, described by the company as rudimentary and a cause of ischemic injury. The sources name no distinct issuer.
- Existing organ procurement organizations and logistics networks
Actors that procure organs without the OCS, against which NOP competes by offering a complete service. They are not listed as traded entities.
- Alternative therapies for organ failure
Medical treatment and mechanical support devices are alternatives to transplant, but the sources describe them as less effective over the long term.
- Other perfusion platform makers
The sources mention competing technologies in general without identifying them. A verified list cannot be established from the documents provided.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report10 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report21 May 2026Shareholder vote · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Proxy statement10 Apr 2026
- Current report27 Feb 2026Results of operations · Financial statements and exhibits
- Annual report24 Feb 2026
- Current report24 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / TransMedics Group, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / TransMedics Group, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / TransMedics Group, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.