TransMedics Group

TransMedics helps doctors save donor organs for sick patients. Its technology keeps organs warm and pumping outside the body. This helps more people get the transplants they need.

Keeping Organs Alive

• OCS Liver: Warm perfusion system for preserving donor livers; generated $139 million in U.S. revenue in Q1 2026.
• OCS Heart: Technology for keeping donor hearts beating outside the body; earned $25.9 million in U.S. revenue for Q1 2026.
• OCS Lung: Portable system used to preserve donor lungs for double-lung transplantation; produced $2.2 million in U.S. revenue in Q1 2026.
• National OCS Program: Service providing organ retrieval, medical management, and aviation logistics; accounted for $66 million in service revenue in Q1 2026.

Scaling the Fleet

• Purchased Summit Aviation, Inc. and Northside Property Group, LLC in 2023 to bring transplant logistics in-house.
• Signed a lease in January 2026 for a large facility in Somerville, Massachusetts to serve as a new headquarters.
• Issued $460 million in convertible senior notes in May 2023 to fund business operations and aircraft acquisitions.
• Acquired two land parcels adjacent to the new headquarters in early 2026 for a total of $30 million.

A Different Way to Save

TransMedics offers the only multi-organ platform approved by the FDA for warm perfusion of hearts, lungs, and livers. By replacing traditional cold storage with a near-physiologic environment, the company aims to improve transplant outcomes and organ availability.

By the Numbers

• Total revenue reached $173.9 million in Q1 2026, up 21.2% from $143.5 million in Q1 2025.
• Operating cash flow turned positive at $24.5 million in Q1 2026, an improvement from a $2.9 million loss in Q1 2025.
• Net income was $7.3 million in Q1 2026, down 71.5% from $25.7 million in the prior year period.
• Gross profit grew to $101.2 million in Q1 2026, a 14.7% increase from $88.2 million in Q1 2025.

The Final Word

TransMedics has evolved from a medical technology developer into a comprehensive provider of transplant logistics and organ management. Its integrated approach allows the company to control the entire process from organ procurement to hospital delivery.