Overview

• US organ transplant tech firm's Q1 revenue rose 21%, slightly beating analyst expectations

• Adjusted EPS for Q1 fell from prior year as operating expenses increased

• Company reiterated full-year 2026 revenue guidance of $727 mln to $757 mln

Outlook

• TransMedics reiterates 2026 revenue guidance of $727 mln to $757 mln

• Company expects 20% to 25% revenue growth for full yr 2026

• TransMedics says ongoing investment in clinical programs and logistics to drive growth

Result Drivers

• OCS UTILIZATION - Co said revenue growth was primarily due to increased use of the Organ Care System, especially in liver and heart transplants through the National OCS Program, and higher logistics services revenue

• HIGHER OPERATING COSTS - Gross margin declined mainly due to investments to support growth and scale, and higher supply chain and operating costs

• R&D AND ORGANIZATIONAL SPENDING - Operating expenses increased, driven by higher research and development investment and spending across the organization to support growth

Company press release: ID:nPn1dTHJ9a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Slight Beat*	$173.90 mln	$172.64 mln (9 Analysts)
Q1 EPS		$0.20
Q1 Net Income		$7.30 mln
Q1 Gross Margin		58.00%

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the advanced medical equipment & technology peer group is "buy"

• Wall Street's median 12-month price target for Transmedics Group Inc is $157.00, about 61.7% above its May 4 closing price of $97.08

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