TransMedics Group (TMDX)
Pairs warm organ perfusion systems with end-to-end transplant procurement and logistics.
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Sells OCS Heart, Lung, and Liver systems, organ-specific disposable sets, and National OCS Program services for organ retrieval, perfusion, and logistics. Recurring transplant-case revenue is concentrated in the United States, where regulated devices are paired with trained clinical teams and dedicated air and ground transport.
Preserves and assesses donor hearts, lungs, and livers outside the body using OCS Heart, OCS Lung, and OCS Liver, portable warm perfusion systems. Revenue comes from organ-specific single-use perfusion sets and solutions, consoles, and National OCS Program services. NOP supplies outsourced organ retrieval, perfusion management, and air and ground logistics to transplant centers, with owned aircraft supporting the U.S. network.
Commercial activity is concentrated in the United States, while international customers mainly buy systems directly and European NOP logistics are expanding through Italy and an investment in Germany-based PAD Aviation. Execution combines regulated devices, recurring disposables, trained procurement and clinical teams, and time-sensitive transport. The model depends on FDA approvals, hospital adoption and reimbursement, single-source supplies, and aviation licenses and capacity.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 5, 2026 | Robert W. Baird | Target | Target: $140 | Target: $122 |
| Aug 5, 2026 | Canaccord Genuity | Target | Target: $124 | Target: $95 |
| Aug 5, 2026 | Stifel Nicolaus | Target | Target: $80 | Target: $65 |
| Aug 3, 2026 | Needham | Reiterate | Rating: —Target: $142 | Target: $106 |
| Jul 28, 2026 | UBS | Initiate | Rating: —Target: — | Target: $80 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $472.7M · Total debt $867.7M · Total assets $1.46B · Shareholders' equity $518.1M
- Revenue
- $189.9M
- Operating income
- $23.7M
- Net income
- $14.7M
No dividends on record.
| Institutions | ≈ 101.48% | 35.19M shares | |
|---|---|---|---|
| 405 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 3.30% | 1.15M shares | |
| 14 holders · as of Sep 14, 2026 | |||
| Strategic holders | 4.35% | 1.51M shares | |
| 1 holder · as of Feb 12, 2021 | |||
| Adds to | 109.13% | ||
34.68M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 109.13%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 16.14% | 5.60M | as of Jun 30, 2026 |
FMR LLCInstitution | 14.80% | 5.13M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 5.58% | 1.93M | as of Jun 30, 2026 |
Sandhill Capital Partners LLC d/b/a Sandhill Investment ManagementInstitution | 5.21% | 1.81M | filed Feb 11, 2022 |
Credit Suisse AG/000000000Strategic | 4.35% | 1.51M | filed Feb 12, 2021 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 11, 2026 | David Weill | director | +1,336 | $81.63 |
| Jun 15, 2026 | Thomas J. Gunderson | director | −9,624 | $75.06 |
| Mar 4, 2026 | David Weill | director | −3,571 | $146.82 |
| Mar 4, 2026 | Stephanie Lovell | director | −1,193 | $149.62 |
| Mar 2, 2026 | Nicholas Corcoran | officer: See remarks | −2,966 | $139.12 |
- United Therapeutics
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| TransMedics Group | $88.09 | +0.92% | $3.02B | 22.6 | 48.1 | 4.5 | +20.7% |
| United Therapeutics | $497.63 | +0.92% | $20.93B | 17.7 | 19.2 | 6.6 | −1.9% |
| Median | 17.7 | 19.2 | 6.6 | −1.9% |