TransMedics Reports Second Quarter 2024 Financial Results
TransMedics Group, Inc. (Nasdaq: TMDX) reported strong financial results for Q2 2024. Total revenue reached $114.3 million, a 118% increase from Q2 2023. The company generated a net income of $12.2 million or $0.35 per diluted share. Key highlights include:
- Owned 15 aircraft as of June 30, 2024, with two more purchased in July
- Published 2023 ESG update report
- Gross margin was 61%, down from 70% in Q2 2023
- Operating expenses increased to $56.8 million
- Cash position improved to $362.8 million
TransMedics raised its full-year 2024 revenue guidance to $425-$445 million, representing 76-84% growth compared to the previous year.
TransMedics Group, Inc. (Nasdaq: TMDX) ha riportato risultati finanziari robusti per il secondo trimestre del 2024. I ricavi totali hanno raggiunto $114,3 milioni, con un incremento del 118% rispetto al secondo trimestre del 2023. L'azienda ha generato un utile netto di $12,2 milioni, pari a $0,35 per azione diluita. I principali punti salienti includono:
- Possesso di 15 aerei al 30 giugno 2024, con due ulteriori acquistati a luglio
- Pubblicazione del rapporto di aggiornamento ESG 2023
- Il margine lordo è stato del 61%, in calo rispetto al 70% nel secondo trimestre del 2023
- Le spese operative sono aumentate a $56,8 milioni
- La posizione di liquidità è migliorata a $362,8 milioni
TransMedics ha alzato la sua previsione di entrate per l'intero anno 2024 a $425-$445 milioni, rappresentando una crescita del 76-84% rispetto all'anno precedente.
TransMedics Group, Inc. (Nasdaq: TMDX) informó resultados financieros sólidos para el segundo trimestre de 2024. Los ingresos totales alcanzaron $114.3 millones, un incremento del 118% en comparación con el segundo trimestre de 2023. La compañía generó un ingreso neto de $12.2 millones o $0.35 por acción diluida. Los aspectos más destacados incluyen:
- Poseía 15 aeronaves al 30 de junio de 2024, con dos compradas en julio
- Publicó el informe de actualización ESG 2023
- El margen bruto fue del 61%, disminuyendo del 70% en el segundo trimestre de 2023
- Los gastos operativos aumentaron a $56.8 millones
- La posición de efectivo mejoró a $362.8 millones
TransMedics aumentó su pronóstico de ingresos para todo el año 2024 a $425-$445 millones, representando un crecimiento del 76-84% en comparación con el año anterior.
TransMedics Group, Inc. (Nasdaq: TMDX)는 2024년 2분기 강력한 재무 결과를 보고했습니다. 총 수익은 1억 1천 4백 30만 달러에 달하여 2023년 2분기 대비 118% 증가했습니다. 회사는 순이익으로 1천 2백 20만 달러 또는 희석 주당 0.35달러를 달성했습니다. 주요 하이라이트는 다음과 같습니다:
- 2024년 6월 30일 기준 15대의 항공기를 보유하고 있으며, 7월에 2대를 추가로 구매했습니다.
- 2023년 ESG 업데이트 보고서를 발표했습니다.
- 총 마진은 61%로, 2023년 2분기 70%에서 감소했습니다.
- 운영 비용은 5천 6백 80만 달러로 증가했습니다.
- 현금 포지션은 3억 6천 2백 80만 달러로 개선되었습니다.
TransMedics는 2024년 전체 연도 매출 전망을 4억 2천 5백만에서 4억 4천 5백만 달러로 상향 조정했으며, 이는 전년 대비 76-84% 성장하는 수치입니다.
TransMedics Group, Inc. (Nasdaq: TMDX) a annoncé de solides résultats financiers pour le deuxième trimestre de 2024. Le chiffre d'affaires total a atteint 114,3 millions de dollars, soit une augmentation de 118 % par rapport au deuxième trimestre de 2023. L'entreprise a généré un revenu net de 12,2 millions de dollars, soit 0,35 dollar par action diluée. Les points saillants incluent :
- Possession de 15 avions au 30 juin 2024, avec deux autres achetés en juillet
- Publication du rapport de mise à jour ESG 2023
- La marge brute était de 61 %, en baisse par rapport à 70 % au deuxième trimestre de 2023
- Les dépenses d'exploitation ont augmenté à 56,8 millions de dollars
- La position de liquidités s'est améliorée à 362,8 millions de dollars
TransMedics a relevé ses prévisions de chiffre d'affaires pour l'année 2024 à 425-445 millions de dollars, représentant une croissance de 76-84 % par rapport à l'année précédente.
TransMedics Group, Inc. (Nasdaq: TMDX) berichtete über starke finanzielle Ergebnisse für das 2. Quartal 2024. Der Gesamtumsatz belief sich auf 114,3 Millionen USD, was einem Anstieg von 118 % im Vergleich zum 2. Quartal 2023 entspricht. Das Unternehmen erzielte einen Nettoeinkommen von 12,2 Millionen USD oder 0,35 USD pro verwässerter Aktie. Zu den wichtigsten Highlights gehören:
- Besitz von 15 Flugzeugen zum 30. Juni 2024, mit zwei weiteren im Juli erworben
- Veröffentlichung des ESG-Updateberichts 2023
- Bruttomarge lag bei 61 %, im Vergleich zu 70 % im 2. Quartal 2023 gesunken
- Betriebskosten stiegen auf 56,8 Millionen USD
- Die Liquiditätsposition verbesserte sich auf 362,8 Millionen USD
TransMedics hat die Gewinnprognose für das gesamte Jahr 2024 auf 425-445 Millionen USD angehoben, was einem Wachstum von 76-84 % im Vergleich zum Vorjahr entspricht.
- Total revenue increased by 118% year-over-year to $114.3 million
- Achieved net income of $12.2 million, compared to a net loss in Q2 2023
- Raised full-year 2024 revenue guidance to $425-$445 million
- Cash position improved to $362.8 million
- Expanded aircraft fleet to support growth
- Gross margin decreased from 70% in Q2 2023 to 61% in Q2 2024
- Operating expenses increased by 51% year-over-year to $56.8 million
Insights
TransMedics' Q2 2024 results demonstrate exceptional growth and a significant turnaround in profitability. The 118% year-over-year revenue increase to
The transition from a net loss in Q2 2023 to a net income of
However, the gross margin contraction from
The raised full-year 2024 revenue guidance of
Overall, TransMedics appears to be in a robust growth phase with improving financials, making it an intriguing prospect in the medical technology sector.
TransMedics' Q2 results underscore the growing adoption of their Organ Care System (OCS) technology across multiple organ types. The substantial revenue growth suggests increasing acceptance of their organ transplant therapy in the medical community.
The company's expansion into transplant logistics services, evidenced by their aircraft fleet growth to 15 owned aircraft, represents a strategic move to control the entire organ transplant process. This vertical integration could lead to improved outcomes and efficiency in organ transplantation.
The planned launch of new OCS lung and heart clinical programs in 2025 indicates ongoing innovation and potential market expansion. These initiatives could further solidify TransMedics' position in the organ transplant technology market.
However, the increased operating expenses, particularly in R&D, highlight the need for continued investment to maintain their technological edge. The
The publication of their ESG report demonstrates awareness of broader stakeholder concerns, which could be beneficial for long-term sustainability and investor relations.
Recent Highlights
- Total revenue of
in the second quarter of 2024, a$114.3 million 118% increase compared to the second quarter of 2023 - Generated net income of
or$12.2 million per diluted share in the second quarter of 2024$0.35 - Owned 15 total aircraft as of June 30, 2024
- Purchased two additional aircraft in July 2024
- Published 2023 Environmental, Social, and Governance ("ESG") update report on TransMedics corporate website
"We set a new high-water mark for the business in the second quarter of 2024, with product and service revenue growth driven by the sustained momentum of OCS NOP and our transplant logistics network," said Waleed Hassanein, MD, President and Chief Executive Officer. "We remain well positioned to successfully execute our 2024 strategy and to launch our new OCS lung and heart clinical programs in 2025."
Second Quarter 2024 Financial Results
Total revenue for the second quarter of 2024 was
Gross margin for the second quarter of 2024 was
Operating expenses for the second quarter of 2024 were
Net income for the second quarter of 2024 was
Cash was
2024 Financial Outlook
TransMedics is raising its full year 2024 revenue guidance to be in the range of
Webcast and Conference Call Details
The TransMedics management team will host a conference call beginning at 4:30 p.m. ET / 1:30 p.m. PT on July 31, 2024. A live and archived webcast of the event will be available on the "Investors" section of the TransMedics website at www.transmedics.com.
About TransMedics Group, Inc.
TransMedics is the world's leader in portable extracorporeal warm perfusion and assessment of donor organs for transplantation. Headquartered in
Forward-Looking Statements
This press release contains forward-looking statements with respect to, among other things, our full-year guidance, the OCS, NOP, transplant logistics services, and associated new clinical programs, and statements about our operations, financial position, and business plans. For this purpose, all statements other than statements of historical facts are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "could," "target," "predict," "seek" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties. Our management cannot predict all risks, nor can we assess the impact of all factors or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in or implied by any forward-looking statements we may make. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated in or implied by the forward-looking statements. Some of the key factors that could cause actual results to differ include: our ability to maintain profitability on a sustained basis; our ability to attract, train and retain key personnel; our existing and any future indebtedness, including our ability to comply with affirmative and negative covenants under our credit agreement to which we will remain subject until maturity; the fluctuation of our financial results from quarter to quarter; our need to raise additional funding and our ability to obtain it on favorable terms, or at all; our ability to use net operating losses and research and development credit carryforwards; our dependence on the success of the Organ Care System or OCS; our ability to expand access to the OCS through our National OCS Program or NOP; our ability to scale our manufacturing and sterilization capabilities to meet increasing demand for our products; the rate and degree of market acceptance of the OCS; our ability to educate patients, surgeons, transplant centers and private and public payors on the benefits offered by the OCS; our ability to improve the OCS platform and develop the next generation of the OCS products; our dependence on a limited number of customers for a significant portion of our revenue; our ability to maintain regulatory approvals or clearances for our OCS products in
Investor Contact:
Brian Johnston
332-895-3222
Investors@transmedics.com
TransMedics Group, Inc. | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(in thousands, except share and per share data) | ||||||||
(unaudited) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Revenue: | ||||||||
Net product revenue | $ 71,732 | $ 42,462 | $ 133,057 | $ 76,455 | ||||
Service revenue | 42,573 | 10,003 | 78,098 | 17,564 | ||||
Total revenue | 114,305 | 52,465 | 211,155 | 94,019 | ||||
Cost of revenue: | ||||||||
Cost of net product revenue | 14,470 | 8,558 | 28,554 | 15,864 | ||||
Cost of service revenue | 30,574 | 7,166 | 53,378 | 12,648 | ||||
Total cost of revenue | 45,044 | 15,724 | 81,932 | 28,512 | ||||
Gross profit | 69,261 | 36,741 | 129,223 | 65,507 | ||||
Gross margin | 61 % | 70 % | 61 % | 70 % | ||||
Operating expenses: | ||||||||
Research, development and clinical trials | 13,858 | 8,291 | 25,238 | 14,162 | ||||
Selling, general and administrative | 42,895 | 29,356 | 79,056 | 54,340 | ||||
Total operating expenses | 56,753 | 37,647 | 104,294 | 68,502 | ||||
Income (loss) from operations | 12,508 | (906) | 24,929 | (2,995) | ||||
Other income (expense): | ||||||||
Interest expense | (3,623) | (2,505) | (7,221) | (3,596) | ||||
Interest income and other income (expense) | 3,268 | 2,431 | 6,838 | 2,986 | ||||
Total other expense, net | (355) | (74) | (383) | (610) | ||||
Income (loss) before income taxes | 12,153 | (980) | 24,546 | (3,605) | ||||
(Provision) benefit for income taxes | 41 | (21) | (155) | (32) | ||||
Net income (loss) | $ 12,194 | $ (1,001) | $ 24,391 | $ (3,637) | ||||
Net income (loss) per share: | ||||||||
Basic | $ 0.37 | $ (0.03) | $ 0.74 | $ (0.11) | ||||
Diluted | $ 0.35 | $ (0.03) | $ 0.70 | $ (0.11) | ||||
Weighted average common shares outstanding: | ||||||||
Basic | 33,119,514 | 32,545,352 | 32,939,852 | 32,403,597 | ||||
Diluted | 35,288,308 | 32,545,352 | 34,983,603 | 32,403,597 |
TransMedics Group, Inc. | ||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
(in thousands) | ||||
(unaudited) | ||||
June 30, 2024 | December 31, 2023 | |||
Assets | ||||
Current assets: | ||||
Cash | $ 362,751 | $ 394,812 | ||
Accounts receivable | 81,158 | 63,576 | ||
Inventory | 48,671 | 44,235 | ||
Prepaid expenses and other current assets | 16,685 | 8,031 | ||
Total current assets | 509,265 | 510,654 | ||
Property, plant and equipment, net | 229,030 | 173,941 | ||
Operating lease right-of-use assets | 5,896 | 6,546 | ||
Restricted cash | 500 | 500 | ||
Goodwill | 11,549 | 11,990 | ||
Acquired intangible assets, net | 2,253 | 2,354 | ||
Other non-current assets | 84 | 62 | ||
Total assets | $ 758,577 | $ 706,047 | ||
Liabilities and Stockholders' Equity | ||||
Current liabilities: | ||||
Accounts payable | $ 13,027 | $ 12,717 | ||
Accrued expenses and other current liabilities | 37,716 | 38,221 | ||
Deferred revenue | 1,447 | 1,961 | ||
Operating lease liabilities | 2,139 | 2,035 | ||
Total current liabilities | 54,329 | 54,934 | ||
Convertible senior notes, net | 448,534 | 447,140 | ||
Long-term debt, net | 59,217 | 59,064 | ||
Operating lease liabilities, net of current portion | 6,603 | 7,707 | ||
Total liabilities | 568,683 | 568,845 | ||
Total stockholders' equity | 189,894 | 137,202 | ||
Total liabilities and stockholders' equity | $ 758,577 | $ 706,047 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/transmedics-reports-second-quarter-2024-financial-results-302211506.html
SOURCE TransMedics Group, Inc.
FAQ
What was TransMedics' (TMDX) revenue for Q2 2024?
How much net income did TransMedics (TMDX) generate in Q2 2024?
What is TransMedics' (TMDX) updated revenue guidance for 2024?