TransMedics Reports Third Quarter 2024 Financial Results
TransMedics (TMDX) reported strong Q3 2024 financial results with total revenue of $108.8 million, representing a 64% increase from Q3 2023. The company achieved a net income of $4.2 million ($0.12 per diluted share), compared to a net loss in the previous year. Gross margin was 56%, down from 61% in Q3 2023. The company maintained its full-year 2024 revenue guidance of $425-445 million, projecting 76-84% growth. TransMedics owned 18 aircraft and held $330.1 million in cash as of September 30, 2024, continuing its progress toward the goal of 10,000 OCS transplant cases annually by 2028.
TransMedics (TMDX) ha riportato risultati finanziari forti per il terzo trimestre del 2024, con un fatturato totale di 108,8 milioni di dollari, che rappresenta un aumento del 64% rispetto al terzo trimestre del 2023. L'azienda ha registrato un utile netto di 4,2 milioni di dollari (0,12 dollari per azione diluita), rispetto a una perdita netta nell'anno precedente. Il margine lordo si è attestato al 56%, in calo rispetto al 61% nel terzo trimestre del 2023. L'azienda ha mantenuto la previsione di fatturato per l'intero anno 2024 tra 425 e 445 milioni di dollari, prevedendo una crescita del 76-84%. TransMedics possedeva 18 aerei e deteneva 330,1 milioni di dollari in contante al 30 settembre 2024, continuando il suo progresso verso l'obiettivo di 10.000 casi di trapianto OCS annuali entro il 2028.
TransMedics (TMDX) informó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos totales de 108.8 millones de dólares, lo que representa un aumento del 64% en comparación con el tercer trimestre de 2023. La compañía alcanzó un ingreso neto de 4.2 millones de dólares (0.12 dólares por acción diluida), en comparación con una pérdida neta en el año anterior. El margen bruto fue del 56%, por debajo del 61% en el tercer trimestre de 2023. La compañía mantuvo su guía de ingresos para todo el año 2024 entre 425 y 445 millones de dólares, proyectando un crecimiento del 76-84%. TransMedics poseía 18 aeronaves y tenía 330.1 millones de dólares en efectivo al 30 de septiembre de 2024, continuando su progreso hacia el objetivo de 10,000 casos de trasplante OCS anuales para 2028.
트랜스메딕스(TMDX)는 2024년 3분기 재무 결과가 강하다고 보고하며, 총 수익이 1억 8백만 달러에 달해 2023년 3분기 대비 64% 증가했다고 발표했습니다. 회사는 420만 달러(희석주당 0.12달러)의 순이익을 기록했으며, 작년에는 순손실을 기록했습니다. 총 마진은 56%로, 2023년 3분기의 61%에서 감소했습니다. 회사는 2024년 전체 연간 수익 목표를 4억 2500만 ~ 4억 4500만 달러로 유지하며, 76~84%의 성장을 예상하고 있습니다. 트랜스메딕스는 2024년 9월 30일 현재 18대의 항공기를 보유하고 있으며, 3억 3천만 달러의 현금을 보유하고 있어 2028년까지 매년 1만 건의 OCS 이식 사례를 목표로 하는 진전을 계속하고 있습니다.
TransMedics (TMDX) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec des revenus totaux de 108,8 millions de dollars, représentant une augmentation de 64 % par rapport au troisième trimestre 2023. L'entreprise a réalisé un bénéfice net de 4,2 millions de dollars (0,12 dollar par action diluée), comparé à une perte nette l'année précédente. La marge brute était de 56 %, en baisse par rapport à 61 % au troisième trimestre 2023. L'entreprise a maintenu son objectif de revenus pour l'année 2024 entre 425 et 445 millions de dollars, projetant une croissance de 76 à 84 %. TransMedics possédait 18 avions et détenait 330,1 millions de dollars en liquidités au 30 septembre 2024, poursuivant ainsi ses progrès vers l'objectif de 10 000 cas de greffe OCS par an d'ici 2028.
TransMedics (TMDX) hat starke Finanzzahlen für das dritte Quartal 2024 reported, mit einem Gesamtumsatz von 108,8 Millionen Dollar, was einem Anstieg von 64 % im Vergleich zum dritten Quartal 2023 entspricht. Das Unternehmen erzielte einen Nettogewinn von 4,2 Millionen Dollar (0,12 Dollar pro verwässerter Aktie), verglichen mit einem Nettoverlust im Vorjahr. Die Bruttomarge betrug 56 %, ein Rückgang von 61 % im dritten Quartal 2023. Das Unternehmen hielt an seiner Umsatzprognose für das Gesamtjahr 2024 von 425 bis 445 Millionen Dollar fest und rechnet mit einem Wachstum von 76-84 %. TransMedics besaß 18 Flugzeuge und hatte zum 30. September 2024 330,1 Millionen Dollar in bar, was den Fortschritt in Richtung des Ziels von 10.000 OCS-Transplantationsfällen pro Jahr bis 2028 fortsetzt.
- Revenue grew 64% YoY to $108.8 million in Q3 2024
- Achieved net income of $4.2 million vs previous year's loss
- Strong cash position of $330.1 million
- Maintained robust full-year guidance of $425-445 million
- Gross margin declined to 56% from 61% YoY
- Cash decreased from $362.8M to $330.1M quarter-over-quarter
Insights
TransMedics delivered exceptional Q3 2024 results with revenue surging
The company maintains its ambitious full-year revenue guidance of
The expanding National OCS Program (NOP) demonstrates strong market adoption across all three organ platforms - heart, lung and liver. The company's vertical integration strategy of owning 18 aircraft for logistics services is proving successful, enabling better control over the organ transport process and creating additional revenue streams. The sustained growth in transplant volumes indicates increasing acceptance of the OCS technology among transplant centers and validates its clinical utility in expanding the donor organ pool.
Recent Highlights
- Total revenue of
in the third quarter of 2024, a$108.8 million 64% increase compared to the third quarter of 2023 - Generated net income of
or$4.2 million per diluted share in the third quarter of 2024$0.12 - Owned 18 total aircraft as of September 30, 2024
"We are proud of our performance year to date and look forward to ending 2024 on a strong note," said Waleed Hassanein, MD, President and Chief Executive Officer. "We continued to make meaningful progress across each of our growth initiatives through the third quarter and maintain our conviction in our growth runway for 2025 and beyond. Overall, we remain well on track to reach our stated target of achieving 10,000 OCS transplant cases per year in the
Third Quarter 2024 Financial Results
Total revenue for the third quarter of 2024 was
Gross margin for the third quarter of 2024 was
Operating expenses for the third quarter of 2024 were
Net income for the third quarter of 2024 was
Cash was
2024 Financial Outlook
TransMedics continues to expect revenue for the full year 2024 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 October 28, 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, our growth initiatives and runway, and statements about our operations, financial position, and business plans and our target of achieving 10,000 OCS transplant cases per year in the
Investor Contact:
Brian Johnston
Laine Morgan
Gilmartin Group
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 September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Revenue: | ||||||||
Net product revenue | ||||||||
Service revenue | 42,900 | 18,690 | 120,998 | 36,254 | ||||
Total revenue | 108,761 | 66,430 | 319,916 | 160,449 | ||||
Cost of revenue: | ||||||||
Cost of net product revenue | 13,246 | 11,086 | 41,800 | 26,950 | ||||
Cost of service revenue | 34,670 | 14,682 | 88,048 | 27,330 | ||||
Total cost of revenue | 47,916 | 25,768 | 129,848 | 54,280 | ||||
Gross profit | 60,845 | 40,662 | 190,068 | 106,169 | ||||
Gross margin | 56 % | 61 % | 59 % | 66 % | ||||
Operating expenses: | ||||||||
Research, development and clinical trials | 14,266 | 11,132 | 39,504 | 25,294 | ||||
Acquired in-process research and development expenses | — | 27,212 | — | 27,212 | ||||
Selling, general and administrative | 42,656 | 30,653 | 121,712 | 84,993 | ||||
Total operating expenses | 56,922 | 68,997 | 161,216 | 137,499 | ||||
Income (loss) from operations | 3,923 | (28,335) | 28,852 | (31,330) | ||||
Other income (expense): | ||||||||
Interest expense | (3,617) | (3,590) | (10,838) | (7,186) | ||||
Interest income and other income (expense) | 3,939 | 4,996 | 10,777 | 7,982 | ||||
Total other income (expense), net | 322 | 1,406 | (61) | 796 | ||||
Income (loss) before income taxes | 4,245 | (26,929) | 28,791 | (30,534) | ||||
(Provision) benefit for income taxes | (29) | 1,507 | (184) | 1,475 | ||||
Net income (loss) | ||||||||
Net income (loss) per share: | ||||||||
Basic | ||||||||
Diluted | ||||||||
Weighted average common shares outstanding: | ||||||||
Basic | 33,441,394 | 32,614,059 | 33,108,253 | 32,474,522 | ||||
Diluted | 35,683,952 | 32,614,059 | 35,218,756 | 32,474,522 |
TransMedics Group, Inc. | ||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
(in thousands) | ||||
(unaudited) | ||||
September 30, 2024 | December 31, 2023 | |||
Assets | ||||
Current assets: | ||||
Cash | ||||
Accounts receivable | 90,128 | 63,576 | ||
Inventory | 52,152 | 44,235 | ||
Prepaid expenses and other current assets | 20,101 | 8,031 | ||
Total current assets | 492,475 | 510,654 | ||
Property, plant and equipment, net | 271,739 | 173,941 | ||
Operating lease right-of-use assets | 6,943 | 6,546 | ||
Restricted cash | 500 | 500 | ||
Goodwill | 11,549 | 11,990 | ||
Acquired intangible assets, net | 2,202 | 2,354 | ||
Other non-current assets | 163 | 62 | ||
Total assets | ||||
Liabilities and Stockholders' Equity | ||||
Current liabilities: | ||||
Accounts payable | ||||
Accrued expenses and other current liabilities | 42,187 | 38,221 | ||
Deferred revenue | 2,184 | 1,961 | ||
Operating lease liabilities | 2,543 | 2,035 | ||
Total current liabilities | 60,048 | 54,934 | ||
Convertible senior notes, net | 449,237 | 447,140 | ||
Long-term debt, net | 59,294 | 59,064 | ||
Operating lease liabilities, net of current portion | 7,072 | 7,707 | ||
Total liabilities | 575,651 | 568,845 | ||
Total stockholders' equity | 209,920 | 137,202 | ||
Total liabilities and stockholders' equity |
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SOURCE TransMedics Group, Inc.
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