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Maker of the Organ Care System, a portable device that keeps donor organs warm and functioning during transport for transplant.
Maker of the Organ Care System, a portable device that keeps donor organs warm and functioning during transport for transplant.
Earns per transplant: a hospital pays for the single-use organ kit and for a bundled service in which TransMedics' own surgeons, pilots and aircraft retrieve the organ and fly it back. That service side has grown into a large part of what it bills, which is why it has bought its own planes.
Moat: narrow (IP / patents, regulatory licence, installed base). Patented warm-perfusion technology plus its own logistics network expand usable donor organs, hard to replicate quickly.
Headquarters: Andover, Massachusetts · Founded: 1998 · Employees: 898
Size TransMedics (TMDX) is a United States Health Care company (Medical Specialties) with a market value of $3.06B, the 1539th largest of 3,117 United States companies the cockpit tracks. Shares closed at $88.24 on 6 Nov 2026.
Performance Over six months the shares gained 30.1%, against -2.8% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 25.8% over the last twelve months (peer median +4.7%); the operating margin is 12.2% (peer median 9.8%).
Valuation It trades at 48.5× forward earnings against a peer median of 26.5× (4th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 36% a year for seven years (Req g). Recent delivered growth is +88%, so the hurdle is -53 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.2 points below its cost of capital (13.3% WACC).
Credit TransMedics has 1 bond outstanding ($460M).
Short interest Short interest is 25.3% of the free float (15 Oct 2026).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $668M | $605M | $442M | $242M | $93.5M |
| Revenue growth | — | +37% | +83% | +159% | — |
| Gross profit | $386M | $363M | $262M | $154M | $65.3M |
| EBITDA | $118M | $136M | $57.3M | $8.76M | -$27.2M |
| Net income | $152M | $190M | $35.5M | -$25.0M | -$36.2M |
| Free cash flow | $79.0M | $134M | -$80.9M | -$165M | -$57.7M |
| Capital expenditure | $66.9M | $59.3M | $130M | $179M | $11.9M |
| Total debt | $868M | $519M | $518M | $516M | $67.6M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| TransMedics TMDX | $3.06B | +30% | +26% | 12% | 48.5× | 35.6% |
| Xvivo Perfusion XVIVO.ST | $635M | -29% | +18% | 12% | 54.2× | 35.7% |
| Getinge GETI-B.ST | $7.73B | +45% | -4% | 14% | 21.0× | 4.7% |
| Terumo 4543.T | $23.4B | +25% | +14% | 17% | 24.6× | 8.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TMDX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.7% | -0.6% | 6th highest of 21 |
| 6-month return | +30.1% | -2.8% | 5th highest of 21 |
| Distance from 52-week high | -43.4% | -30.9% | 5th lowest of 21 |
| Revenue growth (TTM) | +25.8% | +4.7% | 2nd highest of 20 |
| Operating margin | 12.2% | 9.8% | 9th highest of 19 |
| Forward P/E | 48.5× | 26.5× | 4th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 35.6% | 10.7% | 4th most demanding of 15 |
| Growth delivered (Del g) | +88.2% | +8.5% | highest of 15 |
| Hurdle (Req g minus delivered) | -52.6 pp | +1.1 pp | least demanding of 15 |
| ROIC minus cost of capital | -6.2 pp | -0.9 pp | 5th lowest of 19 |
| EV / EBITDA | 29.3× | 13.7× | 3rd most expensive of 10 |
| Net debt / EBITDA | 3.4× | 0.9× | 3rd most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TransMedics TMDX | United States | $3.06B | +30% | +26% | 12% | 48.5× | 35.6% | +88.2% |
| Axogen AXGN | United States | $2.99B | +19% | +24% | -5% | 76.5× | 48.8% | +14.9% |
| AtriCure ATRC | United States | $2.98B | +123% | +14% | 3% | 220.7× | 55.7% | +20.9% |
| iRhythm IRTC | United States | $2.97B | -25% | +26% | 1% | 182.6× | n/a | n/a |
| Celcuity CELC | United States | $3.27B | -49% | n/a | n/a | n/a | n/a | n/a |
| COMET COTN.SW | Switzerland | $2.84B | -9% | -3% | 6% | 34.0× | n/a | n/a |
| Sumitomo Bakelite 4203.T | Japan | $3.31B | +15% | +15% | 13% | 14.9× | 6.8% | +8.9% |
| Zhende Medical 603301.SS | China | $3.33B | -8% | +8% | 7% | 43.5× | 23.2% | -16.1% |
| Ottobock SE & Co. KGaA OBCK.DE | Germany | $3.36B | -25% | +5% | 15% | 15.4× | 3.5% | +8.0% |
| Autobio Diagnostics 603658.SS | China | $3.41B | +19% | +3% | 25% | 20.6× | -0.3% | +7.2% |
| MGI Tech 688114.SS | China | $3.42B | +9% | +2% | -7% | n/a | 46.5% | -0.1% |
| Lepu Medical Technology (Beijing) 300003.SZ | China | $3.42B | -12% | -1% | 13% | 26.3× | 9.6% | -4.2% |
| Ambu A/S AMBU-B.CO | Denmark | $3.42B | +40% | +5% | 11% | 28.1× | 12.6% | +11.1% |
| Carl Zeiss Meditec AFX.DE | Germany | $3.51B | +40% | 0% | 8% | 26.8× | 13.7% | +10.8% |
| iRay Technology 688301.SS | China | $3.54B | -8% | +58% | 24% | 27.5× | n/a | n/a |
| Medacta MOVE.SW | Switzerland | $2.61B | -21% | +8% | 15% | 24.3× | n/a | n/a |
| Andon Health 002432.SZ | China | $3.60B | -29% | -30% | -26% | 15.0× | -7.7% | -7.4% |
| Shandong Weigao Blood Purification Products 603014.SS | China | $3.63B | -3% | +4% | n/a | 20.4× | -1.2% | +8.1% |
| Neogen NEOG | United States | $2.57B | +30% | 0% | 0% | 34.6× | n/a | n/a |
| Double Medical Technology 002901.SZ | China | $2.56B | -3% | +13% | 26% | 25.9× | 8.3% | +10.4% |
| SCHOTT Pharma AG & Co. KGaA 1SXP.DE | Germany | $3.67B | +31% | +4% | 15% | 22.1× | 11.7% | +11.0% |
TransMedics has 1 bond outstanding with $460M face value.