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EX-99.1

2 tmdx-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

TransMedics Reports First Quarter 2026 Financial Results

Andover, Mass. – May 5, 2026 – TransMedics Group, Inc. (“TransMedics”) (Nasdaq: TMDX), a medical technology company that is transforming organ transplant therapy for patients with end-stage lung, heart, and liver failure, today reported financial results for the quarter ended March 31, 2026.

Recent Highlights

▪ Total revenue of $173.9 million in the first quarter of 2026, a 21% increase compared to the first quarter of 2025

▪ Net income of $7.3 million or $0.20 per fully diluted share in the first quarter of 2026

▪ Adjusted net income of $10.9 million or $0.30 per fully diluted share in the first quarter of 2026

▪ Reiterates full year 2026 revenue guidance to be in the range of $727 million to $757 million

▪ Owned 22 aircraft as of March 31, 2026

▪ Hosted annual symposium at the International Society of Heart and Lung Transplantation (ISHLT) 46th Annual Meeting & Scientific Session in Toronto; unveiled new Controlled Hypothermic Organ Preservation System (“CHOPS”) aimed at facilitating enrollment in control arms of OCS ENHANCE Heart Part B and OCS DENOVO Lung clinical trials

▪ Entered into definitive agreement to invest in PAD Aviation, a premier Germany-based private aviation operator, with intent to create the first dedicated European transplant logistic network

“We are pleased with our first quarter results and see 2026 as another critical period for TransMedics as we deliver on several critical growth catalysts for our business,” said Waleed Hassanein, MD, President and Chief Executive Officer. “We are laser focused on executing our multi-pronged growth strategy by accelerating ENHANCE heart and DENOVO lung programs in the U.S., launching our NOP model in Europe, and advancing our OCS Kidney program. We believe these initiatives will position us well to drive continued growth and expand access to life-saving transplants for patients globally.”

A summary of first quarter financial results is as follows (dollars in thousands except per share):

Three Months Ended March 31,

2026

2025

% Change

Revenue

$

173,933

$

143,537

21

%

Income from operations

$

13,297

$

27,443

-52

%

Operating margin %

7.6

%

19.1

%

-1147bps

Adjusted income from operations(1)

$

18,109

$

29,801

-39

%

Adjusted operating margin %(1)

10.4

%

20.7

%

-1030bps

Diluted net income per share

$

0.20

$

0.70

-71

%

Adjusted diluted net income per share(1)

$

0.30

$

0.74

-59

%

(1) Adjusted income from operations, adjusted operating margin and adjusted diluted net income per share represent non-GAAP financial measures. For a reconciliation of GAAP to Non-GAAP items, please see the tables attached to this press release.

First Quarter 2026 Financial Results

Total revenue for the first quarter of 2026 was $173.9 million, a 21% increase compared to $143.5 million in the first quarter of 2025. The increase was due primarily to the increase in utilization of the Organ Care System (“OCS”), primarily in Liver and Heart through the National OCS Program (“NOP”) as well as additional revenue generated by TransMedics logistics services.

Gross margin for the first quarter of 2026 was 58%, compared to 61% in the first quarter of 2025. Gross margin was impacted primarily by investments to support growth and scale, together with higher supply chain and operating costs compared to the prior year.

Operating expenses for the first quarter of 2026 were $87.9 million compared to $60.8 million in the first quarter of 2025. The increase in operating expenses was driven primarily by increased research and development investment as well as investment throughout the organization to support the growth of the company. First quarter operating expenses in 2026 included $9.6 million of stock compensation expense compared to $8.7 million of stock compensation expense in the first quarter of 2025.

Income from operations in the first quarter of 2026 was $13.3 million, compared to operating income of $27.4 million in the first quarter of 2025. Adjusted income from operations in the first quarter of 2026 was $18.1 million compared to adjusted income from operations of $29.8 million in the first quarter of 2025.

Net income in the first quarter of 2026 was $7.3 million, or $0.20 per diluted share, compared to net income of $25.7 million, or $0.70 per diluted share, in the first quarter of 2025. Adjusted net income in the first quarter of 2026 was $10.9 million, or $0.30 per diluted share compared to adjusted net income of $27.4 million, or $0.74 per diluted share, in the first quarter of 2025.

Cash was $461.7 million as of March 31, 2026

2026 Financial Outlook

TransMedics is reiterating its full year 2026 revenue guidance to be in the range of $727 million to $757 million, which represents 20% to 25% growth compared to the company’s prior year revenue.

Webcast and Conference Call Details

The TransMedics man

8-K

false 0001756262 0001756262 2026-02-27 2026-02-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 27, 2026

TransMedics Group, Inc. (Exact name of Registrant as Specified in Its Charter)

Massachusetts

001-38891

83-2181531

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

200 Minuteman Road

Andover, Massachusetts

01810

(Address of Principal Executive Offices)

(Zip Code) Registrant’s Telephone Number, Including Area Code: (978) 552-0900 (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, no par value per share

TMDX

The Nasdaq Global Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition. On February 27, 2026, TransMedics Group, Inc. (the “Company”) issued a press release announcing additional information on the impact of the release of the Company’s U.S. valuation allowance on deferred tax assets on the Company’s previously reported financial results for the quarter ended December 31, 2025. A copy of this press release is furnished as Exhibit 99.1 and is incorporated herein by reference. The information in this Form 8-K (including Exhibit 99.1 attached hereto) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing by the Company, under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing. Item 9.01. Financial Statements and Exhibits. (d) Exhibits

Exhibit No.

Description

99.1

Press release issued by TransMedics Group, Inc. on February 27, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: February 27, 2026

TRANSMEDICS GROUP, INC.

By:

/s/ Gerardo Hernandez

Name:

Gerardo Hernandez

Title:

Chief Financial Officer and Treasurer