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Medical devices & instruments · Healthcare · Fiscal year ends Dec 31
TransMedics reported revenue of $605M in the fiscal year ended Dec 2025, up 37.1% from the year before. Operating income was $109M, an operating margin of 17.9%, and net income was $190M. Operating cash flow of $193M less capital expenditure of $59M left free cash flow of $134M.
Ranks among the 45 medical devices & instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 31.4 | 93.5 | 242 | 442 | 605 |
| Cost of revenue | 9.1 | 28.2 | 87.5 | 179 | 243 |
| Gross profit | 21.2 | 65.3 | 154 | 262 | 363 |
| Research & development | 22.3 | 26.8 | 36.1 | 56.0 | 69.1 |
| Selling, general & admin | 38.3 | 69.9 | 120 | 169 | 185 |
| Operating income | −39.4 | −31.4 | −28.7 | 37.5 | 109 |
| Interest expense | 3.9 | 3.7 | 10.8 | 14.4 | 13.8 |
| Pre-tax income | −44.2 | −36.2 | −26.7 | 35.8 | 108 |
| Income tax | – | 0.1 | −1.6 | 0.3 | −82.8 |
| Net income | −44.2 | −36.2 | −25.0 | 35.5 | 190 |
| Diluted EPS | −1.60 | −1.23 | −0.77 | 1.01 | 4.87 |
| Diluted shares | 27.6 | 29.6 | 32.5 | 35.2 | 40.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 25.6 | 201 | 395 | 337 | 489 |
| Receivables | 5.9 | 27.6 | 63.6 | 97.7 | 84.3 |
| Inventory | 14.9 | 20.6 | 44.2 | 46.6 | 48.9 |
| Current assets | 119 | 252 | 511 | 497 | 638 |
| Net PP&E | 9.8 | 19.2 | 174 | 286 | 328 |
| Goodwill | – | – | 12.0 | 11.5 | 11.5 |
| Total assets | 135 | 277 | 706 | 804 | 1,068 |
| Payables | 6.7 | 3.3 | 12.7 | 10.3 | 10.4 |
| Deferred revenue | 0.3 | 0.2 | 2.0 | 1.7 | 2.9 |
| Current liabilities | 23.2 | 23.7 | 54.9 | 59.9 | 89.3 |
| Short-term debt | – | – | – | – | 10.0 |
| Long-term debt | 35.2 | 58.7 | – | – | – |
| Total liabilities | 67.0 | 89.8 | 569 | 575 | 595 |
| Shareholders' equity | 67.9 | 187 | 137 | 229 | 473 |
| Backlog (remaining obligations) | 1.4 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −28.9 | −45.8 | −13.0 | 48.8 | 193 |
| Capital expenditure | 3.5 | 11.9 | 152 | 130 | 59.3 |
| Free cash flow | −32.4 | −57.7 | −165 | −80.9 | 134 |
| Depreciation & amortisation | 1.8 | 3.5 | 8.2 | 19.8 | 27.2 |
| Stock-based compensation | 6.9 | 10.3 | 19.8 | 33.2 | 36.9 |
| Dividend per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 197.8% | 158.5% | 82.7% | 37.1% |
| Operating income growth (YoY) | – | – | – | – | 189.6% |
| EPS growth (YoY) | – | – | – | – | 382.2% |
| Gross margin | 67.4% | 69.8% | 63.8% | 59.4% | 59.9% |
| Operating margin | −125.6% | −33.6% | −11.9% | 8.5% | 17.9% |
| Net margin | −140.9% | −38.8% | −10.4% | 8.0% | 31.4% |
| Return on equityBlank when equity is negative | −65.2% | −19.3% | −18.2% | 15.5% | 40.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −35.3% | −12.4% | −4.4% | 5.0% | 11.1% |
| Free cash flow margin | −103.2% | −61.8% | −68.2% | −18.3% | 22.1% |
| Cash conversion (CFO ÷ net income) | 0.65x | 1.26x | 0.52x | 1.38x | 1.01x |
| Receivable days | 69 | 108 | 96 | 81 | 51 |
| Inventory days | 596 | 267 | 184 | 95 | 74 |
| Payable days | 267 | 43 | 53 | 21 | 16 |
| Interest cover | −10.2x | −8.44x | −2.66x | 2.60x | 7.88x |
| Debt ÷ equity | 0.52x | 0.31x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 9.6 | −142 | – | – | – |
| Current ratio | 5.11x | 10.7x | 9.30x | 8.30x | 7.14x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.