TransMedics Group, Inc. (TMDX) Income Statement
TMDX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTMDX revenue and net income
Where TMDX's revenue goes
2025Each bar shows an amount and its share of revenue. TMDX kept 31.4% of revenue as net income.
TMDX profit margins
TMDX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +37.1% | +86.4% | +88.2% | — |
| Gross profit | +38.4% | +77.1% | +85.2% | — |
| Operating income | +189.6% | — | — | — |
| Net income | +436.6% | — | — | — |
| EPS (diluted) | +130.7% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TMDX quarterly EPS vs estimates
TransMedics beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 4, 2026 (estimate $0.27).
TMDX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $605.5M | $441.5M | $241.6M | $93.5M | $30.3M | $25.6M | $23.6M | $13.0M | $7.7M | $6.2M |
| Cost of revenue | $242.7M | $179.5M | $87.5M | $28.2M | $9.1M | $9.0M | $9.7M | $7.3M | $5.5M | $5.4M |
| Gross profit | $362.8M | $262.1M | $154.1M | $65.3M | $21.2M | $16.6M | $13.9M | $5.7M | $2.1M | $766,000 |
| Research & development | $69.1M | $56.0M | $63.3M | $26.8M | $22.3M | $18.8M | $19.9M | $13.7M | $15.0M | $15.6M |
| Sales, general & admin | $185.2M | $168.6M | $121.7M | $69.9M | $38.3M | $24.2M | $23.6M | $12.3M | $7.6M | $8.1M |
| Total operating expenses | $254.2M | $224.6M | $182.8M | $96.7M | $60.6M | $43.0M | $43.5M | $26.0M | $22.6M | $23.8M |
| Operating income | $108.6M | $37.5M | −$28.7M | −$31.4M | −$39.4M | −$26.4M | −$29.6M | −$20.2M | −$20.4M | −$23.0M |
| Interest income | — | — | $12.5M | $900,000 | $877,000 | $1.7M | — | — | — | $1.1M |
| Interest expense | $13.8M | $14.4M | $10.8M | $3.7M | $3.9M | $4.0M | $4.4M | $2.4M | $1.1M | $979,000 |
| Income before taxes | $107.5M | $35.8M | −$26.7M | −$36.2M | −$44.2M | −$28.7M | −$33.5M | −$23.7M | −$20.8M | −$24.1M |
| Income taxes | −$82.8M | $316,000 | −$1.6M | $66,000 | $36,000 | $32,000 | $40,000 | $41,000 | $32,000 | $984,000 |
| Net income | $190.3M | $35.5M | −$25.0M | −$36.2M | −$44.2M | −$28.7M | −$33.5M | −$23.8M | −$20.8M | −$24.1M |
| EBITDA | $148.5M | $69.9M | −$7.7M | −$29.0M | −$38.5M | −$23.2M | −$27.9M | −$20.2M | −$19.1M | −$22.7M |
| EPS (diluted) | $2.33 | $1.01 | $0.08 | −$1.25 | −$1.61 | −$1.20 | −$6.12 | −$1.30 | −$4.48 | — |
| Gross margin | 59.9% | 59.4% | 63.8% | 69.8% | 69.9% | 64.9% | 58.7% | 44.1% | 27.8% | 12.3% |
| Operating margin | 17.9% | 8.5% | −11.9% | −33.6% | −130.3% | −102.9% | −125.4% | −155.5% | −265.8% | −370.2% |
| Net margin | 31.4% | 8.0% | −10.4% | −38.8% | −146.1% | −112.1% | −142.1% | −182.5% | −271.0% | −387.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $189.9M | $173.9M | $160.8M | $143.8M | $157.4M | $143.5M | $121.6M | $108.8M | $114.3M | $96.8M | $81.2M | $66.4M |
| Cost of revenue | $76.8M | $72.8M | $67.3M | $59.2M | $60.8M | $55.3M | $49.6M | $47.9M | $45.1M | $37.0M | $33.2M | $25.8M |
| Gross profit | $113.2M | $101.2M | $93.4M | $84.6M | $96.6M | $88.2M | $72.0M | $60.8M | $69.2M | $59.9M | $47.9M | $40.7M |
| Research & development | $31.6M | $24.9M | $20.7M | $15.3M | $15.9M | $17.2M | $16.5M | $14.3M | $13.9M | $11.4M | $10.8M | $38.3M |
| Sales, general & admin | $53.5M | $56.9M | $51.4M | $46.0M | $44.1M | $43.6M | $46.9M | $42.9M | $43.0M | $36.3M | $34.6M | $30.7M |
| Total operating expenses | $89.5M | $87.9M | $72.1M | $61.3M | $60.0M | $60.8M | $63.4M | $56.9M | $56.7M | $47.4M | $45.3M | $69.0M |
| Operating income | $23.7M | $13.3M | $21.3M | $23.3M | $36.6M | $27.4M | $8.6M | $3.9M | $12.5M | $12.4M | $2.6M | −$28.3M |
| Interest income | $3.0M | — | — | $3.3M | $2.5M | — | — | $3.3M | $3.4M | $3.6M | $4.5M | $5.0M |
| Interest expense | $7.2M | $7.2M | $3.4M | $3.5M | $3.5M | $3.5M | $3.6M | $3.6M | $3.6M | $3.6M | $3.6M | $3.6M |
| Income before taxes | $19.4M | $8.5M | $21.6M | $23.0M | $36.2M | $26.7M | $7.0M | $4.2M | $12.2M | $12.4M | $3.9M | −$26.9M |
| Income taxes | $4.7M | $1.2M | −$83.8M | −$1.3M | $1.3M | $994,000 | $132,000 | $29,000 | −$41,000 | $196,000 | −$168,000 | −$1.5M |
| Net income | $14.7M | $7.3M | $105.4M | $24.3M | $34.9M | $25.7M | $6.9M | $4.2M | $12.2M | $12.2M | $4.0M | −$25.4M |
| EBITDA | $36.9M | $27.5M | $32.5M | $33.4M | $46.4M | $36.3M | $16.2M | $13.0M | $20.4M | $20.4M | $11.1M | −$21.4M |
| EPS (diluted) | $0.44 | $0.30 | $0.05 | $0.66 | $0.92 | $0.70 | $0.19 | $0.12 | $0.35 | $0.35 | $0.12 | $0.07 |
| Gross margin | 59.6% | 58.2% | 58.1% | 58.8% | 61.4% | 61.5% | 59.2% | 55.9% | 60.5% | 61.8% | 59.0% | 61.2% |
| Operating margin | 12.5% | 7.6% | 13.2% | 16.2% | 23.2% | 19.1% | 7.1% | 3.6% | 10.9% | 12.8% | 3.2% | −42.7% |
| Net margin | 7.7% | 4.2% | 65.6% | 16.9% | 22.2% | 17.9% | 5.6% | 3.9% | 10.7% | 12.6% | 5.0% | −38.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TMDX's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TMDX financial results
In fiscal year 2025 (ended December 31, 2025), TransMedics reported revenue of $605.5 million, up 37.1% from the year before. It had net income of $190.3 million (up 436.6%), a net profit margin of 31.4%. Diluted earnings per share came to $2.33. Over five years revenue grew at an average rate of 88.2% a year.
See the TMDX stock overview for the latest quote and news, or the TMDX chart for price history and technical indicators.
TMDX income statement FAQ
What is TransMedics's annual revenue?
TransMedics reported total revenue of $605.5 million for fiscal year 2025, which ended on December 31, 2025. That was up 37.1% from $441.5 million the previous year.
Is TransMedics profitable?
Yes. TransMedics reported net income of $190.3 million in fiscal 2025, a net profit margin of 31.4%; its operating margin was 17.9%.
What is TransMedics's gross margin?
TransMedics's gross margin was 59.9% in fiscal 2025: for every $100 of revenue, TransMedics kept $60 after the direct cost of its products and services.
How much does TransMedics spend on research and development?
TransMedics spent $69.1 million on research and development in fiscal 2025, 11.4% of revenue.
How fast is TransMedics growing?
Revenue grew 88.2% a year on average over the last five fiscal years, from $25.6 million to $605.5 million.
What are TransMedics's earnings per share?
TransMedics earned $2.33 per diluted share in fiscal 2025, compared with $1.01 a year earlier.
When will TransMedics report its next earnings?
TransMedics is expected to report results for the quarter ending September 30, 2026 on November 4, 2026.
When does TransMedics's fiscal year end?
TransMedics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.