New York, Feb 25, 2026, 05:56 EST — Premarket
- TMDX was recently quoted roughly 7% higher ahead of the open, trading close to $148
- Q4 revenue landed at $160.8 million. Looking forward, the company expects 2026 revenue to come in between $727 million and $757 million.
- Headline profit got a lift from a significant tax benefit. Next up for investors: tracking margins and how many cases move.
TransMedics Group Inc (TMDX.OQ) climbed roughly 7.3% before the bell on Wednesday. The organ-transplant tech firm posted its latest quarter and laid out a 2026 revenue goal, flagging another period of double-digit growth ahead. Shares were recently quoted at $147.88, up from Tuesday’s $137.78 close.
TransMedics’ initial push is significant as it looks to show that its National OCS Program can expand without sacrificing margins. Unlike a straightforward “sell a box and walk away” setup, the program integrates the Organ Care System device with all the related logistics.
This profit figure got a lift from a tax benefit on Tuesday, which doesn’t fool traders for long. They’re quick to peel that away, grabbing at the real indicators—case volume, service revenue growth, any evidence that costs might be starting to dig in.
TransMedics posted a 32% jump in fourth-quarter revenue to $160.8 million, while revenue for the full year reached $605.5 million, up 37%. The company’s forecast puts 2026 revenue between $727 million and $757 million—an increase of roughly 20% to 25%. Chief Executive Waleed Hassanein called the 2025 performance “very pleased.” https://www.prnewswire.com/news-releases/t…
The company flagged stronger use of its Organ Care System, especially for liver and heart, plus service revenue coming from the National OCS Program. That 22-aircraft count at the close of 2025 keeps cropping up in investor models, shaping assumptions on both capacity and cost.
TransMedics posted net income of $105.4 million for the fourth quarter, translating to $2.62 per share. Stripping out pretax gains, adjusted earnings landed at 57 cents a share—well ahead of the 41-cent consensus from analysts surveyed by Zacks Investment Research, according to the Associated Press.
One item: an $83.8 million net income tax benefit, coming from the release of a valuation allowance related to deferred tax assets—an accounting move that can give profit figures a jolt. Gross margin landed at 58%, a hair below last year’s 59%, with the dip chalked up to pricier clinical services and heavier freight bills as the program ramps up.
Heading into the report, investors were already on edge about margins and whether aggressive spending would keep the squeeze on operating leverage. Out of 11 analysts, eight called the stock a “buy,” with an average price target of $144.20, according to Investing.com. That highlights just how much positive sentiment was already reflected in the stock’s move higher. https://m.au.investing.com/news/earnings/i…
But it’s a double-edged setup. Should transplant volumes slip, or if expenses from logistics, clinical efforts, and international rollout outpace incoming revenue, that premarket rally could evaporate as soon as the cash market gets underway.
The immediate focus shifts to TransMedics’ upcoming conference appearances. According to a company statement, management is on the docket at TD Cowen’s health care conference March 2, then heads to Oppenheimer’s MedTech & Services event March 16.
