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TransMedics Group, Inc.

Rank #273HypergrowthWatchlistCompare with other stocks

TMDX · Nasdaq · Healthcare

TransMedics Group, Inc. (TMDX) — Rank #273 by gross profitability (GP/assets 0.25) · ROE 36.7% · Piotroski F-Score N/A.

As-of 2026-10-30 · CIK 0001756262 · all metrics point-in-time as of the filing date.

About

TransMedics Group, Inc., a commercial-stage medical technology company, engages in transforming organ transplant therapy for end-stage organ failure patients in the United States and internationally.

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The company provides Organ Care System (OCS), a portable organ perfusion, optimization, and monitoring system that utilizes its proprietary and customized technology to replicate near-physiologic conditions for donor organs outside of the human body. Its OCS includes OCS LUNG for the preservation of standard criteria donor lungs for double-lung transplantation; OCS Heart, a technology for preservation of DBD donor hearts deemed unsuitable due to limitations of cold storage and for ex vivo reanimation, functional monitoring, and beating-heart preservation of donation-after-circulatory-death hearts; and OCS Liver for the preservation of DBD and DCD of donor livers. The company also developed national OCS program, a turnkey solution for outsourced organ retrieval; and provides OCS organ management and logistics services, including aviation and ground transportation, and other coordination activity.

The company was founded in 1998 and is headquartered in Andover, Massachusetts.

Industry
Medical Devices
Sector
Healthcare
State
MA
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

898

Industry

Medical Devices

Exchange

Nasdaq

10/11

Flags passed

TMDX passes 10/11 quality flags

1 caution to review

  • CAUTION
    Dilution above 2%

    Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

  • PASS
    Gross margin holding
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Revenue not declining
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Operating leverage expanding · Deferred revenue growing · Sequential beat (rev + EPS)

No data Balance sheet — not counted as a pass.

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.25
Return on equity
36.7%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.83
Current ratio
6.62×
Net cash
$471.11M

Cash Flow

2/3 pass
Positive FCF
PASS
Cash-backed earnings
WARN
Accruals healthy
PASS
SBC / revenue
6.1%

Growth

1/2 pass
Revenue growth
37.1%
Piotroski F-Score
N/A
Share dilution
15.1%

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Does it make money well?

No warning flags · GP/assets 22nd percentile of 41 SIC 38 peers

Gross profitability (GP / assets)

0.25

Primary signal (Novy-Marx).

22nd pctl of 41 SIC 38 peers

Return on equity

36.7%

Gross margin

59.9%

52nd pctl of 41 SIC 38 peers

Revenue growth (YoY)

37.1%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

86.4%

Revenue CAGR (5Y)

88.2%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

—

Cash Flow Health

Is the cash real?

No warning flags · FCF 30% below net income

Free cash flow

$133.59M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

-29.8%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

6.1%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

Caution: Dilution above 2% · net cash $471.11M

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.83

0th pctl of 40 SIC 38 peers (best = lowest)

Current ratio

6.62×

95th pctl of 40 SIC 38 peers

Quick ratio

6.06×

Net cash

$471.11M

Cash & equivalents minus total debt.

Piotroski F-Score

N/A

Only 8/9 components determinable.

Valuation

Is the price reasonable?

No warning flags

Capital allocation quality

Composite score

1.0 / 5

Weak
Share count trend
15.1%0/5 Weak
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory
N/A0/5 Weak

Lifecycle Phase History

20202025
Startup
Hypergrowth

Price History

TMDX+180.1% · +22.8% CAGRSPY+82.9% · +12.8% CAGR

View full financial statements →

Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports