TransMedics Group, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data TransMedics Group, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	14.7	25.8	28.4	31.4	93.5	242	442	605
Cost of revenue	7.28	9.74	9	9.1	28.2	87.5	179	243
Gross profit	5.73	13.9	16.6	21.2	65.3	154	262	363
Research and development	13.7	19.9	18.8	22.3	26.8	36.1	56	69.1
Selling, general and administrative	12.3	23.6	24.2	38.3	69.9	120	169	185
Operating expenses	26	43.5	43	60.6	96.7	183	225	254
Operating income	-20.2	-29.6	-26.4	-39.4	-31.4	-28.7	37.5	109
Interest expense	2.72	4.35	3.99	3.87	3.73	10.8	14.4	13.8
Other non-operating income	-3.48	-3.9	-2.33	-4.75	-4.73	2.06	-1.72	-1.06
Pre-tax income	-23.7	-33.5	-28.7	-44.2	-36.2	-26.7	35.8	108
Income tax	0	0	0		0.07	-1.64	0.32	-82.8
Net income	-23.8	-33.5	-28.7	-44.2	-36.2	-25	35.5	190
EBITDA	-19.5	-28.4	-24.8	-37.6	-28	-20.6	57.3	136
EPS, basic	-17.48	-2.36	-1.16	-1.60	-1.23	-0.77	1.07	5.60
EPS, diluted	-17.48	-2.36	-1.16	-1.60	-1.23	-0.77	1.01	4.87
Shares, basic (weighted)	1.36	14.2	24.7	27.6	29.6	32.5	33.2	34
Shares, diluted (weighted)	1.36	14.2	24.7	27.6	29.6	32.5	35.2	40.5
Dividend per share		0.00	0.00	0.00	0.00	0.00	0.00	0.00

Balance sheet

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	20.2	20.1	24.6	25.6	201	395	337	489
Short-term investments		60.6	101	66.9
Receivables	3.44	6.56	6.86	5.93	27.6	63.6	97.7	84.3
Inventory	9.28	11.2	11.9	14.9	20.6	44.2	46.6	48.9
Other current assets	1.84	1.54	2.33	5.46	2.9	8.03	16.3	16.3
Total current assets	34.8	100	147	119	252	511	497	638
Property, plant and equipment	3.47	4.79	4.75	9.84	19.2	174	286	328
Lease right-of-use assets				5.85	5.13	6.55	6.48	5.16
Goodwill						12	11.5	11.5
Intangible assets						2.35	2.15	1.95
Other non-current assets	0.01	0.01	0.01			0.06	0.21	0.24
Total assets	42.2	105	152	135	277	706	804	1,068
Accounts payable	4.72	7.25	1.21	6.65	3.34	12.7	10.3	10.4
Accrued liabilities	1.73	3.6	4.03	5.17	9.81	20.3	22.5	28.4
Deferred revenue	0.31	0.17	0.26	0.25	0.24	1.96	1.74	2.91
Short-term debt								10
Total current liabilities	12.6	16.1	11.9	23.2	23.7	54.9	59.9	89.3
Long-term debt	33.7	34.1	34.7	35.2	58.7
Lease liabilities				8.6	7.42	7.71	6.25	3.58
Total liabilities	47.9	50.7	48.1	67	89.8	569	575	595
Total debt	33.7	34.1	34.7	35.2	58.7			10
Paid-in capital	144
Retained earnings	-336	-369	-398	-442	-479	-504	-468	-278
Other comprehensive income	-0.1	-0	-0.1	-0.19	-0.23	-0.2	-0.36	0.12
Shareholders' equity	-192	54.6	104	67.9	187	137	229	473
Total equity	-192	54.6	104	67.9	187	137	229	473
Total liabilities and equity	42.2	105	152	135	277	706	804	1,068
Shares outstanding	1.4	21.2	27.2	27.8	32.1	32.7	33.6	34.3

Cash flow statement

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-23.8	-33.5	-28.7	-44.2	-36.2	-25	35.5	190
Depreciation and amortization	0.77	1.22	1.58	1.82	3.48	8.18	19.8	27.2
Stock-based compensation	0.14	0.85	2.41	6.88	10.3	19.8	33.2	36.9
Deferred income tax						-1.66		-83.5
Change in receivables	-2.51	-3.17	-0.22	0.84	-21.7	-33.8	-34.3	14
Change in inventory	-2.7	-4.12	-1.74	-4.89	-8.02	-28.1	-8.35	-7.72
Change in payables	0.16	3.44	-5.8	5.09	-3.27	6.96	-1.4	-0.02
Cash from operations	-26	-32.3	-30.3	-28.9	-45.8	-13	48.8	193
Capital expenditures	-0.42	-0.17	-0.46	-3.52	-11.9	-152	-130	-59.3
Acquisitions						-14.9
Purchases of investments		-82.4	-122	-72	-10.5
Sales and maturities of investments	12.7	22	80.7	105	76.9
Cash from investing	12.3	-60.5	-41.6	29.3	54.5	-194	-129	-59.3
Debt issued	33.4				58.5
Debt repaid	-9.08				-36.1
Stock issued	0.05	0.2	0.23	0.97	4.67	6.16	20.8	13.7
Cash from financing	22.1	92.7	75.5	1.39	168	400	22.9	16.9
Exchange rate effect	-0.08	-0.09	0.8	-0.8	-1.02	0.19	-0.54	1.27
Net change in cash	8.31	-0.15	4.49	1	176	194	-58.2	152
Free cash flow	-26.4	-32.5	-30.7	-32.4	-57.7	-165	-80.9	134
Interest paid	2.4	3.88	3.48	3.33	3.26	8.09	11.3	10.7
Income taxes paid								1.15

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $85.29 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	58.7%	Gross profit / revenue.
Operating margin	12.2%	Operating income / revenue.
EBITDA margin	17.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.9%	Pre-tax income / revenue.
Net margin	22.7%	Net income / revenue.
FCF margin	11.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	21.8%	Cash from operations / revenue.
Effective tax rate	-109.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	29.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.4%	Net income / average total assets.
Return on invested capital (ROIC)	137.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	13.8%	Research and development expense / revenue.
SG&A / revenue	32.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	5.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	10.0%	Capital expenditures / revenue.
D&A / revenue	5.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	37.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	86.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	84.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	38.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	77.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	85.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	189.6%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	137.1%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	436.6%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	382.2%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	295.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	107.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	36.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	35.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	32.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	56.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	47.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	15.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	11.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	10.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	6.62x	Current assets / current liabilities.
Quick ratio	6.06x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	5.00x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.04x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.4%	Total debt / total assets.
Liabilities / assets	64.6%	Total liabilities / total assets.
Net debt	-$471.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-3.99x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.84x	Operating income / interest expense.
Working capital	$552.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$506.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.46x	Revenue / average total assets.
Fixed asset turnover	1.83x	Revenue / average property, plant and equipment.
Inventory turnover	5.10x	Cost of revenue / average inventory.
Days inventory	72 days	365 x average inventory / cost of revenue.
Receivables turnover	6.42x	Revenue / average receivables.
Days sales outstanding	57 days	365 x average receivables / revenue.
Days payables	17 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	111 days	Days inventory + days sales outstanding - days payables.
FCF conversion	52.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	45.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.73	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$16.42	Revenue / diluted weighted shares.
FCF per share	$1.94	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.58	Cash from operations / diluted weighted shares.
Book value per share	$14.96	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$14.63	Tangible book value / shares outstanding.
Cash per share	$14.18	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.96B	Share price x shares outstanding.
Enterprise value	$2.49B	Market cap + total debt - cash - short-term investments.
P/E	19.5x	Market cap / net income. Only when net income is positive.
P/S	4.42x	Market cap / revenue.
P/B	5.71x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.84x	Market cap / tangible book value, when positive.
P/FCF	37.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	20.3x	Market cap / cash from operations, when positive.
EV/Sales	3.72x	Enterprise value / revenue.
EV/EBIT	30.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	21.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	31.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.7%	Free cash flow / market cap.
Earnings yield	5.1%	Net income / market cap (the inverse of P/E).

What was TransMedics Group, Inc.'s revenue in fiscal 2025?

TransMedics Group, Inc. reported revenue of $605.5M for fiscal 2025, 37.1% higher than the year before.

Was TransMedics Group, Inc. profitable in fiscal 2025?

Yes. Net income was $190.3M, a net margin of 31.4%.

How much free cash flow did TransMedics Group, Inc. generate in fiscal 2025?

Cash from operations of $192.8M minus capital expenditures of $59.3M left free cash flow of $133.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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