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Axogen vs TransMedics: revenue, profit, margins and growth compared

Axogen brought in $225.2M of revenue in fiscal 2025, TransMedics $605.5M in fiscal 2025. Revenue changed by +20.2% at Axogen and +37.1% at TransMedics on the year before, so TransMedics grew faster. Axogen kept -7.0% of its revenue as net profit, TransMedics 31.4%. Free cash flow was -$2.9M at Axogen and $133.6M at TransMedics.

Side by side, latest fiscal year

AXGNTMDX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$225.2M$605.5M
Revenue growth+20.2%+37.1%
Net income-$15.7M$190.3M
Net margin-7.0%31.4%
Free cash flow-$2.9M$133.6M
Free cash flow margin-1.3%22.1%
Earnings per share (diluted)-$0.34$4.87
Cash$35.5M$488.9M
Debt$48.4M$10M
Price to earningsn/a17.5
Market value$2.3B$3B
Dividend yieldn/an/a
Rank by revenue in sector#245 of 523 · Health care#182 of 523 · Health care

Over the years

Revenue
AXGN FY2018: $83.9MAXGN FY2019: $106.7MAXGN FY2020: $112.3MAXGN FY2021: $127.4MAXGN FY2022: $138.6MAXGN FY2023: $159MAXGN FY2024: $187.3MAXGN FY2025: $225.2MTMDX FY2019: $14.7MTMDX FY2019: $25.8MTMDX FY2020: $28.4MTMDX FY2021: $31.4MTMDX FY2022: $93.5MTMDX FY2023: $241.6MTMDX FY2024: $441.5MTMDX FY2025: $605.5MFY18FY19FY20FY21FY22FY23FY24FY25
AXGN $225.2MTMDX $605.5M
Net income
AXGN FY2018: -$22.4MAXGN FY2019: -$29.1MAXGN FY2020: -$23.8MAXGN FY2021: -$27MAXGN FY2022: -$28.9MAXGN FY2023: -$21.7MAXGN FY2024: -$10MAXGN FY2025: -$15.7MTMDX FY2019: -$23.8MTMDX FY2019: -$33.5MTMDX FY2020: -$28.7MTMDX FY2021: -$44.2MTMDX FY2022: -$36.2MTMDX FY2023: -$25MTMDX FY2024: $35.5MTMDX FY2025: $190.3MFY18FY19FY20FY21FY22FY23FY24FY25
AXGN -$15.7MTMDX $190.3M
Net margin
AXGN FY2018: -26.7%AXGN FY2019: -27.3%AXGN FY2020: -21.2%AXGN FY2021: -21.2%AXGN FY2022: -20.9%AXGN FY2023: -13.7%AXGN FY2024: -5.3%AXGN FY2025: -7.0%TMDX FY2019: -162.1%TMDX FY2019: -129.8%TMDX FY2020: -101.4%TMDX FY2021: -140.9%TMDX FY2022: -38.8%TMDX FY2023: -10.4%TMDX FY2024: 8.0%TMDX FY2025: 31.4%FY18FY19FY20FY21FY22FY23FY24FY25
AXGN -7.0%TMDX 31.4%
Revenue growth
AXGN FY2019: +27.1%AXGN FY2020: +5.2%AXGN FY2021: +13.4%AXGN FY2022: +8.8%AXGN FY2023: +14.7%AXGN FY2024: +17.8%AXGN FY2025: +20.2%TMDX FY2019: +76.3%TMDX FY2020: +9.7%TMDX FY2021: +10.7%TMDX FY2022: +197.8%TMDX FY2023: +158.5%TMDX FY2024: +82.7%TMDX FY2025: +37.1%FY19FY20FY21FY22FY23FY24FY25
AXGN +20.2%TMDX +37.1%
Free cash flow
AXGN FY2018: -$24.1MAXGN FY2019: -$24.5MAXGN FY2020: -$31.5MAXGN FY2021: -$41.2MAXGN FY2022: -$36.1MAXGN FY2023: -$19.6MAXGN FY2024: $1.4MAXGN FY2025: -$2.9MTMDX FY2019: -$26.4MTMDX FY2019: -$32.5MTMDX FY2020: -$30.7MTMDX FY2021: -$32.4MTMDX FY2022: -$57.7MTMDX FY2023: -$164.9MTMDX FY2024: -$80.9MTMDX FY2025: $133.6MFY18FY19FY20FY21FY22FY23FY24FY25
AXGN -$2.9MTMDX $133.6M

Fiscal years as each company reports them; the two may end in different months.

Questions about Axogen and TransMedics

Which is bigger by revenue, Axogen or TransMedics?

TransMedics is bigger by revenue: $605.5M in fiscal 2025, against $225.2M for Axogen in fiscal 2025.

Which keeps more of its revenue as profit, Axogen or TransMedics?

Axogen had a net margin of -7.0% in fiscal 2025; TransMedics had 31.4% in fiscal 2025.

Which grew revenue faster, Axogen or TransMedics?

In their latest fiscal years revenue changed by +20.2% at Axogen and +37.1% at TransMedics.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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