TransMedics Group, Inc. Q3 2026 Earnings Recap

TransMedics reported record third-quarter revenue of approximately $203 million, up 41% year over year, and the stock rose 27.9% after earnings. Growth was driven by Liver and Heart market-share gains and transplant services; the company said ENHANCE Part B and DENOVO have not yet contributed.

Key Takeaways

• Transplant product revenue was $113 million, up approximately 29% year over year; transplant service revenue was roughly $79 million, up approximately 44%.
• OCS Liver and Heart case volumes grew year over year and sequentially, modestly exceeding the prior-quarter record despite typical seasonality; U.S. disease donor volume was down 6%.
• TransMedics’ logistics revenue was approximately $41 million, up 50%; its fleet handled about 86% of NOP missions requiring air transport, in line with the prior quarter.
• The company ended the quarter with approximately $493 million in cash and said it generated approximately $20 million in cash and expanded product and service margins.
• FDA approved protocol amendments for ENHANCE Heart Part B and DENOVO Lung, both expected to be catalysts beginning in Q1 2027; the trials could open access to additional heart and lung transplant cases.