TransMedics Group Inc.: Beat — EPS $0.51, Revenue $203.01M
Earnings BeatQ3 2026 · After-market
Did TransMedics Group Inc. (TMDX) beat earnings?
Yes, TransMedics Group Inc. (TMDX) beat Wall Street analyst expectations for Q3 2026, reporting higher-than-expected EPS and higher-than-expected revenue.
Earnings Per Share+75.86% surprise
$0.51Actual
Expected: $0.29
vs. year ago -23.9%
Total Revenue+14.62% surprise
$203.01MActual
Expected: $177.11M
vs. year ago +41.1%
Released Nov 05 · 4:02 PM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Revenue | $203.00M | $143.82M | +41.0 |
| Revenue detail — reported lines | |||
| └─Net product revenue | $113.42M | $87.68M | +29.4 |
| └─Service revenue | $89.59M | $56.15M | +59.6 |
| Net Income | $17.07M | $24.32M | -29.8 |
| GAAP Basic EPS | $0.49 | $0.71 | -31.0 |
| GAAP Diluted EPS | $0.46 | $0.66 | -30.0 |
| Adjusted Diluted EPS | $0.51 | $0.67 | -24.0 |
Financial Outlook / Guidance
| Metric | FY 2026 Outlook | |
|---|---|---|
| Guidance | Expected | |
| Revenue excluding PAD Aviation | $750M-$760M (+24% to +26% YoY, prev. $737M-$757M | $741.75MBeat +1.79% |
| Revenue | $764M-$774M (+26% to +28% YoY | — |
FY 2026 Outlook
- Revenue excluding PAD Aviation
- Guidance$750M-$760M(+24% to +26% YoY, prev. $737M-$757MExpected$741.75MBeat +1.79%
- Revenue
- Guidance$764M-$774M(+26% to +28% YoYExpected—
Business Highlights
- ➤Completed Part A enrollment in the Next-Generation OCS ENHANCE Heart trial.
- ➤FDA approved a continued-access protocol for 90 additional ENHANCE Heart patients.
- ➤Received FDA IDE approvals for ENHANCE Heart Part B and DENOVO Lung trials.
- ➤Both IDE-approved trials include CHOPS as a control arm.
- ➤Won the first European transplant logistics tender in Italy.
- ➤European transplant operations using PAD Aviation are set to commence in Italy.
- ➤Appointed Fernando Araujo as Chief Financial Officer.
- ➤Plans to launch OCS NOP in Italy, the Netherlands and Belgium.
- ➤OCS Kidney remains on track for first-in-human clinical experience in the second half of 2027.
Management Commentary
Waleed Hassanein, MD, President and Chief Executive Officer
“The third quarter of 2026 was the strongest in TransMedics' history, with record revenue and record case volume. Importantly, we delivered these results despite typical third quarter seasonality and before any contribution from ENHANCE Part B or DENOVO.”
Waleed Hassanein, MD, President and Chief Executive Officer
“We enter 2027 with strong momentum and a robust set of growth catalysts. ENHANCE Heart Part B and DENOVO Lung target large, untapped heart and lung segments, with two shots on goal in each through OCS and CHOPS. In Europe, we plan to launch OCS NOP in Italy, the Netherlands and Belgium, building on our first European transplant logistics win. And OCS Kidney remains on track for first-in-human clinical experience in the second half of 2027, our path into the largest transplant market. Our strategy is clear. Our execution is proven. Our conviction has never been stronger. We are building the global platform to transform organ transplantation, and we strongly believe our best years are still ahead.”