TransMedics Group, Inc. (NASDAQ: TMDX)

TransMedics Group, Inc. is a medical technology company focused on transforming organ transplant therapy for patients with end stage organ failure. The company developed the Organ Care System (OCS) to replace the traditional cold storage method, providing a portable, warm perfusion platform that maintains donor organs in a functioning state outside the body. In addition to the OCS, TransMedics offers the National OCS Program (NOP), an outsourced service that handles organ procurement, perfusion management and transplant logistics for U. S. transplant centers. The OCS platform includes FDA approved products for heart, lung and liver transplantation, usable for both donation after brain death and donation after circulatory death.

TransMedics generates revenue primarily from the sale of OCS consoles, single use disposable perfusion sets and related solutions, as well as from fees for NOP services that include organ procurement, perfusion management and transportation logistics. The company’s revenue model emphasizes recurring income from disposable sets required for each OCS procedure and from ongoing service contracts under the NOP. In 2025 the company reported total revenue of $605.5 million, up from $441.5 million in 2024 and $241.6 million in 2023, reflecting year over year growth of 37.1% in 2025 and 82.7% in 2024.

TransMedics holds a leading position in the organ preservation market as the only FDA approved portable multi instrument warm perfusion system available. Its main competitors include OrganOx Limited (now part of Terumo Corporation), which offers a single organ liver perfusion device, and XVIVO Perfusion AB, which provides a lung specific warm perfusion system; the company also competes with traditional cold storage providers such as Paragonix Technologies, now part of Getinge. TransMedics’ competitive advantages stem from its robust clinical evidence base, proprietary technology platform, the integrated NOP logistics service, broad regulatory approvals for both DBD and DCD organs, ease of incorporation into existing transplant workflows, strong brand recognition among major transplant programs, established reimbursement relationships and a sizable intellectual property portfolio.

TransMedics serves transplant centers, hospitals and organ procurement organizations across the United States and in select international markets. Its customers include large academic medical centers as well as medium sized and smaller transplant programs that rely on the OCS and NOP to increase donor organ utilization and improve transplant outcomes. The company has established long term relationships with leading clinical institutions worldwide.