TransMedics Group, Inc.
TransMedics Group, Inc. is a U.S.-based medical technology company focused on organ transplant therapy for end-stage organ failure. Its core platform includes the Organ Care System (OCS) for heart, lung, and liver transplantation, along with the National OCS Program (NOP), which combines organ procurement, perfusion management, and transplant logistics services.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenuePortable warm-perfusion systems used to preserve and assess donor hearts, lungs, and livers outside the body.
Single-use organ-specific sets consumed in each transplant procedure on the OCS platform.
Outsourced organ procurement, perfusion management, and transplant logistics services in the U.S.
Products
Reported · share of revenue- Products61.5 %
- Services38.5 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Customers are transplant programs, hospitals, and academic medical centers that perform organ transplantation and need preservation technology plus procedural support. In the U.S., many customers also participate in the NOP, which bundles logistics and perfusion management around the OCS platform. The business is concentrated in a relatively small number of transplant centers and other institutional buyers that value clinical evidence, reimbursement support, and workflow integration.
Buy OCS disposable sets and NOP services to support heart, lung, and liver transplant procedures.
Use the OCS platform in complex transplant cases and clinical protocols, often influencing broader adoption.
Purchase OCS products and related support for approved uses outside the United States.
Use the platform in studies that generate clinical evidence and support regulatory and commercial adoption.
Strategy
TransMedics is focused on expanding adoption of the OCS platform across heart, lung, and liver transplantation while building the clinical evidence base that supports broader use. It is also scaling the NOP, extending manufacturing and sterilization capacity, and pursuing additional organ indications and select non-U.S. markets.
More procedures drive recurring disposable-set demand and deepen platform penetration.
NOP integrates logistics and perfusion management, making the platform easier to deploy at scale.
New indications can extend the platform beyond the current heart, lung, and liver base.
Geography
The company is headquartered in Andover, Massachusetts and sells primarily in the United States, where the NOP is also deployed. International revenue is smaller but important for validating the platform across select non-U.S. transplant markets. Geography matters because transplant adoption, reimbursement, regulatory approvals, and logistics capabilities differ significantly by country.
Risks
The business depends on a concentrated set of transplant customers, regulatory approvals, reimbursement support, and reliable supply and logistics execution. It also faces adoption risk from alternative organ preservation methods, cybersecurity exposure, and international operating complexity, all of which can affect procedure volumes and platform utilization.
- Customer concentrationImpact: HighLikelihood: Medium
A small number of transplant centers and programs generate a significant share of revenue.
Exposure: Loss or slowdown at key customers could materially reduce procedure volumes.
- Alternative organ preservation methodsImpact: HighLikelihood: Medium
Cold storage and normothermic regional perfusion can limit OCS adoption.
Exposure: Competing workflows may reduce demand for OCS systems and disposable sets.
- Supply chain concentrationImpact: HighLikelihood: Medium
The company relies on single-source and sole-source suppliers for many components.
Exposure: Any interruption could affect manufacturing and order fulfillment.
- CybersecurityImpact: HighLikelihood: Low
The platform and company systems handle sensitive clinical and operational data.
Exposure - Foreign operationsImpact: MediumLikelihood: Low
International sales are exposed to political, economic, and regulatory differences.
Exposure: Non-U.S. revenue and expansion plans may be affected by local conditions.
Accounting
Judgemental itemsOrders can include disposable sets plus organ procurement, perfusion management, and logistics services.
Impact: Allocation across performance obligations affects timing and mix of reported revenue.
Clinical trial reimbursements and post-approval study payments require judgment on transaction price.
Impact: Can change recognized revenue and operating expenses.
OCS consoles and disposable sets include specialized components and manufacturing overhead.
Impact: Estimates affect cost of revenue and gross margin.
Transplant volumes and customer utilization can shift between quarters.
Impact: Creates comparability issues in interim revenue and margin trends.
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Last updated: 24/09/2026