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.

22,4 %

59,9 %

31,4 %

+37,1 %

7.14

6.59

— TransMedics Group, Inc.
%
OCS consoles and organ-specific systems55% Portable warm-perfusion systems used to preserve and assess donor hearts, lungs, and livers outside the body.
Disposable sets35% Single-use organ-specific sets consumed in each transplant procedure on the OCS platform.
NOP transplant services10% Outsourced organ procurement, perfusion management, and transplant logistics services in the U.S.

Customers are transplant programs, hospitals, and academic medical centers that perform organ transplantation and need...

  • U.S. transplant programsprimary

    Buy OCS disposable sets and NOP services to support heart, lung, and liver transplant procedures.

  • Academic medical centersprimary

    Use the OCS platform in complex transplant cases and clinical protocols, often influencing broader adoption.

  • International transplant centerssecondary

    Purchase OCS products and related support for approved uses outside the United States.

  • Clinical trial and registry participantssecondary

    Use the platform in studies that generate clinical evidence and support regulatory and commercial adoption.

The company is headquartered in Andover, Massachusetts and sells primarily in the United States, where the NOP is also...

  • •Headquartered in Andover, Massachusetts, United States
  • •U.S. is the main commercial market and NOP operating base
  • •International sales are concentrated in select transplant markets
  • •Revenue is heavily weighted to the United States
  • •Cross-border adoption depends on regulatory approvals and logistics

TransMedics is focused on expanding adoption of the OCS platform across heart, lung, and liver transplantation while...

01
Increase OCS adoption in transplant centersshort-term

More procedures drive recurring disposable-set demand and deepen platform penetration.

02
Scale the National OCS Programshort-term

NOP integrates logistics and perfusion management, making the platform easier to deploy at scale.

03
Advance next-generation and additional-organ productsmedium-term

New indications can extend the platform beyond the current heart, lung, and liver base.

The business depends on a concentrated set of transplant customers, regulatory approvals, reimbursement support, and...

high

Customer concentration

A small number of transplant centers and programs generate a significant share of revenue.

Scope
Loss or slowdown at key customers could materially reduce procedure volumes.
Materiality
high
high

Alternative organ preservation methods

Cold storage and normothermic regional perfusion can limit OCS adoption.

Scope
Competing workflows may reduce demand for OCS systems and disposable sets.
Materiality
high
high

Supply chain concentration

The company relies on single-source and sole-source suppliers for many components.

Scope
Any interruption could affect manufacturing and order fulfillment.
Materiality
high
high

Cybersecurity

The platform and company systems handle sensitive clinical and operational data.

Scope
A breach could disrupt operations, damage reputation, and trigger legal costs.
Materiality
medium
medium

Foreign operations

International sales are exposed to political, economic, and regulatory differences.

Scope
Non-U.S. revenue and expansion plans may be affected by local conditions.
Materiality
medium
Revenue recognition for bundled transplant offerings
Allocation across performance obligations affects timing and mix of reported revenue
Variable consideration and customer payments
Can change recognized revenue and operating expenses
Inventory valuation
Estimates affect cost of revenue and gross margin
Quarterly seasonality and procedure timing
Creates comparability issues in interim revenue and margin trends

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: 29/04/2026