TransMedics Group, Inc. (TMDX) Stock Price & Analysis
TransMedics Group, Inc. (TMDX) closed at USD 70.74 on Friday, October 23, 2026, down 1.83% on the day. The US market is currently closed (after-hours); this is not a live price.
The prior close was USD 72.06; the Oct 23, 2026 session ranged USD 69.76–72.63 on volume of 789,564 shares. Market capitalization is $2.45B, with a 52-week range of USD 60.11–156 (NGM). Source: Nexqual, retrieved October 23, 2026 at 20:21 UTC.
Also available as compact Markdown for AI agents: nexqual.com/TMDX.md
Key facts (TMDX)
- Last four reported quarters (through Jun 30, 2026): revenue $668M, net income $152M (22.7% margin), free cash flow $79.0M (SEC filings).
- Valuation: P/E 16.2x (avg 43.9x at the last 2 fiscal year-ends), EV/EBITDA 20.6x, net cash $16.9M.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $722K; 1 not under a Rule 10b5-1 plan ($722K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $109K; 1 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.08 on a 1–5 scale) (13 analysts), mean target USD 98.73 (range 65–125).
- Total return with dividends: 1Y -45.8% vs S&P 500 +13.4%; 5Y +157.9% vs S&P 500 +76.9%.
- Next earnings: 2026-11-05, EPS estimate USD 0.29, revenue estimate $178M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (TMDX)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $31.4M | $93.5M | $242M | $442M | $605M | $668M |
| Gross profit | $21.2M | $65.3M | $154M | $262M | $363M | — |
| Operating income | -$39.4M | -$31.4M | -$28.7M | $37.5M | $109M | $81.6M |
| Net income | -$44.2M | -$36.2M | -$25.0M | $35.5M | $190M | $152M |
| EPS (diluted) | -$1.60 | -$1.23 | -$0.77 | $1.01 | $4.87 | — |
| Free cash flow | -$32.4M | -$57.7M | -$165M | -$80.9M | $134M | $79.0M |
| Gross margin | 67.4% | 69.8% | 63.8% | 59.4% | 59.9% | — |
| Operating margin | -125.6% | -33.6% | -11.9% | 8.5% | 17.9% | 12.2% |
| Net margin | -140.9% | -38.8% | -10.4% | 8.0% | 31.4% | 22.7% |
| Revenue growth | +10.7% | +197.8% | +158.5% | +82.7% | +37.1% | — |
| Cash + short-term investments | $92.5M | — | — | $337M | $489M | — |
| Total debt | $35.2M | $58.7M | $447M | $450M | $463M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (TMDX)
P/E 16.2x · P/S 3.7x · EV/EBITDA 20.6x · EV/Sales 3.6x · P/FCF 31.0x · P/B 4.7x · FCF yield 3.22% · Earnings yield 6.18% · Net cash $16.9M · EV $2.44B
P/E at fiscal year-ends: Dec 2025 25.9x, Dec 2024 61.9x.
Insider sales (SEC Form 4, open-market, last ~7 months) (TMDX)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-15 | Gunderson Thomas J. | Director | 9,624 | $722K | 36.6% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Insider purchases (SEC Form 4, open-market, last ~7 months) (TMDX)
1 purchase, $109K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-11 | Weill David | Director | 1,336 | $109K | 81.63 | Opportunistic (traded every year 2023–2025, no repeating month) |
Analysts (TMDX)
Consensus Buy (mean 2.08 on a 1–5 scale), 13 analysts; mean target USD 98.73 (low 65, high 125).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Canaccord Genuity | Target lowered | Buy | $95 → $94 |
| 2026-10-07 | Barclays | Initiated | Overweight | $120 |
| 2026-09-08 | TD Cowen | Reiterated | Buy | $120 |
| 2026-08-05 | UBS | Target lowered | Neutral | $80 → $77 |
| 2026-08-05 | Piper Sandler | Target lowered | Overweight | $120 → $100 |
| 2026-08-03 | Needham | Target lowered | Buy | $142 → $106 |
| 2026-07-28 | UBS | Initiated | Neutral | $80 |
| 2026-07-06 | Evercore ISI Group | Target lowered | Outperform | $100 → $90 |
| 2026-07-01 | TD Cowen | Reiterated | Buy | $120 |
| 2026-06-30 | Canaccord Genuity | Maintained | Buy | $124 |
Total return (dividends reinvested) (TMDX)
| 1Y (from 2025-10-24) | 5Y (from 2021-10-25) | |
|---|---|---|
| Total return | -45.8% | +157.9% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -45.9% | +20.9% |
| Volatility (annualized) | 58.6% | 69.7% |
| Max drawdown | -58.8% (Dec 2025→May 2026) | -67.4% (Aug 2024→Jan 2025) |
TMDX revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Product | $111.2M | 58.5% | +15.7% |
| Service | $78.8M | 41.5% | +28.6% |
| Service Unrelated To OCS Transplant | $1.0M | 0.5% | +0.0% |
| Total revenue | $189.9M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
TMDX suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Fresenius Kabi Austria | “For example, each of Fresenius Kabi Austria GmbH and Fresenius Kabi AB, which we refer to collectively as Fresenius, is our single-source supplier of OCS Solutions for the OCS Lung and the OCS Heart, respectively.” |
Quoted from the company's 10-K filed Feb 24, 2026.
TMDX company outlook (results filed Aug 4, 2026)
- “TransMedics is raising the low end of its full-year 2026 revenue guidance to a range of $737 million to $757 million.”
- “This guidance excludes any revenue attributable to the recent strategic investment in PAD Aviation service GmbH, assumes no incremental revenue from the ENHANCE Part B and DENOVO clinical trials, and represents approximately 22% to 25% growth compared to the company's prior year revenue.”
- “TransMedics' full year 2026 revenue guidance as reported on May 5, 2026 was previously in the range of $727 million to $757 million.”
Quoted word-for-word from the SEC 8-K results press release.
TMDX analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.29 | $0.39 | -24.8% | $178.1M | 10 |
| Next quarter (ends Dec 2026) | $0.50 | $0.61 | -18.5% | $201.3M | 9 |
| Current fiscal year (ends Dec 2026) | $1.51 | $1.77 | -14.7% | $742.2M | 10 |
| Next fiscal year (ends Dec 2027) | $2.25 | $2.77 | -18.5% | $874.7M | 10 |
TMDX options: expected move
Options price a move of about ±17.3% (±$12.25) by Nov 6, 2026, which includes earnings on Nov 5, 2026; the earnings reaction alone is priced at about ±14.0%. Over the last 8 reports the stock moved ±10.1% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Oct 30, 2026 | 7 | 68.1% | ±7.5% |
| Nov 6, 2026 | 14 | 110.5% | ±17.3% |
| Nov 13, 2026 | 21 | 97.9% | ±18.8% |
| Nov 20, 2026 | 28 | 89.1% | ±19.5% |
| Nov 27, 2026 | 35 | 85.1% | ±21.0% |
| Dec 4, 2026 | 42 | 81.4% | ±22.0% |
| Dec 18, 2026 | 56 | 74.2% | ±23.1% |
| Jan 15, 2027 | 84 | 68.4% | ±26.1% |
30-day implied volatility 86.7% vs 46.1% realized over the last 30 trading days. Put/call ratio (volume) 1. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 20:21 UTC)
| Price | USD 70.74 |
|---|---|
| Change | ▼ 1.83% (down) |
| Previous Close | USD 72.06 |
| Open | USD 71.42 |
| Day Range | USD 69.76 – 72.63 |
| 52-Week Range | USD 60.11 – 156 |
| Volume | 789,564 shares |
| Market Cap | $2.45B |
| Exchange | NGM |
Technical Analysis (TMDX)
Nexqual's technical model rates TMDX "STRONG SELL" based on 0 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 20:21 UTC.
| Overall Signal | STRONG SELL |
|---|---|
| RSI (14) | 33.62 (neutral) |
| vs SMA50 | Below (USD 83.9) |
| MACD | -3.4 (negative) |
Analyst Ratings (TMDX)
Wall Street analysts rate TMDX "Buy" based on 13 analysts, with a mean price target of USD 98.73 (range USD 65–125), per Nexqual as of October 23, 2026 at 20:21 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 13 |
| Mean Target | USD 98.73 |
| High Target | USD 125 |
| Low Target | USD 65 |
| Buy / Hold / Sell | 9 / 4 / 0 |
Earnings (TMDX)
| Next Earnings Date | 2026-11-05 |
|---|---|
| EPS Estimate | USD 0.29 |
| Revenue Estimate | $178.05M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.44 vs est 0.48 ▼ miss |
| 2026-03-31 | USD 0.3 vs est 0.61 ▼ miss |
| 2025-12-31 | USD 0.53 vs est 0.37 ▲ beat |
| 2025-09-30 | USD 0.66 vs est 0.36 ▲ beat |
Source: Nexqual, October 23, 2026 at 20:21 UTC.
Financials & Fundamentals (TMDX)
| Total Revenue | $668.47M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +20.70% |
| Gross Margin | +58.69% |
| Operating Margin | +12.50% |
| Profit Margin | +22.69% |
| ROE | +36.29% |
| Debt / Equity | 1.67 |
| Current Ratio | 6.63 |
| Total Cash | $472.68M |
| Total Debt | $867.72M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $79.04M (11.8% of revenue) |
Source: Nexqual, October 23, 2026 at 20:21 UTC.
Financial Health Score (TMDX)
Nexqual rates TransMedics Group, Inc.'s overall financial health "Solid" across five dimensions, as of October 23, 2026 at 20:21 UTC.
| Growth | Strong — Revenue +37% YoY (annual) |
|---|---|
| Profitability | Strong — Gross margin 59%, operating 12% (last 12 months) |
| Balance Sheet | Weak — $491M cash and investments vs $474M debt (Jun 2026, SEC), net cash |
| Cash Flow | Solid — FCF $79M (last 4 quarters to Jun 2026, SEC), 12% margin |
| Efficiency | Strong — ROE 36%, ROA 4.3% |
Ownership (TMDX)
| Insider Ownership | +3.64% |
|---|---|
| Institutional Ownership | +103.02% |
| Shares Outstanding | 34.68M |
| Float | 33.56M |
| Short % of Float | +38.40% |
Source: Nexqual, October 23, 2026 at 20:21 UTC.
Leadership (TMDX)
TransMedics Group, Inc. is led by Waleed H. Hassanein, Founder, President, CEO & Director, per Nexqual as of October 23, 2026 at 20:21 UTC.
| Founder, President, CEO & Director | Waleed H. Hassanein |
|---|---|
| Senior Vice President of Supply Chain & Operations | Nicholas Corcoran |
| Senior Vice President of International | Tamer I. Khayal |
| Chief Financial Officer & Treasurer | Fernando Araujo |
| Vice President of Global Regulatory Affairs | Miriam C. Provost |
Major Backers & Investors (TMDX)
Notable institutional backers of TransMedics Group, Inc. include FMR, LLC, Fidelity, Nomura Asset Management International Inc, according to Nexqual as of October 23, 2026 at 20:21 UTC.
Active Investors
| Investor | Stake |
|---|---|
| FMR, LLC | 14.85% |
| Fidelity | 3.88% |
| Nomura Asset Management International Inc | 2.63% |
| Hood River Capital Management LLC | 2.17% |
| Delaware Group Equity Funds V-Nomura Small Cap Core Fund | 1.79% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 16.19% |
| Vanguard Group | 9.93% |
| State Street | 4.11% |
| Geode Capital | 2.59% |
| Dimensional Fund Advisors | 1.77% |
Source: Nexqual, October 23, 2026 at 20:21 UTC.
From TransMedics Group, Inc.'s Latest SEC 10-K Filing (filed 2026-02-24)
Key Strengths & Strategy (as disclosed to the SEC)
- Our NOP provides an end-to-end service offering delivering organs from anywhere in the United States on-demand directly to transplant centers leveraging our proprietary OCS technology, trained organ procurement surgeons and clinical specialists, and specially designed and dedicated air and ground transport logistics network.
- We developed the OCS, the first and only FDA approved portable, multi-organ, warm perfusion platform, to leverage proprietary core technologies across multiple organs.
- We believe the continued growth of our company will be driven by the following competitive strengths: Our Organ Care System is the only FDA approved portable, multi-organ, warm perfusion device on the market.
- As of December 31, 2025, our owned and licensed patent portfolio consisted of approximately 451 issued patents and pending patent applications worldwide, including in the United States, Australia, Europe, Canada, China, Israel, New Zealand and Japan.
Partnerships
- Our agreement with Fresenius includes an obligation to meet certain annual minimum purchase commitments based upon rolling order forecasts that we provided to Fresenius in accordance with this agreement.
- Our agreement with Fresenius for the supply of OCS Lung Solution had an original term through April 2024 and was automatically extended for an extension term through April 2026.
Legal & Regulatory Risks (Item 1A, quoted)
- Any corrective action, whether voluntary or involuntary, as well as potentially defending ourselves in a lawsuit, will require the dedication of our time and capital, distract management from operating our business, and may harm our reputation and financial results.
- Our products have been and may in the future be subject to product recalls that could harm our reputation and could materially and adversely affect our business, financial condition, operating results, cash flows and prospects.
- The OCS must be manufactured in accordance with federal and state regulations, and we or any of our suppliers or third-party manufacturers could be forced to recall our installed systems or suspend or terminate production if we fail to comply with these regulations.
- We have voluntarily recalled certain OCS products from clinical sites in the past and may need to take similar actions in the future, which may result in notices to regulatory agencies in other jurisdictions.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| NEOG | Neogen Corporation | USD 12.19 | ▲ 1.75% |
| UFPT | UFP Technologies, Inc. | USD 295.78 | ▼ 0.52% |
| AXGN | AxoGen, Inc. | USD 38.06 | ▲ 3.76% |
| INSP | Inspire Medical Systems, Inc. | USD 71.11 | ▼ 2.13% |
| ALMR | Alamar Biosciences, Inc. | USD 30.69 | ▲ 3.26% |
| ESTA | Establishment Labs Holdings Inc | USD 63.8 | ▲ 0.44% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 20:21 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt