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TransMedics reports first quarter 2024 financial results

TransMedics Group, Inc. reported financial results for the quarter ended March 31, 2024.

“We are pleased with our first quarter results as we simultaneously drove continued revenue growth, expanded our infrastructure, and achieved profitability,” said Waleed Hassanein, MD, President and Chief Executive Officer. “2024 represents another catalyst heavy year for TransMedics, and we are focused on executing across the board to drive further growth for our business and the overall transplant volumes to help patients in need for organ transplants.”

First quarter 2024 financial results
Total revenue for the first quarter of 2024 was $96.9 million, a 133% increase compared to $41.6 million in the first quarter of 2023. The increase was due primarily to the increase in utilization of the Organ Care System (“OCS™”) across all three organs through the National OCS Program (“NOP”) as well as additional revenue generated by the addition of TransMedics logistics services.

Gross margin for the first quarter of 2024 was 62%, compared to 69% in the first quarter of 2023, and compared to 59% in the fourth quarter of 2023. The change from prior year is a result of a higher proportion of service revenue.

Operating expenses for the first quarter of 2024 were $47.5 million, compared to $30.9 million in the first quarter of 2023. The increase in operating expense was driven primarily by increased research and development investment as well as investment throughout the organization to support the growth of the company. First quarter operating expenses in 2024 included $6.5 million of stock compensation expense compared to $3.9 million of stock compensation expense in the first quarter of 2023.

Net income for the first quarter of 2024 was $12.2 million, 12.6% of revenue, compared to a net loss of $2.6 million in the first quarter of 2023.

Cash was $350.2 million as of March 31, 2024.

2024 financial outlook
TransMedics is raising its full year 2024 revenue guidance to be in the range of $390 million to $400 million, which represents 61% to 66% growth compared to the company’s prior year revenue. TransMedics’ prior 2024 revenue guidance was $360 million to $370 million.
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