TransMedics Reports Fourth Quarter and Full Year 2024 Financial Results

Core Insights - TransMedics Group, Inc. reported significant financial growth in 2024, achieving an 83% increase in total revenue year-over-year, driven by the increased utilization of its Organ Care System (OCS) and logistics services [3][8]. Financial Performance - Total revenue for Q4 2024 was $121.6 million, a 50% increase from$ 81.2 million in Q4 2023, primarily due to higher OCS utilization [4][10]. - Full-year revenue for 2024 reached $441.5 million, up from$ 241.6 million in 2023, marking an 83% increase [8][10]. - Gross margin for Q4 2024 was 59.2%, slightly up from 59.0% in Q4 2023 [5]. - The gross margin for the full year 2024 was 59.4%, down from 63.8% in 2023, attributed to a higher proportion of service revenue [9]. - Operating expenses for Q4 2024 were $63.4 million, compared to$ 45.3 million in Q4 2023, driven by increased R&D investments [6][11]. - Net income for Q4 2024 was $6.9 million, or 6% of revenue, compared to$ 4.0 million in Q4 2023 [7][10]. - For the full year 2024, net income was $35.5 million, or 8% of revenue, compared to a net loss of$ 25.0 million in 2023 [12][10]. Operational Highlights - TransMedics completed 3,715 U.S. OCS cases in 2024, a 58% increase from 2,347 cases in 2023 [10]. - The company achieved an overall OCS market share of 20.9% across all three organs in 2024, up from 13.8% in 2023 [10]. - As of December 31, 2024, TransMedics owned 19 aircraft and purchased two additional aircraft in 2025 [10]. Future Outlook - For 2025, TransMedics expects total revenue to be in the range of $530 million to$ 552 million, representing a growth of 20% to 25% compared to 2024 [13].