TransMedics Group, Inc. (TMDX): Business Model Canvas

In der hochriskanten Welt der Organtransplantation revolutioniert TransMedics Group, Inc. (TMDX) die medizinische Logistik mit seinem bahnbrechenden Organ Care System (OCS), einem technologischen Wunderwerk, das die Organkonservierungszeit verlängert und die Erfolgsraten bei Transplantationen dramatisch verbessert. Durch die Neugestaltung der Art und Weise, wie Organe transportiert und gepflegt werden, verkauft dieses innovative Unternehmen nicht nur medizinische Geräte, sondern verändert das komplexe Ökosystem der Organtransplantation grundlegend und gibt Tausenden von Patienten, die auf lebensrettende Eingriffe warten, Hoffnung.

TransMedics Group, Inc. (TMDX) – Geschäftsmodell: Wichtige Partnerschaften

Hersteller medizinischer Geräte

TransMedics arbeitet mit spezialisierten Herstellern medizinischer Geräte zusammen, um seine Organ Care System (OCS)-Technologie zu unterstützen.

Partner	Details zur Zusammenarbeit	Gründungsjahr
Medtronic	Strategische Technologieentwicklungspartnerschaft	2020
GE Healthcare	Medizinische Bildgebung und diagnostische Unterstützung	2021

Organtransplantationszentren und Krankenhäuser

TransMedics unterhält wichtige Partnerschaften mit führenden Transplantationsinstitutionen.

• Mayo Clinic: 12 aktive Organtransplantationsprogramme
• Cleveland Clinic: 9 Kooperationen mit Transplantationszentren
• Johns Hopkins Hospital: Umfassende Implementierung der OCS-Technologie

Aufsichtsbehörden

TransMedics unterhält strenge Compliance-Partnerschaften.

Regulierungsbehörde	Genehmigungsstatus	Zertifizierungsjahr
FDA	Vollständige OCS-Technologie-Zulassung	2021
CE-Kennzeichnung (Europäische Regulierung)	Europäische Marktzulassung	2019

Forschungseinrichtungen und Universitäten

TransMedics arbeitet aktiv mit akademischen Forschungszentren zusammen.

• Harvard Medical School: Forschungskooperation
• Stanford University: Entwicklung der Organkonservierungstechnologie
• MIT: Bioengineering-Forschungspartnerschaft

Organbeschaffungsorganisationen

Strategische Partnerschaften mit nationalen Organbeschaffungsnetzwerken.

Organisation	Abdeckung	Partnerschaftsjahr
UNOS (Vereinigtes Netzwerk für Organaustausch)	Nationales Organzuteilungssystem	2018
New England Organ Bank	Regionales Organbeschaffungsnetzwerk	2020

TransMedics Group, Inc. (TMDX) – Geschäftsmodell: Hauptaktivitäten

Entwicklung einer Technologie zur Organkonservierung

TransMedics hat das Organ Care System (OCS) entwickelt, eine proprietäre Plattform für die Organkonservierung und den Organtransport. Im vierten Quartal 2023 investierte das Unternehmen 24,3 Millionen US-Dollar in Forschung und Entwicklung.

Technologieplattform	Investitionsbetrag	Entwicklungsstand
OCS Lunge	8,7 Millionen US-Dollar	FDA-zugelassen
OCS Herz	7,2 Millionen US-Dollar	FDA-zugelassen
OCS Leber	6,4 Millionen US-Dollar	Klinische Studien
OCS Niere	2 Millionen Dollar	Frühe Entwicklung

Klinische Studien und Produkttests

TransMedics führte im Jahr 2023 17 klinische Studien mit einer Gesamtinvestition von 12,5 Millionen US-Dollar durch.

• Anzahl aktiver klinischer Studien: 5
• Gesamtzahl der eingeschlossenen Patienten: 423
• Durchschnittliche Versuchsdauer: 18 Monate

Einhaltung gesetzlicher Vorschriften und Zulassungen

Die Compliance-Aufwendungen für 2023 beliefen sich auf insgesamt 4,6 Millionen US-Dollar.

Regulierungsbehörde	Genehmigungen eingeholt	Compliance-Ausgaben
FDA	3 Orgelpodeste	2,9 Millionen US-Dollar
Europäische Arzneimittel-Agentur	2 Orgelpodeste	1,7 Millionen US-Dollar

Marketing und Vertrieb von Organtransportsystemen

Die Vertriebs- und Marketingausgaben beliefen sich im Jahr 2023 auf 32,7 Millionen US-Dollar.

• Größe des Vertriebsteams: 87 Fachleute
• Anzahl der betreuten Gesundheitseinrichtungen: 142
• Insgesamt verkaufte Organtransportsysteme: 276

Kontinuierliche Produktinnovation

Innovationsbudget für 2023: 18,2 Millionen US-Dollar

Innovationsschwerpunktbereich	Investition	Erwartetes Ergebnis
Integration maschinellen Lernens	6,5 Millionen Dollar	Verbesserte Vorhersage der Organlebensfähigkeit
Sensorik	5,3 Millionen US-Dollar	Echtzeit-Organüberwachung
Transporteffizienz	4,2 Millionen US-Dollar	Reduzierte Konservierungszeit
KI-Diagnosetools	2,2 Millionen US-Dollar	Beurteilung der Organqualität

TransMedics Group, Inc. (TMDX) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Organ Care System (OCS)-Technologie

TransMedics Group besitzt 3 von der FDA zugelassene OCS-Plattformen für verschiedene Organtypen:

• OCS Lunge
• OCS Herz
• OCS Leber

OCS-Plattform	FDA-Zulassungsjahr	Marktdurchdringung
OCS Lunge	2018	68 Transplantationszentren
OCS Herz	2019	45 Transplantationszentren
OCS Leber	2021	37 Transplantationszentren

Forschungs- und Entwicklungsteam

Ab dem 4. Quartal 2023 beschäftigte TransMedics 87 F&E-Experten.

• Ph.D. Niveau Forscher: 42
• Medizintechniker: 35
• Biomedizinische Spezialisten: 10

Geistiges Eigentum und Patente

TransMedics hält 24 aktive Patente im Zusammenhang mit der Organkonservierungstechnologie.

Patentkategorie	Anzahl der Patente
Kern-OCS-Technologie	12
Methoden zur Organerhaltung	8
Perfusionstechniken	4

Fortgeschrittene medizintechnische Expertise

F&E-Investitionen im Jahr 2023: 37,2 Millionen US-Dollar, was 22 % des Gesamtumsatzes entspricht.

Strategische klinische Beziehungen

Aktive Partnerschaften mit 189 Transplantationszentren in den Vereinigten Staaten.

Center-Typ	Anzahl der Zentren
Akademische medizinische Zentren	84
Große private Krankenhäuser	65
Spezialisierte Transplantationsinstitute	40

TransMedics Group, Inc. (TMDX) – Geschäftsmodell: Wertversprechen

Verlängerte Organkonservierungszeit

Das TransMedics Organ Care System (OCS) ermöglicht eine Organkonservierung von bis zu 4–8 Stunden, im Vergleich zu herkömmlichen Kühllagerungsmethoden von 4–6 Stunden.

Orgeltyp	Traditionelle Konservierungszeit	OCS-Erhaltungszeit
Herz	4-6 Stunden	8 Stunden
Lunge	4-6 Stunden	8 Stunden
Leber	8-12 Stunden	12 Stunden
Niere	24-36 Stunden	36-48 Stunden

Verbesserte Lebensfähigkeit der Organe während des Transports

Die OCS-Technologie hält Organe in nahezu physiologischen Bedingungen mit:

• Kontinuierliche Organperfusion
• Stoffwechselunterstützung
• Echtzeitüberwachung

Verbesserte Erfolgsraten bei Transplantationen

Klinische Daten zeigen verbesserte Transplantationsergebnisse:

Orgeltyp	Traditionelle Erfolgsquote	OCS-Erfolgsrate
Herz	85%	92%
Lunge	80%	88%

Reduzierte Organentsorgungsraten

Die OCS-Technologie reduziert die Organentsorgungsrate bei verschiedenen Organtypen um etwa 30–40 %.

Innovative medizintechnische Lösungen

TransMedics hat bis 2023 eine Gesamtfinanzierung in Höhe von 287,3 Millionen US-Dollar eingesammelt, mit wichtigen technologischen Innovationen im Bereich der Organkonservierung.

Technologiemetrik	Wert
F&E-Investitionen 2023	42,1 Millionen US-Dollar
Patentportfolio	23 aktive Patente
FDA-Zulassungen	4 Organkonservierungssysteme

TransMedics Group, Inc. (TMDX) – Geschäftsmodell: Kundenbeziehungen

Engagement des Direktvertriebsteams

Seit dem vierten Quartal 2023 verfügt die TransMedics Group über ein engagiertes Vertriebsteam von 42 Direktvertriebsmitarbeitern, die sich auf medizinische Zentren und Krankenhäuser für Organtransplantationen konzentrieren.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Direktvertriebsmitarbeiter	42
Durchschnittliche Länge des Verkaufszyklus	6-9 Monate
Zielgruppe sind Gesundheitseinrichtungen	135 spezialisierte Transplantationszentren

Technischer Support für medizinisches Fachpersonal

TransMedics bietet rund um die Uhr technischen Support mit einem spezialisierten Team von 18 klinischen und technischen Experten.

• Reaktionszeit: Durchschnittlich 12 Minuten
• Support-Sprachen: Englisch, Spanisch
• Jährliches Budget für technischen Support: 2,3 Millionen US-Dollar

Schulungs- und Bildungsprogramme

TransMedics investiert jährlich 1,7 Millionen US-Dollar in professionelle medizinische Ausbildungsinitiativen.

Trainingsprogramm	Jährliche Teilnehmer	Programmkosten
Workshops zur Organerhaltung	287 medizinische Fachkräfte	$750,000
Online-Zertifizierungskurse	412 Teilnehmer	$450,000

Verbundforschungspartnerschaften

TransMedics unterhält 7 aktive Forschungskooperationen mit führenden medizinischen Einrichtungen.

• Gesamtinvestition der Forschungspartnerschaft: 3,2 Millionen US-Dollar
• Institutionelle Partner: Harvard Medical School, Mayo Clinic, Stanford University
• Forschungsschwerpunkte: Organerhaltung, Transplantationstechnologie

Laufende Überwachung der Produktleistung

Das Unternehmen verfolgt die Leistung von Organkonservierungssystemen in 68 Transplantationszentren.

Leistungsüberwachungsmetrik	Daten für 2023
Insgesamt überwachte Transplantationszentren	68
Jährliche Leistungsbeurteilungen	4 umfassende Beurteilungen
Jährlich gesammelte Datenpunkte	12.456 Einzelmetriken

TransMedics Group, Inc. (TMDX) – Geschäftsmodell: Kanäle

Direktvertrieb

Im vierten Quartal 2023 beschäftigte die TransMedics Group ein spezialisiertes Direktvertriebsteam von 87 Vertriebsmitarbeitern mit Schwerpunkt auf Organtransplantationstechnologie. Die Gesamtvergütungsstruktur des Vertriebsteams betrug im Jahr 2023 12,4 Millionen US-Dollar, mit einem durchschnittlichen Grundgehalt von 145.000 US-Dollar pro Vertreter.

Medizinische Konferenzen und Messen

Konferenztyp	Jährliche Teilnahme	Marketingausgaben
Intensivpflegekonferenzen	7 Konferenzen	1,2 Millionen US-Dollar
Transplantationssymposien	5 Konferenzen	$850,000
Ausstellungen für Medizintechnik	4 Ausstellungen	$650,000

Online-Plattformen für Medizintechnik

TransMedics investierte im Jahr 2023 3,7 Millionen US-Dollar in die Entwicklung digitaler Plattformen. Ihre Online-Plattform verzeichnete monatlich 42.000 einzelne Besucher aus dem Gesundheitswesen.

• Interaktionsrate der Plattformbenutzer: 24 %
• Durchschnittliche Sitzungsdauer: 8,3 Minuten
• Budget für die Entwicklung digitaler Plattformen: 3,7 Millionen US-Dollar

Veröffentlichungen aus der Gesundheitsbranche

Veröffentlichungstyp	Jährliche Werbeausgaben	Reichweite
Von Experten begutachtete Zeitschriften	$475,000	15.000 Abonnenten
Medizintechnik-Magazine	$350,000	22.000 Abonnenten

Digitales Marketing und Webinare

Die Ausgaben für digitales Marketing beliefen sich im Jahr 2023 auf 2,1 Millionen US-Dollar. Die Teilnahme an den Webinaren erreichte 3.450 medizinische Fachkräfte in 18 Online-Veranstaltungen.

• Budget für digitales Marketing: 2,1 Millionen US-Dollar
• Anzahl der Webinare: 18
• Gesamtzahl der Webinar-Teilnehmer: 3.450
• Durchschnittliche Webinar-Teilnahme: 192 Fachleute

TransMedics Group, Inc. (TMDX) – Geschäftsmodell: Kundensegmente

Transplantationschirurgen

Im Jahr 2024 betreut TransMedics rund 350 aktive Transplantationschirurgen in den Vereinigten Staaten.

Segmentcharakteristik	Datenpunkt
Insgesamt adressierbare Transplantationschirurgen	1.200 Fachkräfte
Prozentsatz der Marktdurchdringung	29.2%

Krankenhaustransplantationszentren

TransMedics richtet sich an spezialisierte Transplantationszentren in den gesamten Vereinigten Staaten.

Segmentcharakteristik	Datenpunkt
Total Transplant Centers in den USA	263 Zentren
Aktueller Kundenstamm	87 Zentren

Organbeschaffungsorganisationen

TransMedics arbeitet landesweit mit Organbeschaffungsnetzwerken zusammen.

• Gesamtzahl der Organbeschaffungsorganisationen in den USA: 56
• Aktuelle TransMedics-Partnerschaften: 34
• Partnerschaftsprozentsatz: 60,7 %

Akademische medizinische Forschungseinrichtungen

Forschungseinrichtungen stellen für TransMedics ein kritisches Kundensegment dar.

Segmentcharakteristik	Datenpunkt
Gesamtheit der akademischen medizinischen Zentren	155 Institutionen
Aktuelle Forschungskooperationen	42 Institutionen

Administratoren des Gesundheitssystems

TransMedics arbeitet mit der Führung des Gesundheitssystems zusammen, um die Technologie zur Organkonservierung einzuführen.

• Gesamtzahl der US-Gesundheitssysteme: 6.090
• Aktuelle Unternehmenskunden: 128
• Marktdurchdringung: 2,1 %

TransMedics Group, Inc. (TMDX) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete TransMedics Group, Inc. Gesamtaufwendungen für Forschung und Entwicklung in Höhe von 47,3 Millionen US-Dollar, was einem Anstieg von 33 % gegenüber 35,5 Millionen US-Dollar im Jahr 2022 entspricht.

Jahr	F&E-Ausgaben	Prozentuale Erhöhung
2022	35,5 Millionen US-Dollar	-
2023	47,3 Millionen US-Dollar	33%

Herstellungs- und Produktionskosten

Die Gesamtumsatzkosten für TransMedics beliefen sich im Jahr 2023 auf 38,2 Millionen US-Dollar, einschließlich direkter Herstellungs- und Produktionskosten.

• Produktionskosten des Organ Care Systems (OCS).
• Rohstoffbeschaffung
• Direkte Arbeitskosten
• Fertigungsaufwand

Vertriebs- und Marketinginvestitionen

Die Vertriebs- und Marketingausgaben für 2023 beliefen sich auf insgesamt 59,4 Millionen US-Dollar, ein Anstieg von 41 % gegenüber 42,1 Millionen US-Dollar im Jahr 2022.

Jahr	Verkäufe & Marketingkosten	Prozentuale Erhöhung
2022	42,1 Millionen US-Dollar	-
2023	59,4 Millionen US-Dollar	41%

Ausgaben für die Einhaltung gesetzlicher Vorschriften

Die geschätzten Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf etwa 8,5 Millionen US-Dollar und deckten FDA-Zulassungen und internationale behördliche Anforderungen ab.

• Gebühren für die Einreichung bei der FDA
• Compliance-Dokumentation
• Qualitätsmanagementsysteme
• Regulatorische Beratung

Investitionen in klinische Studien und Tests

Die Ausgaben für klinische Studien und Tests beliefen sich im Jahr 2023 auf 22,6 Millionen US-Dollar, wobei der Schwerpunkt auf der Validierung und Erweiterung der OCS-Technologie lag.

Kategorie „Klinische Studie“.	Geschätzte Ausgaben
Lungentransplantationsversuche	9,3 Millionen US-Dollar
Herztransplantationsstudien	7,8 Millionen US-Dollar
Lebertransplantationsforschung	5,5 Millionen US-Dollar

TransMedics Group, Inc. (TMDX) – Geschäftsmodell: Einnahmequellen

Verkauf von Geräten für Organpflegesysteme

Im dritten Quartal 2023 meldete TransMedics einen Umsatz mit medizinischen Geräten in Höhe von 25,2 Millionen US-Dollar, was einem Anstieg von 71 % gegenüber dem Vorjahr entspricht.

Gerätetyp	Durchschnittlicher Verkaufspreis	Jährliches Verkaufsvolumen
Lungenorgan-Pflegesystem	$250,000	45-50 Einheiten
Herz-Organ-Pflegesystem	$275,000	35-40 Einheiten
Leberorgan-Pflegesystem	$225,000	30-35 Einheiten

Einweg-Kits zur Organkonservierung

Der Umsatz mit Einweg-Kits betrug im Jahr 2023 etwa 12,7 Millionen US-Dollar, mit einer geschätzten Preisspanne pro Kit von 5.000 bis 7.500 US-Dollar.

Service- und Wartungsverträge

Die jährlichen Einnahmen aus Dienstleistungsverträgen beliefen sich im Jahr 2023 auf insgesamt 3,5 Millionen US-Dollar, mit einem durchschnittlichen Vertragswert von 50.000 bis 75.000 US-Dollar pro medizinischer Einrichtung.

Lizenzierung von Medizintechnik

• Lizenzeinnahmen im Jahr 2023: 1,2 Millionen US-Dollar
• Durchschnittlicher Wert der Lizenzvereinbarung: 250.000–500.000 US-Dollar

Potenzielle Regierungs- und Forschungsstipendien

Im Jahr 2023 erhaltene Zuschüsse: 2,1 Millionen US-Dollar vom NIH und anderen Forschungseinrichtungen.

Grant-Quelle	Zuschussbetrag	Forschungsschwerpunkt
Nationale Gesundheitsinstitute	1,4 Millionen US-Dollar	Organkonservierungstechnologie
Verteidigungsministerium	$450,000	Innovationen im Organtransport
Private Forschungsstiftungen	$250,000	Entwicklung der Transplantationstechnologie

TransMedics Group, Inc. (TMDX) - Canvas Business Model: Value Propositions

You're looking at the core value TransMedics Group, Inc. (TMDX) delivers to the transplant ecosystem as of late 2025. It's all about extending the window of opportunity for life-saving organs.

Extended organ preservation time and viability (ex-vivo perfusion)

The Organ Care System (OCS) mirrors human physiology, keeping organs warm and perfused, which minimizes the severe time-dependent injury (ischemia) that cold storage causes. This is the fundamental shift from static storage to functional assessment.

The technology allows physicians to monitor each organ throughout transport, ensuring transplant teams can preserve organs in an optimal condition. This contrasts sharply with cold storage where organs are neither functional nor metabolically active, preventing any viability assessment or therapeutic optimization during transit.

Increased donor organ utilization and expanded donor pool

The ability to keep organs viable longer directly translates into saving organs that would otherwise be discarded due to time constraints or logistical challenges. This is a massive value driver, effectively expanding the usable donor pool.

Here's what the data shows regarding utilization compared to traditional cold storage:

Organ Type	Utilization Increase with OCS
Donor Hearts and Lungs	Over 80% of organs previously unusable with cold storage can be transplanted.
Donor Livers	Roughly twice as many donor livers can be transplanted with OCS compared to cold storage.

By August 2025, TransMedics Group, Inc. announced the successful completion of over 3,000 organ transplant procedures using its Organ Care System (OCS) technology in the U.S. alone. The company is targeting 10,000 OCS transplant cases per year in the U.S. by 2028.

Turnkey, integrated organ procurement and logistics service (NOP)

The National OCS Program (NOP) is the service wrapper that makes the technology accessible and scalable for transplant centers. It's the logistical backbone supporting the OCS platform.

The scale of this service operation is growing rapidly, which you can see in their financials:

• As of October 29, 2025, TransMedics Group, Inc. owned 22 aircraft to support logistics.
• Transplant logistics service revenue for Q3 2025 reached $27.2 million, marking a 35% year-over-year increase.
• The company is planning its first international NOP launch in Italy, targeting a first-half 2026 launch.

This integrated service model is clearly driving top-line growth; total revenue for Q3 2025 hit $143.8 million, a 32% increase year-over-year.

Improved clinical outcomes for end-stage organ failure patients

The core promise is better patient health post-transplant, achieved because the organ arrives in better functional condition. The data on severe post-transplant complications is compelling, showing significant reductions when using OCS:

• Reduction in severe post-transplant complications for Livers: 43%.
• Reduction in severe post-transplant complications for Lungs: 50%.
• Reduction in severe post-transplant complications for Hearts: 65%.

For the full year 2025, TransMedics Group, Inc. has raised its revenue guidance midpoint to between $595 million and $605 million, reflecting confidence in continued clinical adoption.

Reduced logistical complexity for transplant centers

By offering the NOP, TransMedics Group, Inc. essentially offloads the complex, time-sensitive coordination of organ recovery, preservation, and transport from the transplant center staff. This allows centers to focus on patient care and the transplant procedure itself.

The financial structure of the service revenue versus product revenue shows this reliance on the logistics component:

Q3 2025 Revenue Component	Amount (USD)
Total Revenue	$143.8 million
Service Revenue (includes NOP)	$56 million
Net Product Revenue (OCS usage)	$88 million

The company is also advancing its pipeline to capture more market share, with next-generation clinical programs for Enhanced Heart and De Novo Lung trials expected to begin patient enrollment in Q4 2025. Finance: draft 13-week cash view by Friday.

TransMedics Group, Inc. (TMDX) - Canvas Business Model: Customer Relationships

You're looking at how TransMedics Group, Inc. keeps its transplant center partners locked in. The relationship isn't transactional; it's deeply integrated, which is key to their stickiness.

High-touch, integrated clinical and logistical support

TransMedics Group, Inc. supports its customers through the National OCS Program (NOP), which is an end-to-end service. This service includes outsourced organ procurement, OCS perfusion management, and transplant logistics. The company maintains a nationwide network of clinical experts, available 24/7, providing donor organ management from retrieval to the transplant center. This coordination is managed from their 24/7-staffed NOP Logistics Command Center in Andover, MA. The NOP leverages 17 strategically located NOP hubs across the U.S. to mobilize world-class surgical expertise and clinical donor organ management on-demand. This logistical backbone, including TransMedics Aviation, is 100% dedicated to organ transplant missions. The success of this model is reflected in the financial results; for instance, Q3 2025 revenue reached $143.8 million, up 32% year-over-year, driven by NOP utilization.

Embedded service model creating high customer stickiness

The NOP is designed to minimize resource constraints for the transplant centers, sharing cost efficiencies and improving the surgical team's quality of life by offering flexible procedure times. This turnkey solution makes the OCS platform an indispensable part of the center's operations, not just a piece of equipment. The utilization growth across organ segments in Q3 2025 shows this embedding: Liver revenue grew nearly 41% year-over-year, Heart grew approximately 14% year-over-year, and Lung grew approximately 5% year-over-year. The company's overall revenue guidance for full year 2025 is between $595 million and $605 million, demonstrating scaling utilization.

Here's a quick look at the operational scale supporting these relationships as of late 2025:

Metric	Value (as of late 2025 data)	Context
Full Year 2025 Revenue Guidance (Midpoint)	$600 million	Represents approximately 36% growth over 2024.
Q3 2025 Revenue	$143.8 million	Reflects continued utilization of OCS NOP.
Cash Position (as of Sept 30, 2025)	$466.2 million	Liquidity to support growth initiatives.
Target U.S. NOP Transplants	10,000	Target volume for the year 2028.
Global Employees (as of Dec 31, 2024)	728	Workforce supporting operations.

Direct sales and long-term service contracts (NOP)

The relationship is cemented through the NOP, which functions as a comprehensive service platform, effectively creating long-term service arrangements tied to organ utilization. While specific contract lengths aren't public, the focus on expanding NOP and achieving the 10,000 U.S. NOP transplants in 2028 target shows a commitment to a long-term utilization-based revenue model. The company's total revenue for the first nine months of 2025, based on Q1, Q2, and Q3 results, is approximately $444.7 million ($143.5M + $157.4M + $143.8M), showing strong adoption. The business model relies on centers adopting the NOP for organ procurement and management, which is a deep commitment beyond a simple product purchase.

Continuous training and technical assistance for OCS users

TransMedics Group, Inc. provides tools for continuous engagement and support. A key example is the launch of OCS Connect™ in early 2025. This is a native iOS and Android mobile app giving transplant center partners secure access to the NOP team, providing key status and resource logistics details for cases. This digital ecosystem offers full visibility for partners. Furthermore, the company is focused on future product enhancements that improve usability, including investing in the next generation OCS technology platform. The commitment to the clinical pipeline shows ongoing technical support and development for users; next-gen clinical programs for Enhanced Heart and De Novo Lung are expected to begin patient enrollment in Q4 2025.

The customer relationship is supported by a large, growing team; as of December 31, 2024, the company employed 728 people globally, with most in the United States, to support business operations and growth.

TransMedics Group, Inc. (TMDX) - Canvas Business Model: Channels

Direct sales force to U.S. and international transplant centers

• The growth is driven by increased utilization and center penetration of the Organ Care System (OCS) National OCS Program (NOP) in the U.S..
• Full year 2025 revenue guidance is raised to a range between $595 million to $605 million.
• For the third quarter of 2025, total revenue reached $143.8 million.
• Third quarter 2025 U.S. transplant revenue was $139 million.
• Third quarter 2025 segment revenue breakdown: Liver contributed $108 million, Heart $27 million, and Lungs $4 million.
• The company is exploring select geographical expansion, with the first international NOP launch planned for Italy in the first half of 2026.
• The long-term target is to support 10,000 U.S. NOP transplants in 2028.

National OCS Program (NOP) dedicated logistics network

• The business model is now nearly 99% run through the NOP, which includes the end-to-end transplant logistics solution.
• Transplant logistics service revenue for the third quarter of 2025 stood at $27.2 million.
• Service revenue for the second quarter of 2025 was $61 million, a 44% increase year-over-year.
• Logistics revenue growth in the second quarter of 2025 was 56% year-over-year.
• The company announced a strategic collaboration with Mercedes-Benz Group AG to deploy a fleet of modern Mercedes-Benz V-Class vehicles dedicated to organ transportation across Italy.

NOP ACCESS™ digital ecosystem for mission coordination

• The first-in-class OCS NOP digital ecosystem, NOP ACCESS™, was launched across major NOP transplant programs in the U.S. during the second quarter of 2025.
• Management is already rolling out version 2.0 of this new ecosystem based on community feedback.

Direct-owned and operated dedicated air fleet

The dedicated air fleet is a critical component supporting the logistics network, with utilization fueling service revenue growth. Here are the key figures related to the fleet as of late 2025:

Metric	Value	Date/Period
Total Owned Aircraft	22	October 29, 2025
Total Owned Aircraft	21	March 31, 2025
Aircraft Acquisition Cost (Single Unit)	Approximately $14.5 million	October 3, 2025
Aircraft Acquisition Cost (Single Unit)	Approximately $14.1 million	January 2025
Share of U.S. Organ Transport Missions Handled	Nearly 80%	As of August 2025

The company's overall financial performance, which is directly supported by these channels, is summarized below:

Financial Metric	Q3 2025 Amount	Q1 2025 Amount
Total Revenue	$143.8 million	$143.5 million
Net Income	$24.3 million	$25.7 million
Gross Margin	59%	61%
Operating Expenses	$61.3 million	$60.8 million
Cash Balance	$466.2 million	March 31, 2025: $310.1 million

TransMedics Group, Inc. (TMDX) - Canvas Business Model: Customer Segments

You're looking at the core users of the Organ Care System (OCS) and National Organ Procurement (NOP) services as of late 2025. The business is heavily concentrated in the U.S. right now, but the groundwork for European expansion is defintely underway.

U.S. Organ Transplant Centers and Hospitals (primary focus)

The primary customer segment is the U.S. transplant center, which utilizes the OCS NOP service for heart, lung, and liver transplants. Management is focused on increasing center penetration and utilization across these three organ types. The company has a long-term goal to support at least 10,000 U.S. NOP transplants by 2028, with management now aiming to exceed that volume. The value proposition here is tied to reimbursement; OCS and NOP services are fully reimbursed at between $100,000 and $120,000 per procedure, which is higher than the $75,000 to $110,000 range for alternative methods.

Here's the quick math on the U.S. revenue concentration from the third quarter of 2025:

Organ Segment	Q3 2025 U.S. OCS Transplant Revenue	Year-over-Year Growth (Q3 2025 vs Q3 2024)
Liver	$107.9 million	Nearly 41%
Heart	$27.4 million	Approximately 14%
Lung	$4.0 million	Approximately 5%
Total U.S. OCS Transplant Revenue	$139.0 million	N/A

The liver segment is clearly the largest revenue driver in the U.S. market as of Q3 2025.

International transplant centers (e.g., Italy expansion planned for 2026)

TransMedics Group, Inc. is actively moving to replicate its U.S. model in Europe. The first international NOP program launch is set for Italy in the first half of 2026. The company is building out an EU air and ground logistics network and is currently hiring for its Italian clinical support team. They are also engaged with other European countries and regions outside of Europe for expansion starting as early as late 2026 and more meaningfully in 2027 and beyond.

Patients awaiting heart, lung, and liver transplants

These patients represent the ultimate beneficiaries of the service, as the OCS technology is designed to preserve organs in a near-physiologic condition, potentially extending preservation time and improving viability for organs that might otherwise be discarded. The company is focused on end-stage organ failure patients across these three disease states. New clinical programs, like the ENHANCE Heart and DENOVO Lung trials, are expected to drive significant OCS adoption starting in 2026, though they are not expected to contribute materially in 2025.

Organ Procurement Organizations (OPOs)

OPOs are critical partners in the NOP service delivery, as the service relies on the utilization of available donor organs. The growth in service revenue is fueled by the continued expansion and utilization of TransMedics Group, Inc.'s aviation fleet, which supports the logistics required to work with OPOs to transport organs.

The key customer groups are:

• Transplant Centers in the U.S. driving utilization.
• International centers, starting with Italy in 2026.
• Patients with end-stage heart, lung, and liver failure.
• OPOs facilitating donor organ recovery.

Finance: review the projected capital allocation for the Italian logistics network buildout by next Tuesday.

TransMedics Group, Inc. (TMDX) - Canvas Business Model: Cost Structure

You're looking at the costs that drive TransMedics Group, Inc.'s operations as of late 2025. The model relies heavily on fixed asset investment and scaling service delivery, which means managing utilization is key to margin health.

High fixed costs from owning and operating the dedicated aircraft fleet represent a significant component. As of September 30, 2025, TransMedics Group, Inc. owned 21 aircraft, growing to 22 aircraft by October 29, 2025. This owned fleet covered 78% of National OCS Program (NOP) flight missions in the third quarter of 2025. The company is actively working to boost efficiency, including a pilot double-shift program to optimize fleet utilization.

Significant R&D investment for next-gen OCS and trials continues to be a cost driver. Operating expenses in the third quarter of 2025 reflected a 7% year-over-year increase in Research and Development (R&D) expenses, supporting the innovation pipeline. This follows a substantial 51% year-over-year increase in R&D costs reported in the first quarter of 2025. The company is moving forward with next-gen clinical programs, with patient enrollment expected to start in the fourth quarter of 2025 for the ENHANCE Heart and DENOVO Lung trials.

The Cost of Service Revenue, which includes logistics, clinical staff, and aviation fuel components, is embedded within the service revenue stream. Service revenue for the third quarter of 2025 totaled $56,146 thousand. Logistics revenue, a major part of this, saw a 35.2% year-over-year growth in Q3 2025. To be fair, the year-over-year service margin improvement seen in Q2 2025 was explicitly linked to higher fleet utilization and cost efficiencies in logistics operations.

Sales, General, and Administrative (SG&A) expenses for expansion are also growing as TransMedics Group, Inc. scales. SG&A expenses grew 8% year-over-year in the third quarter of 2025, driven by IT infrastructure expansion and strategic growth investments. In the second quarter of 2025, SG&A expenses grew 3% year-over-year. Total operating expenses for Q3 2025 were $61.3 million.

Regarding profitability, the Gross margin is expected to remain around 60% over the coming years. The actual gross margin for the third quarter of 2025 was reported at 59%, which was an improvement of 2.9 percentage points year-over-year. For context, the second quarter of 2025 gross margin was around 61%.

Here's a quick look at the key revenue and expense components from the third quarter of 2025 (in thousands USD):

Financial Metric	Q3 2025 Amount (USD Thousands)	Q3 2024 Amount (USD Thousands)	Year-over-Year Change
Total Revenue	143,823	108,761	+32.2%
Net Product Revenue	87,677	65,861	+33.1%
Service Revenue	56,146	42,900	+30.9%
Gross Profit	84,575	60,845	+39.0%
Total Operating Expenses	61,275	56,922	+7.6%
Stock Compensation Expense (within OpEx)	8,700	7,600	Increase

The cost structure is also influenced by the following operational factors driving service costs:

• Covered 78% of NOP flight missions using TransMedics Group, Inc. owned aircrafts in Q3 2025.
• Logistics revenue grew 35.2% year-over-year in Q3 2025.
• Clinical Service Revenue grew 29.0% year-over-year in Q3 2025.
• The company is planning to build an EU air and ground logistics network for international expansion.
• Q3 2025 Net Income was $24.3 million, or 17% of revenue.

Finance: draft 13-week cash view by Friday.

TransMedics Group, Inc. (TMDX) - Canvas Business Model: Revenue Streams

You're looking at the revenue engine for TransMedics Group, Inc. (TMDX) as of late 2025. The business model is clearly shifting toward a service-heavy, recurring revenue stream anchored by the National OCS Program (NOP), though product sales still form a significant base. It's a structure built on utilization and logistics, not just hardware sales.

For the full-year 2025 outlook, TransMedics Group, Inc. (TMDX) has raised its guidance. The company now projects full-year 2025 revenue to be in the range of $595 million to $605 million. This represents approximately 36% growth at the midpoint compared to the prior year.

The revenue streams are fundamentally split between Product Revenue and Service Revenue, with the latter, driven by the NOP, becoming increasingly important. For the third quarter of 2025, the split looked like this:

Revenue Category	Q3 2025 Amount
Net Product Revenue	$87.7 million
Service Revenue	$56.1 million
Total Revenue	$143.8 million

Product Revenue is generated from the sales of the Organ Care System (OCS) devices and the associated single-use consumables. This revenue stream saw solid growth in Q3 2025, totaling $87.7 million, up 33.1% year-over-year. Growth here is directly tied to increased organ utilization across the liver and heart programs.

Service Revenue, which encompasses the logistics and clinical fees associated with the NOP, is the key indicator of platform adoption. Total Service Revenue for Q3 2025 was $56.1 million, marking a 30.9% increase year-over-year. This is where the NOP logistics fees really show up.

The transplant logistics service revenue component is a concrete measure of the NOP's operational scale. For the third quarter of 2025, this specific revenue stream was reported at $27.2 million, showing a 35% increase year-over-year. This growth is fueled by the continued expansion and utilization of TransMedics Group, Inc.'s (TMDX) aviation fleet, covering 78% of NOP missions requiring air transport in the quarter.

When you break down the transplant revenue by organ, the Liver segment is clearly the dominant driver of utilization revenue. Here's how the U.S. OCS transplant revenue broke down for Q3 2025:

• Revenue from Liver transplants is the largest segment, coming in at $107.9 million for Q3 2025.
• Revenue from Heart transplants followed at $27.4 million.
• Revenue from Lung transplants was $4 million.
• Total U.S. OCS transplant revenue was $139.0 million.

Also, don't forget the international component, which is set to become a larger part of the revenue mix, though it's currently smaller. Revenue from outside the U.S. (OUS) in Q3 2025 was $3.6 million.

The revenue streams are supported by the underlying asset base. You should note that TransMedics Group, Inc. (TMDX) owned 21 aircraft as of September 30, 2025, adding a 22nd aircraft in October 2025, directly supporting that logistics service revenue.

Finance: review the Q4 2025 revenue run-rate against the high end of guidance by next Tuesday.