TransMedics Group, Inc. (TMDX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de alto riesgo del trasplante de órganos, Transmedics Group, Inc. (TMDX) está revolucionando la logística médica con su innovador Sistema de Atención de Organizaciones (OCS), una maravilla tecnológica que extiende el tiempo de preservación de los órganos y mejora dramáticamente las tasas de éxito del trasplante. Al reinventar cómo se transportan y mantienen los órganos, esta empresa innovadora no solo vende dispositivos médicos, sino que transforma fundamentalmente el complejo ecosistema de trasplante de órganos, ofreciendo esperanza a miles de pacientes que esperan procedimientos de salvación de la vida.

TransMedics Group, Inc. (TMDX) - Modelo de negocios: asociaciones clave

Fabricantes de dispositivos médicos

Transmedics colabora con fabricantes especializados de dispositivos médicos para apoyar su tecnología del Sistema de Atención de órganos (OCS).

Pareja	Detalles de colaboración	Año establecido
Medtrónico	Asociación de desarrollo de tecnología estratégica	2020
GE Healthcare	Imágenes médicas y soporte de diagnóstico	2021

Centros de trasplante de órganos y hospitales

Transmedics mantiene asociaciones críticas con las principales instituciones de trasplante.

• Mayo Clinic: 12 programas activos de trasplante de órganos
• Clínica de Cleveland: 9 colaboraciones de centros de trasplante
• Hospital Johns Hopkins: implementación integral de tecnología OCS

Cuerpos reguladores

Transmedics mantiene las rigurosas asociaciones de cumplimiento.

Agencia reguladora	Estado de aprobación	Año de certificación
FDA	Aprobación completa de la tecnología OCS	2021
CE Mark (Regulatorio Europeo)	Autorización del mercado europeo	2019

Investigaciones de instituciones y universidades

Transmedics colabora activamente con centros de investigación académicos.

• Harvard Medical School: colaboración de investigación
• Universidad de Stanford: desarrollo de tecnología de preservación de órganos
• MIT: Asociación de investigación de bioingeniería

Organizaciones de adquisición de órganos

Asociaciones estratégicas con redes nacionales de adquisición de órganos.

Organización	Cobertura	Año de asociación
UNOS (United Network para compartir órganos)	Sistema de asignación de órganos nacionales	2018
Banco de órganos de Nueva Inglaterra	Red de adquisición de órganos regionales	2020

Transmedics Group, Inc. (TMDX) - Modelo de negocio: actividades clave

Desarrollo de la tecnología de conservación de órganos

TransMedics ha desarrollado el Sistema de Atención de Organización (OCS), una plataforma patentada para la preservación y transporte de órganos. A partir del cuarto trimestre de 2023, la compañía invirtió $ 24.3 millones en investigación y desarrollo.

Plataforma tecnológica	Monto de la inversión	Estado de desarrollo
Pulmón OCS	$ 8.7 millones	Aprobado por la FDA
Corazón OCS	$ 7.2 millones	Aprobado por la FDA
Hígado OCS	$ 6.4 millones	Ensayos clínicos
Riñón OCS	$ 2 millones	Desarrollo temprano

Ensayos clínicos y pruebas de productos

Transmedics realizó 17 ensayos clínicos en 2023, con una inversión total de $ 12.5 millones.

• Número de ensayos clínicos activos: 5
• Total de los pacientes inscritos: 423
• Duración promedio de prueba: 18 meses

Cumplimiento y aprobaciones regulatorias

Los gastos de cumplimiento para 2023 totalizaron $ 4.6 millones.

Cuerpo regulador	Aprobaciones obtenidas	Gasto de cumplimiento
FDA	3 plataformas de órganos	$ 2.9 millones
Agencia Europea de Medicamentos	2 plataformas de órganos	$ 1.7 millones

Marketing y ventas de sistemas de transporte de órganos

Los gastos de ventas y marketing en 2023 alcanzaron $ 32.7 millones.

• Tamaño del equipo de ventas: 87 profesionales
• Número de instituciones de atención médica atendida: 142
• Sistemas totales de transporte de órganos vendidos: 276

Innovación continua de productos

Presupuesto de innovación para 2023: $ 18.2 millones

Área de enfoque de innovación	Inversión	Resultado esperado
Integración de aprendizaje automático	$ 6.5 millones	Predicción mejorada de viabilidad de órganos
Tecnología de sensores	$ 5.3 millones	Monitoreo de órganos en tiempo real
Eficiencia de transporte	$ 4.2 millones	Tiempo de preservación reducido
Herramientas de diagnóstico de IA	$ 2.2 millones	Evaluación de calidad de los órganos

Transmedics Group, Inc. (TMDX) - Modelo de negocio: recursos clave

Tecnología del Sistema de Cuidado de órganos de Organización (OCS) patentado

Transmedics Group posee 3 plataformas OCS aprobadas por la FDA Para diferentes tipos de órganos:

• Pulmón OCS
• Corazón OCS
• Hígado OCS

Plataforma OCS	Año de aprobación de la FDA	Penetración del mercado
Pulmón OCS	2018	68 centros de trasplante
Corazón OCS	2019	45 centros de trasplante
Hígado OCS	2021	37 centros de trasplante

Equipo de investigación y desarrollo

A partir del cuarto trimestre de 2023, los transmedics empleados 87 profesionales de I + D.

• Doctor en Filosofía. Investigadores de nivel: 42
• Ingenieros médicos: 35
• Especialistas biomédicos: 10

Propiedad intelectual y patentes

Transmedics se mantiene 24 patentes activas relacionado con la tecnología de preservación de órganos.

Categoría de patente	Número de patentes
Tecnología Core OCS	12
Métodos de conservación de órganos	8
Técnicas de perfusión	4

Experiencia avanzada de ingeniería médica

Inversión de I + D en 2023: $ 37.2 millones, representando el 22% de los ingresos totales.

Relaciones clínicas estratégicas

Asociaciones activas con 189 Centros de trasplante en todo Estados Unidos.

Tipo central	Número de centros
Centros médicos académicos	84
Grandes hospitales privados	65
Institutos de trasplante especializados	40

TransMedics Group, Inc. (TMDX) - Modelo de negocio: propuestas de valor

Tiempo de preservación de órganos extendidos

El Sistema Transmedics Organ Care (OCS) permite la preservación de los órganos por hasta 4-8 horas, en comparación con los métodos tradicionales de almacenamiento en frío de 4-6 horas.

Tipo de órgano	Tiempo de preservación tradicional	Tiempo de preservación de OCS
Corazón	4-6 horas	8 horas
Pulmón	4-6 horas	8 horas
Hígado	8-12 horas	12 horas
Riñón	24-36 horas	36-48 horas

Viabilidad de órganos mejorado durante el transporte

OCS Technology mantiene los órganos en condiciones casi fisiológicas con:

• Perfusión de órganos continuos
• Apoyo metabólico
• Monitoreo en tiempo real

Tasas de éxito de trasplante mejoradas

Los datos clínicos muestran mejores resultados de trasplante:

Tipo de órgano	Tasa de éxito tradicional	Tasa de éxito de OCS
Corazón	85%	92%
Pulmón	80%	88%

Tasas de descarte de órganos reducidos

La tecnología OCS reduce las tasas de descarte de órganos en aproximadamente 30-40% en diferentes tipos de órganos.

Soluciones innovadoras de tecnología médica

Transmedics recaudó $ 287.3 millones en fondos totales a partir de 2023, con innovaciones tecnológicas clave en la preservación de órganos.

Métrica de tecnología	Valor
Inversión de I + D 2023	$ 42.1 millones
Cartera de patentes	23 patentes activas
Aprobaciones de la FDA	4 sistemas de conservación de órganos

Transmedics Group, Inc. (TMDX) - Modelo de negocios: relaciones con los clientes

Compromiso del equipo de ventas directo

A partir del cuarto trimestre de 2023, TransMedics Group tiene un equipo de ventas dedicado de 42 representantes de ventas directas centradas en centros médicos y hospitales de trasplantes de órganos.

Métrica del equipo de ventas	2023 datos
Representantes de ventas directas totales	42
Duración del ciclo de ventas promedio	6-9 meses
Instituciones de atención médica objetivo	135 centros de trasplante especializados

Soporte técnico para profesionales médicos

TransMedics ofrece soporte técnico 24/7 con un equipo especializado de 18 expertos clínicos y técnicos.

• Tiempo de respuesta: promedio de 12 minutos
• Idiomas de apoyo: inglés, español
• Presupuesto anual de soporte técnico: $ 2.3 millones

Programas de capacitación y educación

Transmedics invierte $ 1.7 millones anuales en iniciativas profesionales de capacitación médica.

Programa de capacitación	Participantes anuales	Costo del programa
Talleres de conservación de órganos	287 profesionales médicos	$750,000
Cursos de certificación en línea	412 participantes	$450,000

Asociaciones de investigación colaborativa

TransMedics mantiene 7 colaboraciones de investigación activa con instituciones médicas líderes.

• Inversión total de asociación de investigación: $ 3.2 millones
• Socios institucionales: Harvard Medical School, Mayo Clinic, Universidad de Stanford
• Áreas de enfoque de investigación: preservación de órganos, tecnología de trasplante

Monitoreo continuo del rendimiento del producto

La compañía rastrea el rendimiento del sistema de preservación de órganos en 68 centros de trasplante.

Métrica de monitoreo de rendimiento	2023 datos
Centros de trasplante monitoreados totales	68
Revisiones anuales de desempeño	4 evaluaciones integrales
Puntos de datos recopilados anualmente	12,456 métricas individuales

TransMedics Group, Inc. (TMDX) - Modelo de negocio: canales

Fuerza de ventas directa

A partir del cuarto trimestre de 2023, Transmedics Group empleó un equipo especializado de ventas directas de 87 representantes de ventas centrados en la tecnología de trasplante de órganos. La estructura de compensación total del equipo de ventas fue de $ 12.4 millones en 2023, con un salario base promedio de $ 145,000 por representante.

Conferencias médicas y ferias comerciales

Tipo de conferencia	Participación anual	Gasto de marketing
Conferencias de cuidados críticos	7 conferencias	$ 1.2 millones
Simposios de trasplante	5 conferencias	$850,000
Exposiciones de tecnología médica	4 exposiciones	$650,000

Plataformas de tecnología médica en línea

Transmedics invirtió $ 3.7 millones en desarrollo de plataformas digitales en 2023. Su plataforma en línea registró 42,000 visitantes profesionales de atención médica únicos mensualmente.

• Tasa de participación del usuario de la plataforma: 24%
• Duración promedio de la sesión: 8.3 minutos
• Presupuesto de desarrollo de la plataforma digital: $ 3.7 millones

Publicaciones de la industria de la salud

Tipo de publicación	Gasto publicitario anual	Alcanzar
Revistas revisadas por pares	$475,000	15,000 suscriptores
Revistas de tecnología médica	$350,000	22,000 suscriptores

Marketing digital y seminarios web

El gasto de marketing digital en 2023 fue de $ 2.1 millones. La participación en el seminario web alcanzó los 3.450 profesionales de la salud en 18 eventos en línea.

• Presupuesto de marketing digital: $ 2.1 millones
• Número de seminarios web: 18
• Participantes totales de seminarios web: 3,450
• Asistencia promedio de seminarios web: 192 profesionales

TransMedics Group, Inc. (TMDX) - Modelo de negocios: segmentos de clientes

Cirujanos de trasplante

A partir de 2024, Transmedics atiende a aproximadamente 350 cirujanos de trasplante activo en los Estados Unidos.

Característica de segmento	Punto de datos
Cirujanos de trasplante totales direccionables	1.200 profesionales
Porcentaje de penetración del mercado	29.2%

Centros de trasplante de hospital

Transmedics se dirige a centros de trasplante especializados en los Estados Unidos.

Característica de segmento	Punto de datos
Centros de trasplante totales en EE. UU.	263 centros
Base de clientes actual	87 centros

Organizaciones de adquisición de órganos

Transmedics colabora con redes de adquisición de órganos en todo el país.

• Total de organizaciones de adquisición de órganos de EE. UU.: 56
• Asociaciones actuales de transmedics: 34
• Porcentaje de asociación: 60.7%

Instituciones de investigación médica académica

Las instituciones de investigación representan un segmento crítico de clientes para transmedics.

Característica de segmento	Punto de datos
Centros médicos académicos totales	155 instituciones
Asociaciones de investigación actuales	42 instituciones

Administradores del sistema de salud

Transmedics se involucra con el liderazgo del sistema de salud para la adopción de la tecnología de preservación de órganos.

• Total de sistemas de salud de EE. UU.: 6.090
• CLIENTES DE ENTERPRISE ACTUALES: 128
• Penetración del mercado: 2.1%

Transmedics Group, Inc. (TMDX) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Transmedics Group, Inc. reportó gastos totales de I + D de $ 47.3 millones, lo que representa un aumento del 33% de $ 35.5 millones en 2022.

Año	Gastos de I + D	Aumento porcentual
2022	$ 35.5 millones	-
2023	$ 47.3 millones	33%

Costos de fabricación y producción

El costo total de los ingresos para transmedics en 2023 fue de $ 38.2 millones, lo que incluye gastos directos de fabricación y producción.

• Costos de producción del Sistema de Atención de Organizaciones (OCS)
• Adquisición de materia prima
• Gastos de trabajo directo
• Sobrecarga de fabricación

Inversiones de ventas y marketing

Los gastos de ventas y marketing para 2023 totalizaron $ 59.4 millones, un aumento del 41% de $ 42.1 millones en 2022.

Año	Ventas & Gastos de marketing	Aumento porcentual
2022	$ 42.1 millones	-
2023	$ 59.4 millones	41%

Gastos de cumplimiento regulatorio

Los costos estimados de cumplimiento regulatorio para 2023 fueron de aproximadamente $ 8.5 millones, que cubren las aprobaciones de la FDA y los requisitos regulatorios internacionales.

• Tarifas de presentación de la FDA
• Documentación de cumplimiento
• Sistemas de gestión de calidad
• Consultoría regulatoria

Inversiones clínicas de ensayos y pruebas

El ensayo clínico y los gastos de prueba para 2023 alcanzaron los $ 22.6 millones, centrándose en la validación y expansión de la tecnología de OCS.

Categoría de ensayo clínico	Gastos estimados
Pruebas de trasplante de pulmón	$ 9.3 millones
Estudios de trasplante de corazón	$ 7.8 millones
Investigación de trasplantes de hígado	$ 5.5 millones

TransMedics Group, Inc. (TMDX) - Modelo de negocios: flujos de ingresos

Ventas de dispositivos del sistema de cuidado de órganos

En el tercer trimestre de 2023, Transmedics informó ingresos por dispositivos médicos de $ 25.2 millones, lo que representa un aumento del 71% año tras año.

Tipo de dispositivo	Precio de venta promedio	Volumen de ventas anual
Sistema de cuidado de órganos pulmonares	$250,000	45-50 unidades
Sistema de cuidado de órganos del corazón	$275,000	35-40 unidades
Sistema de cuidado de órganos hepáticos	$225,000	30-35 unidades

Kits de preservación de órganos desechables

Los ingresos por kit desechables para 2023 fueron de aproximadamente $ 12.7 millones, con un rango de precio estimado por kit de $ 5,000- $ 7,500.

Contratos de servicio y mantenimiento

Los ingresos anuales del contrato de servicio para 2023 totalizaron $ 3.5 millones, con un valor promedio del contrato de $ 50,000- $ 75,000 por institución médica.

Licencias de tecnología médica

• Ingresos de licencia en 2023: $ 1.2 millones
• Valor de acuerdo de licencia promedio: $ 250,000- $ 500,000

Posibles subvenciones del gobierno y la investigación

Financiación de subvenciones recibidas en 2023: $ 2.1 millones de NIH y otras instituciones de investigación.

Fuente de subvenciones	Monto de subvención	Enfoque de investigación
Institutos Nacionales de Salud	$ 1.4 millones	Tecnología de preservación de órganos
Ministerio de defensa	$450,000	Innovaciones de transporte de órganos
Fundamentos de investigación privada	$250,000	Desarrollo de tecnología de trasplante

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.