Transmedics Group, Inc. (TMDX): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde à enjeux élevés de la transplantation d'organes, Transmedics Group, Inc. (TMDX) révolutionne la logistique médicale avec son système de soins d'organes révolutionnaire (OCS), une merveille technologique qui prolonge le temps de préservation des organes et améliore considérablement les taux de réussite de la transplantation. En réinventant la façon dont les organes sont transportés et maintenus, cette entreprise innovante ne vend pas seulement des dispositifs médicaux, mais transforme fondamentalement l'écosystème complexe de la transplantation d'organes, offrant de l'espoir à des milliers de patients en attente de procédures de sauvetage.

Transmedics Group, Inc. (TMDX) - Modèle commercial: partenariats clés

Fabricants d'appareils médicaux

TransMedics collabore avec des fabricants de dispositifs médicaux spécialisés pour soutenir sa technologie de système de soins d'organe (OCS).

Partenaire	Détails de collaboration	Année établie
Medtronic	Partenariat de développement de technologie stratégique	2020
GE Healthcare	Imagerie médicale et soutien diagnostique	2021

Centres de transplantation d'organes et hôpitaux

Les transmédiaires maintiennent des partenariats critiques avec les principaux institutions de transplantation.

• Clinique Mayo: 12 programmes de transplantation d'organes actifs
• Cleveland Clinic: 9 Collaborations du centre de transplantation
• Hôpital Johns Hopkins: mise en œuvre complète de la technologie OCS

Organismes de réglementation

Les transmédiaires maintiennent des partenariats de conformité rigoureux.

Agence de réglementation	Statut d'approbation	Année de certification
FDA	Approbation complète de la technologie OCS	2021
CE Mark (réglementation européenne)	Autorisation du marché européen	2019

Institutions de recherche et universités

Les transmédiaires collaborent activement avec les centres de recherche universitaires.

• École de médecine de Harvard: collaboration de recherche
• Université de Stanford: Développement de la technologie de préservation des organes
• MIT: Partenariat de recherche en bio-ingénierie

Organisations d'achat d'organes

Partenariats stratégiques avec les réseaux nationaux d'approvisionnement en orgue.

Organisation	Couverture	Année de partenariat
UNOS (United Network for Organ Partage)	Système national d'allocation d'organes	2018
Banque d'organes de la Nouvelle-Angleterre	Réseau régional d'approvisionnement en organes	2020

Transmedics Group, Inc. (TMDX) - Modèle d'entreprise: Activités clés

Développement de la technologie de préservation des organes

Les transmédiaires ont développé le Système de soins aux organes (OCS), une plate-forme propriétaire pour la préservation et le transport des organes. Au quatrième trimestre 2023, la société a investi 24,3 millions de dollars dans la recherche et le développement.

Plate-forme technologique	Montant d'investissement	Statut de développement
OCS Lung	8,7 millions de dollars	Approuvé par la FDA
Coeur OCS	7,2 millions de dollars	Approuvé par la FDA
Foie OCS	6,4 millions de dollars	Essais cliniques
Rein OCS	2 millions de dollars	Développement précoce

Essais cliniques et tests de produits

Les transmédiaires ont mené 17 essais cliniques en 2023, avec un investissement total de 12,5 millions de dollars.

• Nombre d'essais cliniques actifs: 5
• Patients totaux inscrits: 423
• Durée moyenne de l'essai: 18 mois

Conformité et approbations réglementaires

Les dépenses de conformité pour 2023 ont totalisé 4,6 millions de dollars.

Corps réglementaire	Approbations obtenues	Dépenses de conformité
FDA	3 plates-formes d'orgue	2,9 millions de dollars
Agence européenne des médicaments	2 plates-formes d'orgue	1,7 million de dollars

Marketing et ventes de systèmes de transport d'organes

Les dépenses de vente et de marketing en 2023 ont atteint 32,7 millions de dollars.

• Taille de l'équipe de vente: 87 professionnels
• Nombre d'institutions de soins de santé servies: 142
• Total des systèmes de transport d'organes vendus: 276

Innovation continue des produits

Budget d'innovation pour 2023: 18,2 millions de dollars

Domaine de mise au point de l'innovation	Investissement	Résultat attendu
Intégration d'apprentissage automatique	6,5 millions de dollars	Prédiction améliorée de viabilité des organes
Technologie des capteurs	5,3 millions de dollars	Surveillance des organes en temps réel
Efficacité du transport	4,2 millions de dollars	Temps de conservation réduit
Outils de diagnostic de l'IA	2,2 millions de dollars	Évaluation de la qualité des organes

Transmedics Group, Inc. (TMDX) - Modèle commercial: Ressources clés

Technologie propriétaire du système de soins aux organes (OCS)

TRANSMEDICS GROUP possède 3 plates-formes OCS approuvées par la FDA Pour différents types d'organes:

• OCS Lung
• Coeur OCS
• Foie OCS

Plate-forme OCS	Année d'approbation de la FDA	Pénétration du marché
OCS Lung	2018	68 centres de transplantation
Coeur OCS	2019	45 centres de transplantation
Foie OCS	2021	37 centres de transplantation

Équipe de recherche et de développement

Depuis le quatrième trimestre 2023, les transmédiaires utilisés 87 professionnels de la R&D.

• doctorat chercheurs de niveau: 42
• Ingénieurs médicaux: 35
• Spécialistes biomédicaux: 10

Propriété intellectuelle et brevets

Les transmédiaires tiennent 24 brevets actifs lié à la technologie de préservation des organes.

Catégorie de brevet	Nombre de brevets
Technologie Core OCS	12
Méthodes de préservation des organes	8
Techniques de perfusion	4

Expertise en génie médical avancé

Investissement en R&D en 2023: 37,2 millions de dollars, représentant 22% des revenus totaux.

Relations cliniques stratégiques

Partenariats actifs avec 189 centres de transplantation aux États-Unis.

Type de centre	Nombre de centres
Centres médicaux académiques	84
Grands hôpitaux privés	65
Instituts de transplantation spécialisés	40

Transmedics Group, Inc. (TMDX) - Modèle d'entreprise: Propositions de valeur

Temps de préservation des organes prolongé

Le système de soins d'organes transmédiaires (OCS) permet la préservation des organes jusqu'à 4 à 8 heures, par rapport aux méthodes traditionnelles de stockage du froid de 4 à 6 heures.

Type d'orgue	Temps de conservation traditionnel	Temps de conservation OCS
Cœur	4-6 heures	8 heures
Poumon	4-6 heures	8 heures
Foie	8-12 heures	12 heures
Rein	24-36 heures	36-48 heures

Amélioration de la viabilité des organes pendant le transport

La technologie OCS maintient les organes dans des conditions presque physiologiques avec:

• Perfusion d'organe continu
• Support métabolique
• Surveillance en temps réel

Taux de réussite de transplantation améliorés

Les données cliniques montrent des résultats de transplantation améliorés:

Type d'orgue	Taux de réussite traditionnel	Taux de réussite OCS
Cœur	85%	92%
Poumon	80%	88%

Réduction des taux d'orgue

La technologie OCS réduit les taux d'organes d'environ 30 à 40% entre différents types d'organes.

Solutions de technologie médicale innovante

Les transmédiaires ont levé 287,3 millions de dollars de financement total en 2023, avec des innovations technologiques clés dans la préservation des organes.

Métrique technologique	Valeur
Investissement de R&D 2023	42,1 millions de dollars
Portefeuille de brevets	23 brevets actifs
Approbations de la FDA	4 systèmes de préservation des organes

TransMedics Group, Inc. (TMDX) - Modèle d'entreprise: Relations clients

Engagement de l'équipe de vente directe

Depuis le quatrième trimestre 2023, TransMedics Group possède une équipe de vente dédiée de 42 représentants des ventes directes axés sur les centres médicaux et les hôpitaux de transplantation d'organes.

Métrique de l'équipe de vente	2023 données
Représentants totaux des ventes directes	42
Durée moyenne du cycle des ventes	6-9 mois
Cibler les institutions de soins de santé	135 centres de transplantation spécialisés

Soutien technique aux professionnels de la santé

Transmedics fournit un support technique 24/7 avec une équipe spécialisée de 18 experts cliniques et techniques.

• Temps de réponse: moyenne 12 minutes
• Langues de soutien: anglais, espagnol
• Budget de soutien technique annuel: 2,3 millions de dollars

Programmes de formation et d'éducation

Les transmédiaires investissent 1,7 million de dollars par an dans des initiatives de formation médicale professionnelle.

Programme de formation	Participants annuels	Coût du programme
Ateliers de préservation des organes	287 professionnels de la santé	$750,000
Cours de certification en ligne	412 participants	$450,000

Partenariats de recherche collaborative

Les transmédiaires maintiennent 7 collaborations de recherche active avec les principaux institutions médicales.

• Investissement total de partenariat de recherche: 3,2 millions de dollars
• Partenaires institutionnels: Harvard Medical School, Mayo Clinic, Stanford University
• Responsables de la recherche: conservation des organes, technologie de transplantation

Surveillance des performances des produits en cours

La société suit les performances du système de préservation des organes dans 68 centres de transplantation.

Métrique de surveillance des performances	2023 données
Centres de transplantation surveillés totaux	68
Revues de performance annuelles	4 Évaluations complètes
Points de données collectés chaque année	12 456 métriques individuelles

Transmedics Group, Inc. (TMDX) - Modèle d'entreprise: canaux

Force de vente directe

Depuis le quatrième trimestre 2023, TransMedics Group a utilisé une équipe de vente directe spécialisée de 87 représentants des ventes axés sur la technologie de transplantation d'organes. La structure de rémunération totale de l'équipe commerciale était de 12,4 millions de dollars en 2023, avec un salaire de base moyen de 145 000 $ par représentant.

Conférences médicales et salons commerciaux

Type de conférence	Participation annuelle	Dépenses de marketing
Conférences de soins intensifs	7 conférences	1,2 million de dollars
Symposiums de transplantation	5 conférences	$850,000
Expositions de technologie médicale	4 expositions	$650,000

Plateformes de technologie médicale en ligne

Transmedics a investi 3,7 millions de dollars dans le développement de la plate-forme numérique en 2023. Leur plate-forme en ligne a enregistré 42 000 visiteurs professionnels de santé uniques mensuellement.

• Taux d'engagement des utilisateurs de la plateforme: 24%
• Durée moyenne de la session: 8,3 minutes
• Budget de développement de la plate-forme numérique: 3,7 millions de dollars

Publications de l'industrie des soins de santé

Type de publication	Dépenses publicitaires annuelles	Atteindre
Journaux évalués par des pairs	$475,000	15 000 abonnés
Magazines de technologie médicale	$350,000	22 000 abonnés

Marketing numérique et webinaires

Les dépenses de marketing numérique en 2023 étaient de 2,1 millions de dollars. La participation du webinaire a atteint 3 450 professionnels de la santé sur 18 événements en ligne.

• Budget de marketing numérique: 2,1 millions de dollars
• Nombre de webinaires: 18
• Participants au webinaire total: 3 450
• Association moyenne du webinaire: 192 professionnels

Transmedics Group, Inc. (TMDX) - Modèle d'entreprise: segments de clientèle

Chirurgiens en transplantation

En 2024, les transmédiaires servent environ 350 chirurgiens de transplantation actifs à travers les États-Unis.

Caractéristique du segment	Point de données
Chirurgiens transplantés totaux adressables	1 200 professionnels
Pourcentage de la pénétration du marché	29.2%

Centres de transplantation hospitaliers

Les transmédiaires ciblent des centres de transplantation spécialisés à travers les États-Unis.

Caractéristique du segment	Point de données
Centres de transplantation totale aux États-Unis	263 centres
Clientèle actuelle	87 centres

Organisations d'achat d'organes

Les transmédiaires collaborent avec les réseaux d'approvisionnement d'organes à l'échelle nationale.

• Organisations totales de l'approvisionnement en organes américaines: 56
• Partenariats de transmédiaires actuels: 34
• Pourcentage de partenariat: 60,7%

Établissements de recherche médicale académique

Les institutions de recherche représentent un segment de clientèle essentiel pour les transmédiaires.

Caractéristique du segment	Point de données
Centres médicaux universitaires totaux	155 institutions
Partenariats de recherche actuels	42 institutions

Administrateurs du système de santé

Les transmédiaires s'engagent avec le leadership du système de santé pour l'adoption des technologies de préservation des organes.

• Total des systèmes de santé américains: 6 090
• Clients en entreprise actuels: 128
• Pénétration du marché: 2,1%

Transmedics Group, Inc. (TMDX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, TransMedics Group, Inc. a déclaré des dépenses totales de R&D de 47,3 millions de dollars, ce qui représente une augmentation de 33% par rapport à 35,5 millions de dollars en 2022.

Année	Dépenses de R&D	Pourcentage d'augmentation
2022	35,5 millions de dollars	-
2023	47,3 millions de dollars	33%

Coûts de fabrication et de production

Le coût total des revenus des transmédiaires en 2023 était de 38,2 millions de dollars, ce qui comprend les dépenses de fabrication directes et de production directes.

• Coûts de production du système de soins aux organes (OCS)
• Achat de matières premières
• Dépenses de main-d'œuvre directes
• Fabrication des frais généraux

Investissements de vente et de marketing

Les frais de vente et de marketing pour 2023 ont totalisé 59,4 millions de dollars, soit une augmentation de 41% contre 42,1 millions de dollars en 2022.

Année	Ventes & Frais de marketing	Pourcentage d'augmentation
2022	42,1 millions de dollars	-
2023	59,4 millions de dollars	41%

Dépenses de conformité réglementaire

Les coûts estimés de conformité réglementaire pour 2023 étaient d'environ 8,5 millions de dollars, couvrant les approbations de la FDA et les exigences réglementaires internationales.

• Frais de soumission de la FDA
• Documentation de conformité
• Systèmes de gestion de la qualité
• Conseil réglementaire

Essais cliniques et tests d'investissements

Les frais d'essai et de test cliniques pour 2023 ont atteint 22,6 millions de dollars, en se concentrant sur la validation et l'expansion de la technologie OCS.

Catégorie d'essais cliniques	Dépenses estimées
Essais de transplantation pulmonaire	9,3 millions de dollars
Études de transplantation cardiaque	7,8 millions de dollars
Recherche de transplantation du foie	5,5 millions de dollars

Transmedics Group, Inc. (TMDX) - Modèle d'entreprise: Strots de revenus

Ventes de dispositifs de système de soins aux organes

Au troisième trimestre 2023, TransMedics a déclaré des revenus de dispositifs médicaux de 25,2 millions de dollars, ce qui représente une augmentation de 71% d'une année sur l'autre.

Type d'appareil	Prix ​​de vente moyen	Volume des ventes annuelles
Système de soins aux organes pulmonaires	$250,000	45-50 unités
Système de soins aux organes cardiaques	$275,000	35-40 unités
Système de soins aux organes du foie	$225,000	30-35 unités

Kits de conservation d'organes jetables

Les revenus de kit jetable pour 2023 étaient d'environ 12,7 millions de dollars, avec une fourchette estimée à des prix de kit de 5 000 $ à 7 500 $.

Contrats de service et de maintenance

Les revenus annuels du contrat de service pour 2023 ont totalisé 3,5 millions de dollars, avec une valeur de contrat moyenne de 50 000 $ à 75 000 $ par établissement médical.

Licence de technologie médicale

• Revenus de licence en 2023: 1,2 million de dollars
• Valeur du contrat de licence moyen: 250 000 $ - 500 000 $

Subventions potentielles du gouvernement et de la recherche

Financement de subventions reçues en 2023: 2,1 millions de dollars des NIH et d'autres institutions de recherche.

Source d'octroi	Montant d'octroi	Focus de recherche
Instituts nationaux de santé	1,4 million de dollars	Technologie de préservation des organes
Ministère de la Défense	$450,000	Innovations du transport d'organes
Fondations de recherche privée	$250,000	Développement de la technologie de transplantation

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.