TransMedics Group, Inc. (TMDX): Business Model Canvas [Dec-2025 Updated]

You're digging into TransMedics Group, Inc.'s business engine, and honestly, the story isn't just about the Organ Care System (OCS) device anymore; after two decades analyzing med-tech, I see a clear pivot: they've morphed from a device seller into a full-blown, high-touch logistics powerhouse. This transformation is key to understanding their $595 million to $605 million revenue guidance for 2025, a model now heavily reliant on operating a dedicated fleet of 21 aircraft as of Q2 to manage the National OCS Program (NOP). The real value proposition is this turnkey service, which is why their Q3 logistics revenue alone hit $27.2 million, cementing their role as a critical infrastructure provider for organ transplantation. Let's break down the nine blocks of this unique, asset-heavy model-it's a masterclass in vertical integration-to see exactly where the next big opportunity, or risk, is hiding.

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

You're looking at the core relationships that fuel TransMedics Group, Inc.'s growth, which is heavily reliant on integration with the existing transplant ecosystem. These partnerships are the conduits for their Organ Care System (OCS) technology.

Organ Procurement Organizations (OPOs) for organ utilization expansion

TransMedics Group, Inc. works closely with OPOs to increase the utilization of available donor organs. This partnership is central to the success of the National OCS Program (NOP™). The growth in revenue directly reflects the success of this utilization strategy.

The utilization impact is visible in the financial results:

• Q3 2025 Total Revenue was $143.8 million, a 32% increase year-over-year.
• Q3 2025 Liver revenue saw year-over-year growth of nearly 41%.
• Q3 2025 Heart revenue grew approximately 14% year-over-year.
• Q3 2025 Lung revenue grew approximately 5% year-over-year.
• TransMedics Group, Inc. has a stated target of performing 10,000 U.S. NOP transplants in 2028.

Major U.S. Organ Transplant Centers and Hospitals

Adoption by major U.S. Organ Transplant Centers and Hospitals is tracked through center penetration, which, alongside utilization, drives NOP service revenue. The company hosts events like the annual Transplant Leadership Forums, expecting approximately 200 transplant leaders to participate in the Boston forum in late 2025.

Here's a look at the operational scale supporting these centers:

Aviation and logistics providers for fleet maintenance

The continued expansion and utilization of the aviation fleet directly fuels NOP service revenue. TransMedics Group, Inc. maintains a proprietary fleet to manage organ transport logistics.

• Aircraft owned as of September 30, 2025: 21.
• Aircraft owned as of October 29, 2025: 22.

Also, TransMedics Group, Inc. announced a strategic collaboration with Mercedes-Benz Group AG to deploy a fleet of modern Mercedes-Benz V-Class vehicles dedicated exclusively to organ transportation across Italy.

Regulatory bodies like the FDA for OCS technology approvals

Collaboration with the U.S. Food and Drug Administration (FDA) is critical for advancing the OCS platform. In August 2025, the FDA granted conditional approval of the Investigational Device Exemption (IDE) for the Next-Generation OCS ENHANCE Heart trial.

Key regulatory milestones and trial scope include:

• Next-Generation OCS ENHANCE Heart trial total sample size expected to exceed 650 patients.
• Initiation of both Next-Gen OCS Heart and DENOVO Lung trials expected in the fourth quarter of 2025.
• The company is working collaboratively with the FDA to address remaining questions related to pre-clinical testing.

Academic and research institutions for next-gen OCS development

Partnerships with academic and research institutions drive the development pipeline, which management sees as major catalysts for future adoption. The next-generation trials are specifically designed to enhance the technology.

The expected impact timeline for next-gen adoption is:

• Next-Gen OCS Heart and Lung clinical programs are hoped to be major catalysts for clinical adoption throughout 2026 and beyond.
• The next-generation platform is expected to provide margin benefits.
• The company is also focused on expanding the total addressable market through the OCS Kidney platform.

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

You're looking at the core engine driving TransMedics Group, Inc.'s growth right now, which is all about execution on the ground. The numbers from the third quarter of 2025 really show where the activity is concentrated.

Operating the National OCS Program (NOP) turnkey service

The NOP is the backbone, turning the Organ Care System (OCS) technology into a repeatable, scalable service. The utilization across the three main organ segments is what fuels the top line. TransMedics Group, Inc. is definitely focused on scaling this U.S. infrastructure, having set a goal to surpass 10,000 U.S. NOP transplants by 2028.

Here's a look at the U.S. revenue contribution from the NOP in the third quarter of 2025:

The total U.S. transplant revenue for the third quarter of 2025 hit $139 million. Overall, the company raised its full-year 2025 revenue guidance to a range between $595 million to $605 million as of late October 2025.

Managing a dedicated, real-time transplant logistics network

Moving organs quickly and safely is a key activity that separates TransMedics Group, Inc. from older methods. This involves managing a complex, dedicated fleet. The company owned 22 aircraft as of October 29, 2025, up from 21 owned aircraft at the end of the first quarter of 2025. In the first quarter of 2025, the company was planning to optimize fleet utilization through double-shifting, having increased average aircraft availability to 15.4.

The service component of the business is directly tied to this logistics capability. For the third quarter of 2025, transplant logistics service revenue specifically stood at $27.2 million. Plus, TransMedics Group, Inc. announced a strategic collaboration with Mercedes-Benz Group AG to deploy a dedicated fleet of vehicles across Italy, setting the stage for its first international NOP launch in the first half of 2026.

Research and Development (R&D) for OCS platform innovation

Innovation is required to maintain the leadership position, which means consistent investment in R&D. Operating expenses in the third quarter of 2025 were $61 million, with R&D expenses specifically up 7% year-over-year. This investment is aimed at the next generation of the platform. The company received conditional Investigations Device Exemption (IDE) approval from the FDA for the next-gen OCS Lung trial. They are also near agreement with the FDA for the OCS Heart IDE. Enrollment for the ENHANCE Heart and DENOVO Lung trials is confidently expected to start in the fourth quarter of 2025.

Manufacturing and quality control of OCS devices and consumables

The physical product-the OCS devices and disposables-requires rigorous manufacturing and quality control. The company is actively planning to build a design center of excellence and a new manufacturing facility in Mirandola, Italy, to support next-generation technology and add manufacturing capacity. In the third quarter of 2025, product revenue, which covers the devices and consumables, accounted for $88 million of the total revenue.

Gross margin is a key indicator of manufacturing and cost efficiency. The gross margin for the third quarter of 2025 was 59%, compared to 61.4% in the second quarter of 2025. That's a slight dip, but the service revenue mix plays into that number.

Clinical training and support for transplant center staff

Getting staff comfortable with the OCS technology is a necessary activity for adoption. TransMedics Group, Inc. supported this through clinical presence at major industry events. For example, at the International Society of Heart and Lung Transplantation (ISHLT) 45th Annual Meeting & Scientific Session in Boston, 10 abstracts and presentations featured the clinical value of OCS™ & NOP™.

The company also launched its first-in-class OCS NOP digital ecosystem, NOP ACCESS™, across major NOP™ transplant programs across the U.S. during the second quarter of 2025.

Finance: draft 2026 capital expenditure plan focused on Italian facility build-out by next Wednesday.

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

You're looking at the core assets that make TransMedics Group, Inc. run, the things they own or control that are absolutely essential to delivering their value proposition. These aren't just line items; they are the engine of the business right now.

The Proprietary Organ Care System (OCS) technology platform is central. This is the fully portable, multi-organ preservation technology that mirrors human physiology, designed to minimize ischemia (lack of blood flow) and allow for organ optimization during transport. TransMedics Group has developed this platform to cover three organs specifically: Lung, Heart, and Liver, with all three products having received Pre-Market Approval (PMA) from the Food and Drug Administration (FDA) as of late 2021. The OCS works by maintaining donor organs in a living, functioning state using warm blood perfusion, oxygen, and nutrients. It's a paradigm shift from the old static cold storage method.

A major operational resource supporting the National OCS Program (NOP) is the dedicated air transport capability. While the prompt mentions operating 21 aircraft in Q2 2025, the latest figures show TransMedics Group owned 21 aircraft as of September 30, 2025, and this fleet grew to 22 aircraft by October 29, 2025. This fleet expansion directly fuels the utilization of the OCS, as seen in the Q3 2025 results where service revenue growth was fueled by the aviation fleet's utilization. This infrastructure is a massive barrier to entry for competitors.

Intellectual property is another critical resource. The company holds patented ex-vivo perfusion and assessment technology. For example, the OCS Lung technology includes patents directed to certain methods and systems for preserving a lung outside the body using both perfusion and ventilation, with patents issued across the United States, Europe, Japan, and several other jurisdictions. This patent portfolio protects the core innovation that allows for organ viability assessment and therapeutic optimization outside the body.

The human capital is highly specialized. Attracting and retaining key personnel is noted as a dependency, but the existing structure relies on expertise built around the OCS. For instance, by 2023, 90% of all OCS donor management and recovery procedures were performed using the company's dedicated recovery teams, highlighting the reliance on highly trained clinical and aviation personnel to execute the complex transport and preservation protocols.

Financially, the balance sheet provides significant operational runway. As of September 30, 2025, TransMedics Group reported $466.2 million in cash and equivalents. This strong liquidity position supports ongoing investment in research and development and the continued expansion of the organization to support growth. For context, the company generated $143.8 million in total revenue and $24.3 million in net income for the third quarter of 2025.

Here's a quick look at some of the key metrics underpinning these resources as of late 2025:

The OCS platform's success is also reflected in the utilization data, which drives service revenue. For example, in Q3 2025, service revenue was $56.1 million, while product revenue was $87.7 million. The company's ability to scale its operations is directly tied to maintaining and expanding these physical and intellectual assets.

The technological foundation is further detailed by the specific capabilities of the OCS:

• Warm blood perfusion: Maintains organs in a living, functioning state.
• Organ assessment: Allows physicians to monitor viability outside the body.
• Therapeutic intervention: Optimizes organ health during transport.
• Multi-organ platform: The only one leveraging core technology across lung, heart, and liver.

The fleet expansion is also tied to new strategic initiatives, such as the announced collaboration with Mercedes-Benz Group AG to deploy a fleet of modern Mercedes-Benz V-Class vehicles for organ transportation across Italy, which represents an expansion of their specialized transport resource base internationally.

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:

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:

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:

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:

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

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:

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):

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:

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.