Transmedics Group, Inc. (TMDX): Canvas de modelo de negócios [Jan-2025 Atualizado]

No mundo do transplante de órgãos de alto risco, o Transmedics Group, Inc. (TMDX) está revolucionando a logística médica com seu inovador sistema de cuidados de órgãos (OCS), uma maravilha tecnológica que estende o tempo de preservação de órgãos e melhora drasticamente as taxas de sucesso do transplante. Ao reimaginar como os órgãos são transportados e mantidos, esta empresa inovadora não está apenas vendendo dispositivos médicos, mas transformando fundamentalmente o complexo ecossistema de transplante de órgãos, oferecendo esperança a milhares de pacientes aguardando procedimentos que salvam vidas.

Transmedics Group, Inc. (TMDX) - Modelo de negócios: Parcerias -chave

Fabricantes de dispositivos médicos

A Transmedics colabora com fabricantes especializados de dispositivos médicos para apoiar sua tecnologia do sistema de cuidados de órgãos (OCS).

Parceiro	Detalhes da colaboração	Ano estabelecido
Medtronic	Parceria Estratégica de Desenvolvimento de Tecnologia	2020
GE Healthcare	Imagem médica e suporte de diagnóstico	2021

Centros de transplante de órgãos e hospitais

A Transmedics mantém parcerias críticas com as principais instituições de transplante.

• Clínica Mayo: 12 programas de transplante de órgãos ativos
• Clínica de Cleveland: 9 colaborações do centro de transplante
• Hospital Johns Hopkins: Implementação abrangente de tecnologia OCS

Órgãos regulatórios

A Transmedics mantém parcerias rigorosas de conformidade.

Agência regulatória	Status de aprovação	Ano de certificação
FDA	Aprovação completa da tecnologia OCS	2021
Marca CE (regulamentação européia)	Autorização do mercado europeu	2019

Instituições de pesquisa e universidades

A transmedics colabora ativamente com os centros de pesquisa acadêmica.

• Escola de Medicina de Harvard: Colaboração de Pesquisa
• Universidade de Stanford: Desenvolvimento de Tecnologia de Preservação de Organos
• MIT: parceria de pesquisa de bioengenharia

Organizações de compras de órgãos

Parcerias estratégicas com redes nacionais de compras de órgãos.

Organização	Cobertura	Ano de parceria
UNOS (United Network for Organ Sharing)	Sistema de alocação de órgãos nacionais	2018
New England Organ Bank	Rede Regional de Compras de Organos	2020

Transmedics Group, Inc. (TMDX) - Modelo de negócios: Atividades -chave

Desenvolvimento de tecnologia de preservação de órgãos

A Transmedics desenvolveu o Organ Care System (OCS), uma plataforma proprietária para preservação e transporte de órgãos. A partir do quarto trimestre de 2023, a empresa investiu US $ 24,3 milhões em pesquisa e desenvolvimento.

Plataforma de tecnologia	Valor do investimento	Status de desenvolvimento
OCS pulmão	US $ 8,7 milhões	FDA aprovado
OCS coração	US $ 7,2 milhões	FDA aprovado
OCS fígado	US $ 6,4 milhões	Ensaios clínicos
OCS rim	US $ 2 milhões	Desenvolvimento precoce

Ensaios clínicos e testes de produto

A Transmedics realizou 17 ensaios clínicos em 2023, com um investimento total de US $ 12,5 milhões.

• Número de ensaios clínicos ativos: 5
• Total de pacientes inscritos: 423
• Duração média do teste: 18 meses

Conformidade regulatória e aprovações

As despesas de conformidade em 2023 totalizaram US $ 4,6 milhões.

Órgão regulatório	Aprovações obtidas	Gasto de conformidade
FDA	3 plataformas de órgãos	US $ 2,9 milhões
Agência Europeia de Medicamentos	2 plataformas de órgãos	US $ 1,7 milhão

Marketing e vendas de sistemas de transporte de órgãos

As despesas de vendas e marketing em 2023 atingiram US $ 32,7 milhões.

• Tamanho da equipe de vendas: 87 profissionais
• Número de instituições de saúde servidas: 142
• Sistemas de transporte de órgãos totais vendidos: 276

Inovação contínua de produtos

Orçamento de inovação para 2023: US $ 18,2 milhões

Área de foco na inovação	Investimento	Resultado esperado
Integração de aprendizado de máquina	US $ 6,5 milhões	Previsão de viabilidade de órgãos aprimorados
Tecnologia do sensor	US $ 5,3 milhões	Monitoramento de órgãos em tempo real
Eficiência de transporte	US $ 4,2 milhões	Tempo de preservação reduzido
Ferramentas de diagnóstico de IA	US $ 2,2 milhões	Avaliação da qualidade dos órgãos

Transmedics Group, Inc. (TMDX) - Modelo de negócios: Recursos -chave

Tecnologia proprietária do sistema de cuidados de órgãos (OCS)

O Grupo Transmedics possui 3 plataformas OCs aprovadas pela FDA Para diferentes tipos de órgãos:

• OCS pulmão
• OCS coração
• OCS fígado

Plataforma OCS	Ano de aprovação da FDA	Penetração de mercado
OCS pulmão	2018	68 centros de transplante
OCS coração	2019	45 centros de transplante
OCS fígado	2021	37 centros de transplante

Equipe de pesquisa e desenvolvimento

A partir do quarto trimestre 2023, transmedics empregados 87 profissionais de P&D.

• Ph.D. Pesquisadores de nível: 42
• Engenheiros Médicos: 35
• Especialistas biomédicos: 10

Propriedade intelectual e patentes

Transmedics mantém 24 patentes ativas Relacionado à tecnologia de preservação de órgãos.

Categoria de patentes	Número de patentes
Tecnologia do OCS central	12
Métodos de preservação de órgãos	8
Técnicas de perfusão	4

Experiência avançada de engenharia médica

Investimento de P&D em 2023: US $ 37,2 milhões, representando 22% da receita total.

Relações clínicas estratégicas

Parcerias ativas com 189 centros de transplante nos Estados Unidos.

Tipo central	Número de centros
Centros Médicos Acadêmicos	84
Grandes hospitais particulares	65
Institutos de transplante especializados	40

Transmedics Group, Inc. (TMDX) - Modelo de negócios: proposições de valor

Tempo de preservação de órgãos estendidos

O Sistema de Cuidados de Organos Transmedics (OCS) permite a preservação de órgãos por até 4-8 horas, em comparação com os métodos tradicionais de armazenamento a frio de 4-6 horas.

Tipo de órgão	Tempo tradicional de preservação	Tempo de preservação do OCS
Coração	4-6 horas	8 horas
Pulmão	4-6 horas	8 horas
Fígado	8-12 horas	12 horas
Rim	24-36 horas	36-48 horas

Viabilidade de órgãos aprimorados durante o transporte

A tecnologia OCS mantém órgãos em condições quase fisiológicas com:

• Perfusão de órgãos contínuos
• Suporte metabólico
• Monitoramento em tempo real

Taxas de sucesso de transplante aprimoradas

Dados clínicos mostram melhores resultados de transplante:

Tipo de órgão	Taxa de sucesso tradicional	Taxa de sucesso do OCS
Coração	85%	92%
Pulmão	80%	88%

Taxas reduzidas de descarte de órgãos

A tecnologia OCS reduz as taxas de descarte de órgãos em aproximadamente 30-40% em diferentes tipos de órgãos.

Soluções inovadoras de tecnologia médica

A Transmedics levantou US $ 287,3 milhões em financiamento total a partir de 2023, com inovações tecnológicas importantes na preservação de órgãos.

Métrica de tecnologia	Valor
Investimento de P&D 2023	US $ 42,1 milhões
Portfólio de patentes	23 patentes ativas
Aprovações da FDA	4 sistemas de preservação de órgãos

Transmedics Group, Inc. (TMDX) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento da equipe de vendas direta

No quarto trimestre 2023, o Transmedics Group possui uma equipe de vendas dedicada de 42 representantes de vendas diretas focadas em centros médicos e hospitais de transplante de órgãos.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas diretas	42
Comprimento médio do ciclo de vendas	6-9 meses
Instituições de assistência médica -alvo	135 centros de transplante especializados

Suporte técnico para profissionais médicos

A Transmedics fornece suporte técnico 24/7 com uma equipe especializada de 18 especialistas clínicos e técnicos.

• Tempo de resposta: média de 12 minutos
• Idiomas de suporte: inglês, espanhol
• Orçamento anual de suporte técnico: US $ 2,3 milhões

Programas de treinamento e educação

A Transmedics investe US $ 1,7 milhão anualmente em iniciativas profissionais de treinamento médico.

Programa de Treinamento	Participantes anuais	Custo do programa
Oficinas de preservação de órgãos	287 profissionais médicos	$750,000
Cursos de certificação on -line	412 participantes	$450,000

Parcerias de pesquisa colaborativa

A Transmedics mantém 7 colaborações ativas de pesquisa com as principais instituições médicas.

• Investimento total de parceria de pesquisa: US $ 3,2 milhões
• Parceiros institucionais: Harvard Medical School, Mayo Clinic, Stanford University
• Áreas de foco de pesquisa: preservação de órgãos, tecnologia de transplante

Monitoramento de desempenho do produto em andamento

A empresa rastreia o desempenho do sistema de preservação de órgãos em 68 centros de transplante.

Métrica de monitoramento de desempenho	2023 dados
Centros de transplante monitorados totais	68
Revisões anuais de desempenho	4 avaliações abrangentes
Pontos de dados coletados anualmente	12.456 métricas individuais

Transmedics Group, Inc. (TMDX) - Modelo de negócios: canais

Força de vendas direta

A partir do quarto trimestre 2023, o Transmedics Group empregou uma equipe de vendas direta especializada de 87 representantes de vendas focados na tecnologia de transplante de órgãos. A estrutura total de remuneração da equipe de vendas foi de US $ 12,4 milhões em 2023, com um salário -base médio de US $ 145.000 por representante.

Conferências médicas e feiras

Tipo de conferência	Participação anual	Gasto de marketing
Conferências de cuidados intensivos	7 Conferências	US $ 1,2 milhão
Simpósios de transplante	5 conferências	$850,000
Exposições de tecnologia médica	4 exposições	$650,000

Plataformas de tecnologia médica online

A Transmedics investiu US $ 3,7 milhões em desenvolvimento de plataformas digitais em 2023. Sua plataforma on -line registrou 42.000 visitantes profissionais de saúde exclusivos mensalmente.

• Taxa de engajamento do usuário da plataforma: 24%
• Duração média da sessão: 8,3 minutos
• Orçamento de desenvolvimento de plataformas digitais: US $ 3,7 milhões

Publicações do setor de saúde

Tipo de publicação	Gastos anuais anuais	Alcançar
Revistas revisadas por pares	$475,000	15.000 assinantes
Revistas de tecnologia médica	$350,000	22.000 assinantes

Marketing digital e webinars

As despesas de marketing digital em 2023 foram de US $ 2,1 milhões. A participação no webinar atingiu 3.450 profissionais de saúde em 18 eventos on -line.

• Orçamento de marketing digital: US $ 2,1 milhões
• Número de seminários on -line: 18
• Total de webinar Participantes: 3.450
• Atendimento médio de on -line: 192 profissionais

Transmedics Group, Inc. (TMDX) - Modelo de negócios: segmentos de clientes

Cirurgiões de transplante

A partir de 2024, a Transmedics atende a aproximadamente 350 cirurgiões de transplante ativos nos Estados Unidos.

Característica do segmento	Data Point
Cirurgiões de transplante endereçáveis ​​totais	1.200 profissionais
Porcentagem de penetração de mercado	29.2%

Centros de transplante hospitalar

A transmedics tem como alvo centros de transplante especializados nos Estados Unidos.

Característica do segmento	Data Point
Centros de transplante total em nós	263 centros
Base de clientes atual	87 centros

Organizações de compras de órgãos

A Transmedics colabora com redes de compras de órgãos em todo o país.

• Organizações totais de aquisição de órgãos dos EUA: 56
• Parcerias transmênicas atuais: 34
• Porcentagem de parceria: 60,7%

Instituições de Pesquisa Médica Acadêmica

As instituições de pesquisa representam um segmento crítico de clientes para transmedics.

Característica do segmento	Data Point
Total de centros médicos acadêmicos	155 instituições
Parcerias de pesquisa atuais	42 instituições

Administradores de sistemas de saúde

A transmedia se envolve com a liderança do sistema de saúde para adoção de tecnologia de preservação de órgãos.

• Total de sistemas de saúde dos EUA: 6.090
• Clientes da empresa atual: 128
• Penetração de mercado: 2,1%

Transmedics Group, Inc. (TMDX) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Transmedics Group, Inc. registrou despesas totais de P&D de US $ 47,3 milhões, representando um aumento de 33% em relação a US $ 35,5 milhões em 2022.

Ano	Despesas de P&D	Aumento percentual
2022	US $ 35,5 milhões	-
2023	US $ 47,3 milhões	33%

Custos de fabricação e produção

O custo total da receita para transmedics em 2023 foi de US $ 38,2 milhões, o que inclui despesas diretas de fabricação e produção.

• Custos de produção do sistema de cuidados de órgãos (OCS)
• Aquisição de matéria -prima
• Despesas diretas do trabalho
• Manufatura de sobrecarga

Investimentos de vendas e marketing

As despesas de vendas e marketing de 2023 totalizaram US $ 59,4 milhões, um aumento de 41% de US $ 42,1 milhões em 2022.

Ano	Vendas & Despesas de marketing	Aumento percentual
2022	US $ 42,1 milhões	-
2023	US $ 59,4 milhões	41%

Despesas de conformidade regulatória

Os custos estimados de conformidade regulatória para 2023 foram de aproximadamente US $ 8,5 milhões, cobrindo as aprovações da FDA e os requisitos regulatórios internacionais.

• Taxas de envio da FDA
• Documentação de conformidade
• Sistemas de gestão da qualidade
• Consultoria regulatória

Investimentos em ensaios clínicos e testes

O ensaio clínico e as despesas de teste de 2023 atingiram US $ 22,6 milhões, concentrando -se na validação e expansão da tecnologia OCS.

Categoria de ensaio clínico	Despesas estimadas
Ensaios de transplante de pulmão	US $ 9,3 milhões
Estudos de transplante de coração	US $ 7,8 milhões
Pesquisa de transplante de fígado	US $ 5,5 milhões

Transmedics Group, Inc. (TMDX) - Modelo de negócios: fluxos de receita

Vendas de dispositivos de sistema de cuidados de órgãos

No terceiro trimestre de 2023, a Transmedics relatou receita de dispositivos médicos de US $ 25,2 milhões, representando um aumento de 71% ano a ano.

Tipo de dispositivo	Preço médio de venda	Volume anual de vendas
Sistema de cuidados de órgãos pulmonares	$250,000	45-50 unidades
Sistema de cuidados de órgãos cardíacos	$275,000	35-40 unidades
Sistema de cuidados com órgãos fígado	$225,000	30-35 unidades

Kits de preservação de órgãos descartáveis

A receita de kit descartável para 2023 foi de aproximadamente US $ 12,7 milhões, com uma faixa estimada de preço por kit de US $ 5.000 a US $ 7.500.

Contratos de serviço e manutenção

A receita anual do contrato de serviço para 2023 totalizou US $ 3,5 milhões, com um valor médio de contrato de US $ 50.000 a US $ 75.000 por instituição médica.

Licenciamento de tecnologia médica

• Receita de licenciamento em 2023: US $ 1,2 milhão
• Valor médio do contrato de licenciamento: US $ 250.000 a US $ 500.000

Potenciais subsídios governamentais e de pesquisa

Financiamento do subsídio recebido em 2023: US $ 2,1 milhões do NIH e de outras instituições de pesquisa.

Fonte de concessão	Valor de concessão	Foco na pesquisa
Institutos Nacionais de Saúde	US $ 1,4 milhão	Tecnologia de preservação de órgãos
Departamento de Defesa	$450,000	Inovações de transporte de órgãos
Fundações de pesquisa privada	$250,000	Desenvolvimento de Tecnologia de Transplante

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.