TransMedics Group, Inc.(TMDX)Stock Analysis
AI analysis on 2,800+ stocks →Deep AI analysis on 2,800+ stocks →13F Pro Quality Score
Rank #328 of 2,879 stocksTOP 25%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
TMDX Stock Analysis & AI Quality Score
AI stock analysis and institutional research for TransMedics Group, Inc. (TMDX), a Healthcare sector company. 13F Pro's AI-powered ranking engine scores TMDX at 70.1/100 on a 32-signal composite quality model, placing it at rank #328 of 2,879 stocks — the top 25% of the AI-ranked universe. TMDX scores in the top quartile across revenue growth (92.8), balance sheet strength (83.5), profitability (83.3). Areas of concern include earnings quality (30.0), which score below median versus the broader universe. Shareholder dilution risk is elevated at 23.0/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), TransMedics Group, Inc. reports quarterly revenue of $173.9M, net income of $7.3M, free cash flow of $-12.1M. Top institutional holders of TMDX by reported 13-F value include BlackRock,, FMR, VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. TMDX trades on the Nasdaq exchange and files with the SEC under CIK 1756262. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate TMDX daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for TransMedics Group, Inc. directly from SEC EDGAR. TransMedics Group, Inc.'s 13F Pro composite quality score has ranged between 8 and 83 since 2021, currently 70.1 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.
What's Driving TMDX's Business? Latest 10-Q Breakdown
AI-extracted from TransMedics Group, Inc.'s 10-Q filed 2026-05-05 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Biggest Revenue Drivers
Total revenue: $173.9M+21% YoY
Higher sales volumes of OCS Liver disposable sets and increased NOP usage.
Slightly lower US Heart revenue offset by international growth in Heart products.
US Lung revenue declined while international lung and heart revenue grew modestly.
Largest Expense Items
Increased labor expenses for NOP operations; higher aircraft fuel, maintenance, and crew costs.
Personnel expansion (+$6.4M), professional/transaction fees (+$4.6M), depreciation of new headquarters finance lease (+$2.1M), and intangible asset amortization (+$1.9M).
External consultant costs for next-generation OCS development (+$4.2M) and kidney transport system; increased R&D headcount and facility costs.
Margins: Overall gross margin declined to 58% from 61% YoY, primarily due to product mix shift and higher freight costs reducing product margin from 82% to 77%, partially offset by 27% service margin. Operating margin compressed significantly due to 44% increase in SG&A and 45% increase in R&D expenses outpacing 21% revenue growth.
Watch Items from the Filing
- Material weakness in internal controls: Company lacks effective controls over inventory movement in manufacturing network. While year-end inventory is verified, interim period inventory movements are not properly recorded. Remediation plan in progress.
- New finance lease obligation of $404.3M (including property purchases) for headquarters relocation to Somerville, MA. Base rent begins January 2028 at $23.9M annually, increasing 2-3% per year. Purchase option for $374.6M exercisable by December 2027.
- Pending class action litigation (Jewik v. TransMedics) alleging securities fraud for period Feb 28, 2023-Jan 10, 2025. Company unable to estimate loss range; motion to dismiss pending as of December 2025.
- OPTN regulatory transition: UNOS contract extended only through December 29, 2026 under multi-vendor model. Potential impact on NOP operations and transplant center relationships uncertain.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2026
$173.9M
Net Income
Q1 2026
$7.3M
Free Cash Flow
Q1 2026
$-12.1M
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+37.1% YoYNet Income
+436.1% YoYOperating Income
+189.6% YoYEPS (Diluted)
+382.2% YoYTotal Assets
+32.9% YoYTotal Debt
Op. Cash Flow
+295.1% YoY| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $605.5M +37.1% | $441.5M +82.7% | $241.6M +158.5% | $93.5M +208.8% | $30.3M +18.0% | $25.6M |
| Net Income | $190.3M +436.1% | $35.5M +241.8% | $-25.0M +30.9% | $-36.2M +18.1% | $-44.2M -53.8% | $-28.7M |
| Operating Income | $108.6M +189.6% | $37.5M +230.5% | $-28.7M +8.6% | $-31.4M +20.3% | $-39.4M -49.4% | $-26.4M |
| EPS (Diluted) | $4.87 +382.2% | $1.01 +231.2% | $-0.77 +37.4% | $-1.23 +23.1% | $-1.60 -37.9% | $-1.16 |
| Total Assets | $1.07B +32.9% | $804.1M +13.9% | $706.0M +154.8% | $277.1M +105.5% | $134.9M -11.3% | $152.0M |
| Total Debt | $10.0M | — | — | $58.7M +66.8% | $35.2M +1.6% | $34.7M |
| Operating Cash Flow | $192.8M +295.1% | $48.8M +474.6% | $-13.0M +71.6% | $-45.8M -58.7% | $-28.9M +4.6% | $-30.3M |
AI Insight: TMDX Financial Trends
Revenue surged 52% year-over-year to $174M in Q1 2026, but operating income compressed sharply to $13M — the lowest since Q3 2024.
• Revenue grew from $114M in Q2 2024 to $174M in Q1 2026, a 53% cumulative rise reflecting sustained top-line momentum.
• Equity expanded from $190M in Q2 2024 to $494M in Q1 2026, more than doubling over eight quarters.
• Operating income fell to $13M in Q1 2026 from $37M in Q2 2025 and $27M in Q1 2025, signaling margin pressure year-over-year.
• Operating cash flow turned negative at -$3M in Q1 2025, recovered strongly to $92M in Q2 2025, then softened to $25M in Q1 2026.
⚠ Operating margin compression: op income of $13M on $174M revenue in Q1 2026 implies ~7.5% margin, well below Q2 2025's ~24%.
⚠ Total debt appeared for the first time in Q3 2025 at $5M and rose to $15M by Q1 2026 — trend warrants monitoring.
⚠ Q4 2025 net income of $105M vastly exceeded op income of $21M, suggesting a one-time non-operating gain that inflated reported earnings.
AI Insight: TMDX Ratio Trends
Operating margins are compressing sharply in Q1 2026 to 7.6%, reversing a strong run that peaked at 23.2% in Q2 2025.
• Operating margin surged from 3.6% in Q3 2024 to 23.2% in Q2 2025, then reversed to 7.6% in Q1 2026.
• Q4 2025 net profit margin spiked to 65.5%, distorting the TTM NPM to 27.0% — likely a one-off item.
• Leverage remains negligible: D/E held at just 0.03 in Q1 2026, indicating a nearly debt-free balance sheet.
• ROIC collapsed from 46.0% in Q2 2025 to 10.4% in Q1 2026, a 35.6pp sequential decline.
⚠ Q1 2026 operating margin of 7.6% is near the Q3 2024 trough — confirm whether structural cost pressures are emerging.
⚠ The Q4 2025 NPM spike to 65.5% warrants scrutiny; strip out one-offs to assess true earnings power.
⚠ ROIC has now declined three consecutive quarters from its 46.0% peak — first sustained ROIC downtrend in the dataset.
Get alerted when TMDX's score changes
Free account: watchlist tracking, the daily AI brief, and the AI screener.
Available Research
13F Pro tracks comprehensive data for TransMedics Group, Inc. including:
Top Institutional Holders of TMDX
BlackRock, Inc.
$526.2M5,293,331 shFMR LLC
$506.6M5,096,243 shVANGUARD PORTFOLIO MANAGEMENT LLC
$190.8M1,919,535 shVANGUARD CAPITAL MANAGEMENT LLC
$146.9M1,478,152 shSTATE STREET CORP
$131.2M1,319,479 shInvesco Ltd.
$103.2M1,037,974 shVOYA INVESTMENT MANAGEMENT LLC
$95.9M73,935,000 shUBS AM, a distinct business unit of UBS ASSET MANAGEMENT AME
$93.4M939,523 shNOMURA ASSET MANAGEMENT INTERNATIONAL INC.
$88.1M885,841 shGOLDMAN SACHS GROUP INC
$86.1M866,282 sh
| Fund | Value | Shares |
|---|---|---|
| BlackRock, Inc. | $526.2M | 5,293,331 |
| FMR LLC | $506.6M | 5,096,243 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $190.8M | 1,919,535 |
| VANGUARD CAPITAL MANAGEMENT LLC | $146.9M | 1,478,152 |
| STATE STREET CORP | $131.2M | 1,319,479 |
| Invesco Ltd. | $103.2M | 1,037,974 |
| VOYA INVESTMENT MANAGEMENT LLC | $95.9M | 73,935,000 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AME | $93.4M | 939,523 |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $88.1M | 885,841 |
| GOLDMAN SACHS GROUP INC | $86.1M | 866,282 |
More Healthcare Companies
View all Healthcare →Put TMDX on your watchlist
Track score changes the day TransMedics Group, Inc. files with the SEC, follow the hedge funds that own it, screen 2,800+ AI-scored stocks, and get the daily brief — free.
Free tier includes 13F data, economic indicators, and market overview. Pro starts at $6.67/mo (billed annually).
Popular Research
Is TMDX a good stock to buy?
13F Pro's AI-powered analysis of TransMedics Group, Inc. (TMDX) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Healthcare sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for TMDX are available on the TMDX stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own TMDX?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling TMDX. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of TransMedics Group, Inc.'s investment landscape.