TransMedics Group (TMDX) FY2022 results: revenue $93 million, up 208.8% on the year

TransMedics Group, Inc. (TMDX) reported revenue of $93 million for fiscal 2022, the year ended 31 December 2022, up 208.8% on the year before. Net income was -$36 million, and diluted earnings per share $-1.23. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2023.

Revenue

$93 million

+208.8% on the year

FY2018FY2022

Operating margin

-33.6%

-130.3% a year earlier

FY2018FY2022

Net income

-$36 million

FY2018FY2022

Diluted EPS

-$1.23

FY2018FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	93.5	30.3	25.6	+208.8%
Cost of revenue	28.2	9.1	9.0	+209.6%
Gross profit	65.3	21.2	16.6	+208.5%
Gross margin	69.8%	69.9%	64.9%
Research and development	26.8	22.3	18.8	+20.2%
Selling, general and administrative	69.9	38.3	24.2	+82.6%
Operating income	-31.4	-39.4	-26.4
Operating margin	-33.6%	-130.3%	-102.9%
Interest expense	3.7	3.9	4.0	-3.8%
Pre-tax income	-36.2	-44.2	-28.7
Income tax	0.1	n/a	0.0
Net income	-36.2	-44.2	-28.7
Net margin	-38.8%	-146.1%	-112.1%
Diluted EPS	-$1.23	-$1.60	-$1.16

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	-45.8	-28.9	-30.3
Capital expenditure	11.9	3.5	0.5	+238.4%
Free cash flow	-57.7	-32.4	-30.7
Free cash flow margin	-61.8%	-107.0%	-119.8%
Cash from investing	54.5	29.3	-41.6	+86.3%
Cash from financing	168	1.4	75.5	+11,955.1%
Depreciation and amortisation	3.5	1.8	1.6	+91.4%
Share-based compensation	10.3	6.9	2.4	+50.1%
Dividend per share	$0.00	$0.00	$0.00
Diluted shares, weighted	30m	28m	25m	+7.0%
Shares outstanding at period end	32m	28m	27m	+15.7%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	187	67.9	104	+176.1%
Debt	58.7	35.2	34.7	+66.8%
Operating lease liabilities	7.4	8.6	n/a	-13.8%
Other liabilities	23.7	23.2	13.5	+1.8%
Total liabilities and equity	277	135	152	+105.5%
Fixed assets	19.2	9.8	4.8	+95.3%
Investments	n/a	66.9	101
Cash and equivalents	201	25.6	24.6	+686.5%
Receivables	27.6	5.9	6.9	+365.3%
Inventory	20.6	14.9	11.9	+38.7%
Other assets	8.5	11.8	2.8	-27.8%
Total assets	277	135	152	+105.5%

10-K for the year ended 31 December 2022, filed 27 February 2023: the filing.