TransMedics Group (TMDX) FY2023 results: revenue $242 million, up 158.5% on the year

TransMedics Group, Inc. (TMDX) reported revenue of $242 million for fiscal 2023, the year ended 31 December 2023, up 158.5% on the year before. Net income was -$25 million, and diluted earnings per share $-0.77. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue

$242 million

+158.5% on the year

FY2018FY2023

Operating margin

-11.9%

-33.6% a year earlier

FY2018FY2023

Net income

-$25 million

FY2018FY2023

Diluted EPS

-$0.77

FY2018FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	242	93.5	30.3	+158.5%
Cost of revenue	87.5	28.2	9.1	+210.5%
Gross profit	154	65.3	21.2	+136.1%
Gross margin	63.8%	69.8%	69.9%
Research and development	36.1	26.8	22.3	+34.5%
Selling, general and administrative	120	69.9	38.3	+71.0%
Operating income	-28.7	-31.4	-39.4
Operating margin	-11.9%	-33.6%	-130.3%
Interest expense	10.8	3.7	3.9	+189.6%
Pre-tax income	-26.7	-36.2	-44.2
Income tax	-1.6	0.1	n/a
Net income	-25.0	-36.2	-44.2
Net margin	-10.4%	-38.8%	-146.1%
Diluted EPS	-$0.77	-$1.23	-$1.60

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	-13.0	-45.8	-28.9
Capital expenditure	152	11.9	3.5	+1,175.3%
Free cash flow	-165	-57.7	-32.4
Free cash flow margin	-68.2%	-61.8%	-107.0%
Cash from investing	-194	54.5	29.3
Cash from financing	400	168	1.4	+138.4%
Depreciation and amortisation	8.2	3.5	1.8	+135.1%
Share-based compensation	19.8	10.3	6.9	+91.8%
Dividend per share	$0.00	$0.00	$0.00
Diluted shares, weighted	33m	30m	28m	+10.0%
Shares outstanding at period end	33m	32m	28m	+1.6%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	137	187	67.9	-26.8%
Debt	506	58.7	35.2	+762.4%
Operating lease liabilities	7.7	7.4	8.6	+3.9%
Other liabilities	54.9	23.7	23.2	+132.2%
Total liabilities and equity	706	277	135	+154.8%
Fixed assets	174	19.2	9.8	+804.9%
Goodwill	12.0	n/a	n/a
Intangible assets	2.4	n/a	n/a
Investments	n/a	n/a	66.9
Cash and equivalents	395	201	25.6	+96.2%
Receivables	63.6	27.6	5.9	+130.3%
Inventory	44.2	20.6	14.9	+114.7%
Other assets	15.1	8.5	11.8	+77.6%
Total assets	706	277	135	+154.8%

10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.