TransMedics Group (TMDX) FY2024 results: revenue $442 million, up 82.7% on the year

TransMedics Group, Inc. (TMDX) reported revenue of $442 million for fiscal 2024, the year ended 31 December 2024, up 82.7% on the year before. Net income was $35 million, and diluted earnings per share $1.01. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2025.

Revenue

$442 million

+82.7% on the year

FY2018FY2024

Operating margin

8.5%

-11.9% a year earlier

FY2018FY2024

Net income

$35 million

FY2018FY2024

Diluted EPS

$1.01

FY2018FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	442	242	93.5	+82.7%
Cost of revenue	179	87.5	28.2	+105.0%
Gross profit	262	154	65.3	+70.1%
Gross margin	59.4%	63.8%	69.8%
Research and development	56.0	36.1	26.8	+55.2%
Selling, general and administrative	169	120	69.9	+41.0%
Operating income	37.5	-28.7	-31.4
Operating margin	8.5%	-11.9%	-33.6%
Interest expense	14.4	10.8	3.7	+33.5%
Pre-tax income	35.8	-26.7	-36.2
Income tax	0.3	-1.6	0.1
Effective tax rate	0.9%	n/a	n/a
Net income	35.5	-25.0	-36.2
Net margin	8.0%	-10.4%	-38.8%
Diluted EPS	$1.01	-$0.77	-$1.23

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	48.8	-13.0	-45.8
Capital expenditure	130	152	11.9	-14.6%
Free cash flow	-80.9	-165	-57.7
Free cash flow margin	-18.3%	-68.2%	-61.8%
Cash from investing	-129	-194	54.5
Cash from financing	22.9	400	168	-94.3%
Depreciation and amortisation	19.8	8.2	3.5	+141.6%
Share-based compensation	33.2	19.8	10.3	+67.9%
Dividend per share	$0.00	$0.00	$0.00
Diluted shares, weighted	35m	33m	30m	+8.3%
Shares outstanding at period end	34m	33m	32m	+2.9%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	229	137	187	+66.6%
Debt	509	506	58.7	+0.6%
Operating lease liabilities	6.2	7.7	7.4	-18.9%
Other liabilities	59.9	54.9	23.7	+9.1%
Total liabilities and equity	804	706	277	+13.9%
Fixed assets	286	174	19.2	+64.4%
Goodwill	11.5	12.0	n/a	-3.7%
Intangible assets	2.2	2.4	n/a	-8.6%
Cash and equivalents	337	395	201	-14.6%
Receivables	97.7	63.6	27.6	+53.7%
Inventory	46.6	44.2	20.6	+5.2%
Other assets	23.0	15.1	8.5	+51.8%
Total assets	804	706	277	+13.9%

10-K for the year ended 31 December 2024, filed 27 February 2025: the filing.