| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 27 | 21.2x | 17.8x | Bottom tier | |
Growth | 93 | 25.8% | 7.1% | Top tier | |
Quality | 80 | 14.4% | 4.5% | Top tier | |
Safety | 47 | 3.6x | 2.6x | Around median | |
Capital Return | 9 | 0.00% | 2.12% | Bottom tier | |
Momentum | 12 | -33.1% | 2.9% | Bottom tier | |
Sentiment | 42 | 6 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
TransMedics Group operates an integrated organ transplant platform that combines four interconnected assets: the Organ Care System, or OCS, technology for preserving organs through warm perfusion; the National OCS Program for providing organ procurement and surgical and clinical services; the TransMedics Transplant Logistics network for air and ground transportation; and the NOP Connect digital platform for managing the transplant journey. The company generates revenue from OCS products and the clinical and logistics services associated with liver, heart, and lung transplants, and on July 1, 2026, it began providing clinical screening coordination services for donors and recipients.
In fiscal 2026 Q2, the company reported record revenue of approximately $190 million, up 21% year over year and 9% sequentially. Product revenue was $111 million, compared with $79 million from services, representing 41% of the total; within U.S. transplant revenue of $184 million, liver contributed approximately $148 million, heart approximately $33 million, and lung approximately $2 million, while international revenue was approximately $5 million.
Gross margin in fiscal 2026 Q2 was approximately 59.6%, up 140 basis points sequentially and down 180 basis points year over year, with a 77% margin for products and 35% for services. The company reported adjusted operating income of $25.8 million, with an adjusted operating margin of 13.6%, adjusted net income of $16.2 million, and adjusted diluted earnings per share of $0.44; meanwhile, EDGAR filings for fiscal 2026 Q1 showed revenue of $173.9 million, gross profit of $101.2 million, and net income of $7.3 million.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $96.86, within a wide range of $65 to $122, with the consensus rating classified as “Buy”; the average is approximately 38% below the 52-week range high of $156 and above its low of $60.105. No reported price-to-earnings ratio is available in the data despite earnings per share of $4.87 in fiscal 2025, so the valuation is closely tied to the company’s ability to achieve its fiscal 2026 revenue guidance, contain the decline in operating margin, and manage delays in ENHANCE and DENOVO.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
TransMedics generates revenue from OCS products and the clinical, surgical, and logistics services associated with organ transplants. In fiscal 2026 Q2, product revenue was $111 million and services revenue was $79 million, with services accounting for 41% of total revenue. Within U.S. transplant revenue, liver contributed approximately $148 million, heart approximately $33 million, and lung approximately $2 million.
Revenue was approximately $190 million, up 21% year over year and 9% sequentially, the highest quarterly level recorded by the company through June 30, 2026. Gross margin was 59.6%, while adjusted operating income was $25.8 million, with a margin of 13.6%. Adjusted net income was also $16.2 million, and adjusted diluted earnings per share were $0.44.
The company expects revenue of $737 million to $757 million in fiscal 2026, representing growth of 22% to 25% compared with fiscal 2025. This guidance excludes the impact of PAD Aviation and assumes no material additional contribution from ENHANCE Part B or DENOVO. The company expects a gross margin of approximately 59% in the second half and an adjusted operating margin of 12.5% to 14% for fiscal 2026, both excluding PAD Aviation.
ENHANCE Part B aims to expand heart utilization into a U.S. segment comprising approximately 2,200 annual transplants from donors after brain death, while introducing CHOPS as a lower-cost preservation option. DENOVO aims to revitalize the lung perfusion market and expand the use of OCS Lung, and the company estimates the combined opportunity for the two programs at between 2,000 and 5,000 additional heart and lung cases annually. As of the August 4, 2026 call, only a limited number of cases had been completed in the two programs, and the ENHANCE investigational device exemption amendment was under FDA review.
OCS Kidney targets a U.S. market exceeding 21,000 kidney transplants from deceased donors annually, while approximately 9,200 additional kidneys were recovered in 2024 without being transplanted. Management states that delayed graft function affects between 26% and 50% of recipients, with an estimated additional cost of between $25 thousand and $45 thousand per case. The program began pre-investigational device exemption discussions with the FDA on August 4, 2026, and the company is targeting its first clinical trial later in 2027.
The share of lower-margin services increased, as services revenue grew 29% year over year compared with 16% for products in fiscal 2026 Q2. Despite the sequential improvement in services margin from 27% to 35%, gross margin declined 180 basis points year over year to 59.6% due to the services mix, inventory provisions, and trial-related solution costs. In addition, management expects the integration of PAD Aviation beginning in fiscal 2026 Q3 to reduce gross and operating margins.
