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TransMedics Group (TMDX) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · TransMedics Group (TMDX) Q3 2026 earnings results →
Q3 2026 Revenue up 41% year over year to $203M · 8¢ of every $1 of revenue kept as net profit · operating margin 13.9%
TransMedics Group made $203M in Q3 2026 (+41% Y/Y): Product $113M, Service $89.6M. Operating margin 13.9%, net earnings $17.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $203.0M in Q3 2026, up 41% year over year and up 7% from the previous quarter. Product was the largest line at 56% of revenue. Service added $33.4M year over year (up 60%), 57% of the total change.
Gross margin was 58.5%, down 0.4 points from Q3 2025. Operating profit was $28.1M, a 13.9% margin (down 2.3 points year over year). Of the extra revenue versus Q3 2025, 8% reached operating profit, below the 16% margin then. Operating expenses grew 48% against revenue growth of 41%. The fastest-growing cost line was Research & development (+91%). Net earnings were $17.1M, down 30% year over year. The effective tax rate was 29.2%.
Operating cash flow was $36.0M (down 48% year over year), 211% of net earnings. Non-cash charges added back $10.8M of depreciation and amortization and $12.6M of share-based compensation. Working capital and other items used $4.5M. Capital expenditures of $8.4M left free cash flow of $27.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $203M | +41% | 13.9% | $17.1M | $36.0M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $190M | +21% | 12.5% | $14.7M | $17.3M |
| Q1 2026 | 10-Q | May 5, 2026 | $174M | +21% | 7.6% | $7.3M | $24.5M |
| Q4 2025 | 10-K | Feb 24, 2026 | $161M | +32% | 13.2% | $105M | $34.5M |
| Q3 2025 | 10-Q | Oct 29, 2025 | $144M | +32% | 16.2% | $24.3M | $69.6M |
| Q2 2025 | 10-Q | Jul 30, 2025 | $157M | +38% | 23.2% | $34.9M | $91.6M |
| Q1 2025 | 10-Q | May 8, 2025 | $144M | +48% | 19.1% | $25.7M | −$2.9M |
Charts
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About TransMedics Group
We are a medical technology company transforming organ transplant therapy for end-stage organ failure patients across multiple disease states. We developed the OCS to replace a decades-old standard of care that we believe is significantly limiting access to life-saving transplant therapy for hundreds of thousands of patients worldwide. Our innovative OCS technology replicates many aspects of the organ’s natural living and functioning environment outside of the human body. As such, the OCS represents a paradigm shift that transforms organ preservation for transplantation from a static state to a dynamic environment that enables new capabilities, including organ optimization and assessment.
In its own words, from its 10-K, filed Feb 24, 2026.
TransMedics Group against its Electromedical & Electrotherapeutic Apparatus peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +41% against the peers' median +14%. Operating margin: 13.9% against the peers' median 6.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| TMDX TransMedics Group | Q3 2026 | $203M | +41% | 13.9% |
| MDT Medtronic | Q1 FY27 | $9.8B | +14% | 18.1% |
| ITGR Integer Holdings | Q3 2026 | $450M | -4% | 6.3% |
| LIVN LivaNova | Q3 2026 | $393M | +10% | 7.2% |
| CNMD Conmed | Q3 2026 | $336M | -0.7% | 11.1% |
| AXGN Axogen | Q3 2026 | $75.8M | +26% | 1.3% |
| OM Outset Medical | Q3 2026 | $33.6M | +14% | -36.5% |
| CBLL Ceribell | Q3 2026 | $29.3M | +30% | -70.0% |
| BLFS Biolife Solutions | Q2 2026 | $28.5M | +22% | 6.0% |
Source: TransMedics Group 10-Q on SEC EDGAR · CIK 1756262 · Electromedical & Electrotherapeutic Apparatus
Guidance and outlook
13F: who owns TMDX and who is buying
More on TMDX
- How TransMedics Group makes money: revenue by segment
- TransMedics Group next earnings date and what analysts expect
- TransMedics Group stock forecast, price target and fair value
- Who owns TransMedics Group stock: holders, funds and Congress trades
- TransMedics Group guidance and outlook
- Is TransMedics Group a takeover target? LBO and rumors
- TransMedics Group recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- TransMedics Group guidance history: guided vs reported
- TransMedics Group gross margin by quarter
- TransMedics Group operating margin by quarter
- TransMedics Group net income by quarter
- TransMedics Group free cash flow by quarter
- TransMedics Group R&D spending by quarter
- TransMedics Group capital expenditures by quarter
- TransMedics Group Product revenue by quarter
- TransMedics Group Service revenue by quarter