Filing Flows › TransMedics Group (TMDX) › Q1 2026
TransMedics Group (TMDX) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
TransMedics Group (TMDX) reported revenue of $174M for the first quarter 2026 (Q1 2026), +21% from a year earlier and +8% from the quarter before. Operating margin was 7.6%, net earnings $7.3M (4.2% of revenue).
TransMedics Group, Q1 2026: revenue $174M (+21% year over year), operating margin 7.6%, net earnings $7.3M, operating cash flow $24.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $174M | +8% | +21% |
| Gross profit | $101M | +8% | +15% |
| Operating profit | $13.3M | -37% | -52% |
| Net earnings | $7.3M | -93% | -72% |
| Operating cash flow | $24.5M | -29% | — |
What changed
Revenue was $173.9M in Q1 2026, up 21% year over year and up 8% from the previous quarter. Product was the largest line at 62% of revenue. Product added $19.7M year over year (up 22%), 65% of the total change.
Gross margin was 58.2%, down 3.3 points from Q1 2025. Operating profit was $13.3M, a 7.6% margin (down 11.5 points year over year). Operating profit fell $14.1M even though revenue rose $30.4M versus Q1 2025, so costs grew faster than sales. Operating expenses grew 45% against revenue growth of 21%. The fastest-growing cost line was Research & development (+45%). Net earnings were $7.3M, down 72% year over year. The effective tax rate was 13.8%.
Operating cash flow was $24.5M, 335% of net earnings. Non-cash charges added back $11.9M of depreciation and amortization and $10.0M of share-based compensation. Working capital and other items used $4.6M. Capital expenditures of $36.7M exceeded it, leaving free cash flow of −$12.1M.
Questions
What was TransMedics Group's revenue in the first quarter 2026?
TransMedics Group (TMDX) reported revenue of $174M for the first quarter 2026 (Q1 2026), +21% from a year earlier and +8% from the quarter before.
Was TransMedics Group profitable in the first quarter 2026?
Operating profit was $13.3M (7.6% of revenue) and net earnings $7.3M.
Source: TransMedics Group 10-Q on SEC EDGAR.