Filing Flows › TransMedics Group (TMDX) › Q2 2025
TransMedics Group (TMDX) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
TransMedics Group (TMDX) reported revenue of $157M for the second quarter 2025 (Q2 2025), +38% from a year earlier and +10% from the quarter before. Operating margin was 23.2%, net earnings $34.9M (22.2% of revenue).
TransMedics Group, Q2 2025: revenue $157M (+38% year over year), operating margin 23.2%, net earnings $34.9M, operating cash flow $91.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $157M | +10% | +38% |
| Gross profit | $96.6M | +9% | +39% |
| Operating profit | $36.6M | +33% | +192% |
| Net earnings | $34.9M | +36% | +186% |
| Operating cash flow | $91.6M | — | +256% |
| Free cash flow | $82.5M | — | 42× |
What changed
Revenue was $157.4M in Q2 2025, up 38% year over year and up 10% from the previous quarter. Product was the largest line at 61% of revenue. Product added $24.4M year over year (up 34%), 57% of the total change.
Gross margin was 61.4%, up 0.8 points from a year earlier. Operating profit was $36.6M, a 23.2% margin (up 12.3 points year over year). Of the extra revenue versus a year earlier, 56% reached operating profit, above the 11% margin then. Operating expenses grew 6% against revenue growth of 38%. The fastest-growing cost line was Research & development (+15%). Net earnings were $34.9M, up 186% year over year. The effective tax rate was 3.5%.
Operating cash flow was $91.6M (up 256% year over year), 262% of net earnings. Non-cash charges added back $6.7M of depreciation and amortization and $9.4M of share-based compensation. Working capital and other items added $40.6M. Capital expenditures of $9.1M left free cash flow of $82.5M.
Questions
What was TransMedics Group's revenue in the second quarter 2025?
TransMedics Group (TMDX) reported revenue of $157M for the second quarter 2025 (Q2 2025), +38% from a year earlier and +10% from the quarter before.
Was TransMedics Group profitable in the second quarter 2025?
Operating profit was $36.6M (23.2% of revenue) and net earnings $34.9M.
Source: TransMedics Group 10-Q on SEC EDGAR.