Filing Flows › TransMedics Group (TMDX) › Q2 2026 › vs Q2 2025
TransMedics Group (TMDX) Q2 2026 vs Q2 2025 (year over year)
TransMedics Group's revenue rose $32.6M (+21%) from $157M in Q2 2025 to $190M in Q2 2026. The biggest changes: Service +$17.5M (+29%); Product +$15.1M (+16%). Gross margin 59.6% against 61.4% (-1.8 pts).
TransMedics Group, Q2 2026: revenue $190M (+21% year over year), operating margin 12.5%, net earnings $14.7M, operating cash flow $17.3M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 59.6% | 61.4% | -1.8 pts |
| Operating margin | 12.5% | 23.2% | -10.7 pts |
| Net margin | 7.7% | 22.2% | -14.5 pts |
| Free cash flow margin | 5.4% | 52.4% | -47.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Product | $111M | $96.1M | $15.1M | +16% |
| Service | $78.8M | $61.3M | $17.5M | +29% |
| Revenue | $190M | $157M | $32.6M | +21% |
| Gross profit | $113M | $96.6M | $16.6M | +17% |
| Cost of revenue | $76.8M | $60.8M | $16.0M | +26% |
| Operating profit | $23.7M | $36.6M | −$12.8M | -35% |
| Operating expenses | $89.5M | $60.0M | $29.4M | +49% |
| Pre-tax earnings | $19.4M | $36.2M | −$16.8M | -46% |
| Other expense, net | $4.3M | $385K | $3.9M | 11× |
| Research & development | $31.6M | $15.9M | $15.7M | +99% |
| SG&A | $57.8M | $44.1M | $13.7M | +31% |
| Net earnings | $14.7M | $34.9M | −$20.2M | -58% |
| Income tax | $4.7M | $1.3M | $3.4M | +270% |
| Operating cash sources | $33.5M | $51.0M | −$17.5M | -34% |
| Depreciation & amortization | $10.2M | $6.7M | $3.5M | +52% |
| Share-based compensation | $8.6M | $9.4M | −$766K | -8% |
| Working capital & other | $16.2M | −$40.6M | $56.8M | — |
| Operating cash flow | $17.3M | $91.6M | −$74.3M | -81% |
| Free cash flow (OCF − capex) | $10.2M | $82.5M | −$72.3M | -88% |
| Capital expenditures | $7.1M | $9.1M | −$2.0M | -22% |
Questions
How much did TransMedics Group's revenue grow year over year in Q2 2026?
TransMedics Group's revenue rose $32.6M (+21%) from $157M in Q2 2025 to $190M in Q2 2026.
What drove TransMedics Group's revenue change in Q2 2026?
Service +$17.5M (+29%); Product +$15.1M (+16%).