Filing Flows › TransMedics Group (TMDX) › Q3 2025
TransMedics Group (TMDX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
TransMedics Group (TMDX) reported revenue of $144M for the third quarter 2025 (Q3 2025), +32% from a year earlier and -9% from the quarter before. Operating margin was 16.2%, net earnings $24.3M (16.9% of revenue).
TransMedics Group, Q3 2025: revenue $144M (+32% year over year), operating margin 16.2%, net earnings $24.3M, operating cash flow $69.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $144M | -9% | +32% |
| Gross profit | $84.6M | -12% | +39% |
| Operating profit | $23.3M | -36% | +494% |
| Net earnings | $24.3M | -30% | +477% |
| Operating cash flow | $69.6M | -24% | +915% |
| Free cash flow | $61.9M | -25% | — |
What changed
Revenue was $143.8M in Q3 2025, up 32% year over year and down 9% from the previous quarter. Product was the largest line at 61% of revenue. Product added $21.8M year over year (up 33%), 62% of the total change.
Gross margin was 58.8%, up 2.9 points from a year earlier. Operating profit was $23.3M, a 16.2% margin (up 12.6 points year over year). Of the extra revenue versus a year earlier, 55% reached operating profit, above the 4% margin then. Operating expenses grew 8% against revenue growth of 32%. Net earnings were $24.3M, up 477% year over year. The effective tax rate was -5.6%.
Operating cash flow was $69.6M (up 915% year over year), 286% of net earnings. Non-cash charges added back $6.8M of depreciation and amortization and $9.1M of share-based compensation. Working capital and other items added $29.3M. Capital expenditures of $7.6M left free cash flow of $61.9M.
Questions
What was TransMedics Group's revenue in the third quarter 2025?
TransMedics Group (TMDX) reported revenue of $144M for the third quarter 2025 (Q3 2025), +32% from a year earlier and -9% from the quarter before.
Was TransMedics Group profitable in the third quarter 2025?
Operating profit was $23.3M (16.2% of revenue) and net earnings $24.3M.
Source: TransMedics Group 10-Q on SEC EDGAR.