Filing Flows › TransMedics Group (TMDX) › Q3 2026 › vs Q3 2025
TransMedics Group (TMDX) Q3 2026 vs Q3 2025 (year over year)
TransMedics Group's revenue rose $59.2M (+41%) from $144M in Q3 2025 to $203M in Q3 2026. The biggest changes: Service +$33.4M (+60%); Product +$25.7M (+29%). Gross margin 58.5% against 58.8% (-0.4 pts).
TransMedics Group, Q3 2026: revenue $203M (+41% year over year), operating margin 13.9%, net earnings $17.1M, operating cash flow $36.0M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 58.5% | 58.8% | -0.4 pts |
| Operating margin | 13.9% | 16.2% | -2.3 pts |
| Net margin | 8.4% | 16.9% | -8.5 pts |
| Free cash flow margin | 13.6% | 43.1% | -29.5 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Product | $113M | $87.7M | $25.7M | +29% |
| Service | $89.6M | $56.1M | $33.4M | +60% |
| Revenue | $203M | $144M | $59.2M | +41% |
| Gross profit | $119M | $84.6M | $34.1M | +40% |
| Cost of revenue | $84.3M | $59.2M | $25.1M | +42% |
| Operating profit | $28.1M | $23.3M | $4.8M | +21% |
| Operating expenses | $90.5M | $61.3M | $29.2M | +48% |
| Pre-tax earnings | $24.1M | $23.0M | $1.1M | +5% |
| Other expense, net | $4.0M | $269K | $3.8M | 15× |
| Research & development | $29.2M | $15.3M | $13.9M | +91% |
| SG&A | $61.3M | $46.0M | $15.3M | +33% |
| Net earnings | $17.1M | $24.3M | −$7.2M | -30% |
| Income tax | $7.0M | −$1.3M | $8.3M | — |
| Depreciation & amortization | $10.8M | $6.8M | $4.0M | +58% |
| Share-based compensation | $12.6M | $9.1M | $3.5M | +38% |
| Working capital & other | $4.5M | −$29.3M | $33.8M | — |
| Operating cash flow | $36.0M | $69.6M | −$33.6M | -48% |
| Free cash flow (OCF − capex) | $27.6M | $61.9M | −$34.3M | -55% |
| Capital expenditures | $8.4M | $7.6M | $776K | +10% |
Questions
How much did TransMedics Group's revenue grow year over year in Q3 2026?
TransMedics Group's revenue rose $59.2M (+41%) from $144M in Q3 2025 to $203M in Q3 2026.
What drove TransMedics Group's revenue change in Q3 2026?
Service +$33.4M (+60%); Product +$25.7M (+29%).