TransMedics Group, Inc. (TMDX) Stock

TransMedics Group, Inc. (TMDX) is a Healthcare stock trading at $90.83 (as of 2026-08-20), with a market capitalization of $3.14B and a trailing P/E of 58.5. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

TransMedics Group, Inc. is a commercial-stage medical technology company focused on organ transplant therapy for patients with end-stage organ failure in the United States and abroad. It sells the Organ Care System, a portable platform for perfusion, optimization, and monitoring of donor organs, including OCS LUNG, OCS Heart, and OCS Liver.

Understand TransMedics Group, Inc.: how it makes money

TransMedics develops and commercializes the Organ Care System (OCS), a portable organ perfusion, optimization, and monitoring platform for organ transplant therapy, and it earns revenue from net product sales and from service revenue tied to transplant use.

Profitability is driven by a mix of high-gross-margin OCS-related net product revenue plus additional service revenue, with the resulting gross margin (58.2%) translating into a positive but thinner operating margin (7.6%).

Revenue by segment (latest quarter)
Product	$0.1B
Services	$0.1B

Business quality (Solid): The profit model appears to combine device-like OCS product revenue with service revenue, but the available information here does not break out margins by segment or provide patient volume or utilization metrics.

Valuation: At 15× earnings, TMDX trades 52% below the Medical Equipment average (32×). Note: one-time items can distort reported P/E.

Bull case

Platform revenue in the U.S: A large portion of reported revenue is labeled as United States Transplant Revenue (0.17B) for the latest reported period.
Material service component: Service Revenue is reported at 0.07B, indicating the business includes more than just product sales.
Positive operating profitability in the latest period: For the period ended 2026-03-31, operating margin is 7.6% with gross margin of 58.2%.

Bear case

Operating margin may be sensitive to expense levels: Gross margin is substantially higher than operating margin (58.2% vs 7.6%), which means operating results depend on cost levels beyond gross profit.
Revenue concentration risk suggested by U.S.-heavy labeling: The largest candidate metric is United States Transplant Revenue (0.17B), but the provided facts do not quantify how much revenue comes from outside the United States.

Valuation — source: SEC EDGAR (first-party)
Price	$90.83
Market Cap	$3.14B
P/E Ratio	58.5
EV / EBITDA	19.2
Price / Book	6.06
Price / Sales	4.61
FCF Yield	2.8%
DCF Value (model)	$174.34
DCF Upside vs Price	91.9%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$605.49M
Net Margin	31.4%
Revenue Growth (YoY)	37.1%
EPS Growth (YoY)	423.4%
FCF Growth (YoY)	-265.0%

Financial Health — source: SEC EDGAR
Altman Z-Score	4.29 (safe)

Valuation vs Sector & Industry
Stock P/E	58.5
Sector P/E (Healthcare)	21.6
Industry P/E (Medical Equipment)	32.9
vs Sector	171.0%
vs Industry	78.0%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($526.21M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Medical Equipment
CEO	Waleed H. Hassanein
Employees	728
Country	US
IPO Date	2019-05-02

Related Companies (Business model: Medical Devices / Life Science Tools; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.