--- title: "TransMedics | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 173.93 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285302918.md" datetime: "2026-05-06T03:14:13.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285302918.md) - [en](https://longbridge.com/en/news/285302918.md) - [zh-HK](https://longbridge.com/zh-HK/news/285302918.md) --- # TransMedics | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 173.93 M Revenue: As of FY2026 Q1, the actual value is USD 173.93 M, missing the estimate of USD 174.06 M. EPS: As of FY2026 Q1, the actual value is USD 0.2, missing the estimate of USD 0.5843. EBIT: As of FY2026 Q1, the actual value is USD 18.11 M. TransMedics Group, Inc. operates as a single segment, with revenue disaggregated by organ type and geographical area . #### Total Revenue Total revenue for the three months ended March 31, 2026, was $173.9 million, an increase from $143.5 million for the same period in 2025 . Net product revenue increased to $107.972 million in Q1 2026 from $88.234 million in Q1 2025, while service revenue increased to $65.961 million in Q1 2026 from $55.303 million in Q1 2025 . #### OCS Transplant Revenue by Country and Organ **United States OCS Transplant Revenue** totaled $167.024 million in Q1 2026, up from $138.617 million in Q1 2025 . Within the U.S., Lung total revenue was $2.197 million in Q1 2026, decreasing from $3.636 million in Q1 2025; Heart total revenue was $25.857 million in Q1 2026, slightly down from $26.266 million in Q1 2025; and Liver total revenue significantly increased to $138.970 million in Q1 2026 from $108.715 million in Q1 2025 . **All Other Countries OCS Transplant Revenue** totaled $5.648 million in Q1 2026, up from $4.065 million in Q1 2025 . For other countries, Lung revenue was $0.627 million in Q1 2026, increasing from $0.375 million in Q1 2025; Heart revenue was $5.011 million in Q1 2026, increasing from $3.550 million in Q1 2025; and Liver revenue was $0.010 million in Q1 2026, decreasing from $0.140 million in Q1 2025 . Service revenue unrelated to OCS transplant was $1.3 million in Q1 2026, up from $0.9 million in Q1 2025 . #### Cost of Revenue and Gross Profit Total cost of revenue increased to $72.772 million in Q1 2026 from $55.309 million in Q1 2025 . Cost of net product revenue was $24.308 million in Q1 2026, up from $16.312 million in Q1 2025, and cost of service revenue was $48.464 million in Q1 2026, up from $38.997 million in Q1 2025 . Gross profit increased to $101.161 million in Q1 2026 from $88.228 million in Q1 2025 . #### Gross Margin Overall gross margin decreased to 58% in Q1 2026 from 61% in Q1 2025, primarily due to a decrease in gross margin from product revenue . Gross margin from net product revenue was 77% in Q1 2026, down from 82% in Q1 2025, mainly due to product mix and higher freight costs . Gross margin from service revenue was 27% in Q1 2026, down from 29% in Q1 2025, primarily due to increased labor expenses . #### Operating Expenses Total operating expenses increased to $87.864 million in Q1 2026 from $60.785 million in Q1 2025 . - **Research, Development and Clinical Trials Expenses**: Increased to $24.879 million in Q1 2026 from $17.160 million in Q1 2025 . Personnel related costs increased by $2.2 million to $8.408 million, including $1.5 million in stock-based compensation expense in Q1 2026 . Consulting and third-party services costs increased by $4.2 million to $8.409 million . - **Selling, General and Administrative Expenses**: Increased to $62.985 million in Q1 2026 from $43.625 million in Q1 2025 . Personnel related costs increased by $6.4 million to $34.106 million, including $8.1 million in stock-based compensation expense in Q1 2026 . Professional and consultant fees increased by $4.6 million to $12.176 million, including $2.7 million for transaction-related costs and $0.2 million for headquarters relocation . Depreciation and amortization expense increased by $4.8 million to $6.062 million, including $2.1 million from a new finance lease and $1.9 million from a change in useful life of acquired intangible assets . #### Income from Operations Income from operations was $13.297 million in Q1 2026, a decrease from $27.443 million in Q1 2025 . #### Other Income (Expense) Interest expense was -$7.170 million in Q1 2026, compared to -$3.461 million in Q1 2025 . This included $2.5 million related to Convertible Senior Notes, $0.9 million related to the CIBC loan, and $3.8 million of imputed interest from the finance lease in Q1 2026 . Interest income and other income (expense), net was $2.358 million in Q1 2026, compared to $2.694 million in Q1 2025, including -$0.6 million in foreign currency transaction losses in Q1 2026 versus $0.5 million in gains in Q1 2025 . #### Net Income Net income was $7.315 million in Q1 2026, a decrease from $25.682 million in Q1 2025 . #### Cash Flow Net cash provided by operating activities was $24.533 million in Q1 2026, compared to net cash used of -$2.855 million in Q1 2025 . Net cash used in investing activities was -$36.657 million in Q1 2026, compared to -$27.038 million in Q1 2025, primarily due to land and building purchases . Net cash provided by financing activities was $3.762 million in Q1 2026, compared to $3.028 million in Q1 2025 . Cash and restricted cash at the end of Q1 2026 was $480.177 million . #### Outlook and Strategy TransMedics Group, Inc. anticipates increased operating and capital expenditures as it focuses on expanding commercial sales in the U.S. and internationally, growing its National OCS Program (NOP), and scaling manufacturing and sterilization operations . The company expects long-term revenue growth driven by NOP expansion and potential non-U.S. sales if healthcare systems reimburse for OCS use . Research, development, and clinical trial expenses are projected to increase long-term to support product development, regulatory approvals, and the next-generation OCS platform . ### Related Stocks - [TMDX.US](https://longbridge.com/en/quote/TMDX.US.md) ## Related News & Research - [Why TransMedics Group (TMDX) Is Down 6.8% After Mixed Q1 Results And Reaffirmed 2026 Guidance](https://longbridge.com/en/news/286658168.md) - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [Hafnia’s Q1 2026 Financial Results Presentation to Be Held on 27 May 2026 | HAFN Stock News](https://longbridge.com/en/news/287014236.md) - [Crombie Reit Announces May 2026 Monthly Distribution | CROMF Stock News](https://longbridge.com/en/news/286603129.md) - [Vulnerability Exploitation Top Breach Entry Point, 2026 Industry-Wide DBIR Finds | VZ Stock News](https://longbridge.com/en/news/286918426.md)