TransMedics Group, Inc. (TMDX) Stock Price & How to Invest
Last updated July 2026
Short answer
TransMedics (TMDX) is a way to own the leader in warm organ perfusion, whose Organ Care System keeps donor hearts, livers, and lungs functioning outside the body, paired with a national logistics and aviation network that moves those organs, a high-growth medical-technology name that trades far below its former highs.
TMDX stock price
As of 2026-07-14, TransMedics Group, Inc. (TMDX) last closed at $74.37, down 36.4% over the past year. Over the past 52 weeks it has traded between $62.04 and $150.42.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or TransMedics Group, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does TransMedics Group, Inc. (TMDX) do?
TransMedics Group is a commercial-stage medical-technology company built around the Organ Care System (OCS), a portable device that perfuses donor organs with warm oxygenated blood to keep them functioning and assessable outside the body, an alternative to keeping organs on ice. It has FDA approval for OCS Heart, OCS Liver, and OCS Lung, including organs recovered from donors after circulatory death (DCD), which meaningfully expands the pool of usable organs. On top of the devices, TransMedics has built a National OCS Program (NOP) that provides organ retrieval surgeons, ground transport, and a growing owned aviation fleet, so the company now earns both product revenue from disposables and service revenue from logistics.
The investment picture is a high-growth story with execution and margin questions attached. Revenue reached about $605 million in 2025 and grew roughly 21% year over year in the first quarter of 2026, and management guides to $727 million to $757 million for full-year 2026. The counterweight is that heavy spending on logistics, aviation, research, and next-generation products has compressed gross and operating margins, quarterly earnings have missed analyst expectations, and the stock fell sharply from 2025 highs above $150 to the $70s by mid-2026. For investors, TMDX is a higher-volatility bet on continued OCS adoption, the planned OCS Kidney launch, and whether growth investments eventually translate into durable profitability.
What's driving TransMedics Group, Inc. (TMDX)?
1. OCS adoption and DCD organ expansion
The Organ Care System lets transplant centers use organs, including those from donors after circulatory death, that ice-based cold storage often cannot preserve well enough to transplant. That expands the usable donor pool for hearts, livers, and lungs. Rising OCS case volumes across all three approved organs is the core engine driving revenue growth above 20%.
2. National OCS Program and owned logistics
TransMedics has built a National OCS Program that bundles organ-retrieval surgeons, ground transport, and aircraft, capturing service revenue on top of device sales. The company announced an investment in PAD Aviation, a Germany-based private-aviation operator, to build a dedicated organ-transport network. Owning more of the logistics chain deepens the moat but also raises operating costs and capital intensity.
3. OCS Kidney and new indications
Kidneys are the largest solid-organ transplant category by volume, and TransMedics is developing OCS Kidney with a launch targeted for late 2026 or early 2027. Success there would open the biggest remaining part of its addressable market. European expansion, including Italy, is a further geographic growth lever management has highlighted.
4. Path from growth to profitability
First-quarter 2026 net income was about $7.3 million on revenue of roughly $174 million, so the company is profitable but at thin and shrinking margins as it reinvests. Gross margin slipped to about 58% from 61% a year earlier while operating expenses rose sharply. Whether scale eventually lifts margins is central to how the market values the stock.
What are the risks to TransMedics Group, Inc. (TMDX)?
TransMedics depends heavily on the OCS platform and its National OCS Program, so any slowdown in transplant volumes, reimbursement changes, or clinical setbacks would hit results directly. Margins have compressed as the company spends aggressively on logistics, aviation, and research, and quarterly adjusted earnings have missed analyst expectations, contributing to a sharp drop from 2025 highs. The company has flagged an identified material weakness in internal controls in past filings and carries 1.50% convertible notes due 2028 that add financing risk. Its growing dominance in organ perfusion could invite antitrust or competitive scrutiny, and next-generation products like OCS Kidney face clinical-trial and regulatory uncertainty. The stock is volatile and richly valued relative to current earnings, so disappointments can trigger large moves.
How is TransMedics Group, Inc. (TMDX) valued? (approximate, JULY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see TransMedics Group, Inc.'s investor relations page or your broker.
- Revenue (TTM): ~$636M
- Q1 2026 revenue: ~$173.9M (+21% YoY)
- FY2026 revenue guidance: ~$727M to $757M (20-25% growth)
- Q1 2026 gross margin: ~58% (down from ~61%)
- Cash and equivalents: ~$462M
- Market cap: ~$2.6B
TransMedics traded around $76 in mid-July 2026, well below its 52-week high near $156 and closer to its low around $60, reflecting a large re-rating after margin pressure and earnings misses. The company remains profitable but thinly so, which makes valuation multiples sensitive to which earnings measure is used. The stock is priced as a high-growth medical-technology name, so continued 20%-plus revenue growth is largely an expectation rather than a cushion.
Who competes with TransMedics Group, Inc. (TMDX)?
Organ preservation and perfusion technology
XVIVO Perfusion (Sweden-listed) develops perfusion and cold-storage systems that extend organ viability, and Paragonix (acquired by Getinge) offers hypothermic organ-transport devices. These are the closest technology rivals to the OCS, though TransMedics is distinctive as the only FDA-approved portable warm multi-organ perfusion platform for heart, liver, and lung.
Standard cold static storage
The long-standing default for moving donor organs is simple cold storage on ice, which is far cheaper than the OCS. Cold storage remains the baseline TransMedics must displace, and its lower cost is a competitive constraint on OCS pricing and adoption for lower-risk organs.
Transplant logistics and transport networks
As TransMedics builds its own retrieval, ground, and aviation network, it overlaps with third-party organ-transport and courier providers. A single transplant can involve a TransMedics device moved through an outside logistics network, so these players are simultaneously partners and competitors in the organ-transport chain.
How to invest in TransMedics Group, Inc. (TMDX)
There are three common ways to get TMDX exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so TMDX sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where TMDX fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on TransMedics Group, Inc. (TMDX)
TMDX is a fast-growing, category-defining organ-transplant technology company whose stock swings on quarterly execution, margins, and its heavy reinvestment into logistics and next-generation OCS products.
More on TransMedics Group, Inc. (TMDX)
Whether TMDX is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is TMDX a buy?, and where the stock could go from here in the TMDX stock forecast.
For income investors, whether TMDX pays a dividend and how the payout looks is covered in does TMDX pay a dividend?
Build a basket around TMDX with Walnut
Use TransMedics Group, Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does TransMedics do?
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TransMedics makes the Organ Care System (OCS), a portable device that keeps donor hearts, livers, and lungs functioning with warm oxygenated blood outside the body instead of on ice. It also runs a National OCS Program that provides retrieval surgeons, ground transport, and aircraft to move organs to transplant centers.
Is TMDX profitable?
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TransMedics is profitable but at thin margins. It reported net income of about $7.3 million on roughly $174 million of revenue in the first quarter of 2026, with gross margin around 58%, down from a year earlier as spending on logistics, aviation, and research rose faster than revenue.
Why did TMDX stock fall so much?
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The shares dropped from 2025 highs above $150 to the $70s by mid-2026 after margins compressed and adjusted earnings missed analyst expectations. The company is spending heavily to build out logistics and next-generation products, which squeezed profitability even as revenue kept growing above 20%.
What is the OCS and why does it matter?
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The Organ Care System perfuses donor organs with warm blood so they keep functioning and can be assessed outside the body. This can preserve organs, including those from donors after circulatory death, that traditional cold storage cannot, which expands the pool of transplantable organs.
What is OCS Kidney?
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OCS Kidney is a next-generation product TransMedics is developing to address kidneys, the largest solid-organ transplant category by volume. Management has targeted a launch around late 2026 or early 2027, and it represents the biggest remaining part of the company's addressable market.
Who competes with TransMedics?
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Direct technology rivals include XVIVO Perfusion and Paragonix (owned by Getinge), which make organ-preservation and transport devices. The broader competitor is standard cold static storage on ice, which is much cheaper, and third-party transport networks that overlap with TransMedics' own logistics business.
Does TMDX pay a dividend?
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TransMedics is a growth-stage medical-technology company that reinvests cash into its OCS platform, logistics, and new products rather than paying a dividend. Investors should confirm current capital-return policy directly with company filings before assuming any payout.
What are the main risks of owning TMDX?
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Key risks include heavy dependence on the OCS platform, compressed and volatile margins, past disclosure of a material weakness in internal controls, convertible notes due 2028, potential antitrust scrutiny as it gains dominance, and clinical and regulatory uncertainty around new products like OCS Kidney. The stock is volatile and richly valued relative to current earnings.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with TransMedics Group, Inc.'s investor relations page or your broker before making investment decisions.