TransMedics Group (TMDX) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and TransMedics published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. TransMedics reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted diluted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• TransMedics made a strategic investment in PAD Aviation on July 1, 2026. PAD Aviation's charter services added $9.4 million of service revenue in Q3 2026; TransMedics reports organic revenue growth of 35% excluding it.
• TransMedics reports in thousands; figures here are in millions.

Source: TransMedics Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How TransMedics splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• TransMedics's Net product revenue revenue was $113 million in Q3 2026, up 29% from $87.7 million in Q3 2025, 56% of total revenue.
• TransMedics's Service revenue revenue was $89.6 million in Q3 2026, up 60% from $56.1 million in Q3 2025, 44% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

TransMedics gives a full-year revenue range only. It raised 2026 revenue guidance excluding PAD Aviation to $750 million to $760 million, from $737 million to $757 million.

In its Q3 2026 release, TransMedics said:

“Raises full-year 2026 revenue guidance to between $764-$774 million, inclusive of approximately $14 million from PAD Aviation”

“Revenue guidance of $764-$774 million, less expected PAD Aviation revenue of approximately $14 million, equals revenue guidance excluding PAD Aviation* of $750-$760 million.”

Source: TransMedics Q3 2026 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the TMDX forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release. Q4 2025 EPS of $2.62 includes the release of a $103.3 million U.S. tax valuation allowance; on February 27, 2026 TransMedics said that at a 19.1% tax rate Q4 2025 EPS would have been $0.47.

We do not hold a confirmed date for TransMedics's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

TransMedics' total revenue was $203.0 million in Q3 2026, up 41% from $143.8 million. Net product revenue, mainly sales of disposable sets for its Organ Care System (OCS), was $113.4 million, up 29%. Service revenue, from organ procurement, perfusion management and transplant logistics under the National OCS Program (NOP), was $89.6 million, up 60%. (TransMedics Q3 2026 release, Nov 5, 2026; TransMedics Form 10-Q, Q3 2026, Nov 5, 2026)

Liver dominates TransMedics' business. U.S. OCS Liver revenue was $150.2 million in the quarter, up from $107.9 million, against $33.3 million for U.S. OCS Heart and $2.0 million for U.S. OCS Lung, which fell from $3.7 million. TransMedics put U.S. transplant revenue of $186.0 million, up $47.0 million, down to higher sales of OCS Liver disposable sets and more use of the NOP. (TransMedics Form 10-Q, Q3 2026, Nov 5, 2026)

Revenue from outside the United States was small: transplant revenue of $6.6 million, up from $3.6 million, mostly from more OCS Heart disposable sets. Service revenue unrelated to transplants rose to $10.5 million from $1.2 million, of which $9.4 million came from PAD Aviation charter services. Excluding PAD Aviation, TransMedics put organic revenue growth at 35% and organic service revenue growth at 43%. (TransMedics Form 10-Q, Q3 2026, Nov 5, 2026; TransMedics Q3 2026 release, Nov 5, 2026)

TransMedics' gross margin was 58.5%, against 58.8% a year earlier, because the faster-growing service revenue carries a lower margin. Product gross margin was 79% in both periods, while service gross margin rose to 32% from 28%. No customer accounted for more than 10% of revenue. (TransMedics Q3 2026 release, Nov 5, 2026; TransMedics Form 10-Q, Q3 2026, Nov 5, 2026)

TransMedics' GAAP diluted EPS fell to $0.46 from $0.66 even though revenue grew 41%, mainly because of taxes and spending. The year-ago quarter had an income tax benefit of $1.3 million, while Q3 2026 carried a $7.0 million provision after TransMedics released its U.S. tax valuation allowance in Q4 2025. Operating expenses rose to $90.5 million from $61.3 million, with research, development and clinical trials spending nearly doubling to $29.2 million. (TransMedics Q3 2026 release, Nov 5, 2026; TransMedics Form 10-Q, Q3 2026, Nov 5, 2026)

TransMedics' adjusted diluted EPS of $0.51 adds back $0.02 of transaction-related costs and $0.03 of discrete tax items to GAAP EPS. Interest expense rose to $7.3 million from $3.5 million. (TransMedics Q3 2026 release, Nov 5, 2026)

TransMedics' diluted share count of 40.8 million includes shares from assumed conversion of its 1.50% convertible senior notes due 2028, which also adds $1.8 million of after-tax interest back to diluted net income. Basic shares were 34.7 million. (TransMedics Q3 2026 release, Nov 5, 2026; TransMedics Form 10-Q, Q3 2026, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

TransMedics gives only a full-year revenue range. It raised 2026 revenue guidance to $764 million to $774 million including about $14 million from PAD Aviation, or $750 million to $760 million excluding it, up from a prior $737 million to $757 million. TransMedics gives that as implied growth of 26% to 28% over 2025 including PAD Aviation and 24% to 26% excluding it. (TransMedics Q3 2026 release, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover TransMedics, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones TransMedics's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning TMDX is on is TMDX a buy or a sell?, what analysts expect next is on the TMDX forecast, and what the company does is on the TransMedics Group (TMDX) stock page.

Every number on this page can be traced to a document TransMedics published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.