TransMedics Group Files Q3 2024 10-Q

TL;DR

**TransMedics Group Q3 10-Q filed. Financials and operational updates are in. Check it out.**

AI Summary

TransMedics Group, Inc. filed its quarterly report for the period ending September 30, 2024. The company's fiscal year ends on December 31st. Key financial data and operational details are presented in this filing, which includes information on convertible senior notes and stock options.

Why It Matters

This filing provides investors with an update on TransMedics Group's financial performance and operational status for the third quarter of 2024, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but the nature of medical device companies and their financial instruments can introduce inherent risks.

Key Numbers

• 20240930 — End of Reporting Period (Indicates the specific quarter the financial data pertains to.)
• 20241029 — Filing Date (Shows when the report was officially submitted to the SEC.)

Key Players & Entities

• TransMedics Group, Inc. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241029 (date) — Date of filing
• 001-38891 (dollar_amount) — SEC File Number
• 200 MINUTEMAN ROAD, ANDOVER, MA 01810 (company) — Business and mailing address

FAQ

Filing Documents

• tmdx-20240930.htm (10-Q) — 2072KB
• tmdx-ex31_1.htm (EX-31.1) — 10KB
• tmdx-ex31_2.htm (EX-31.2) — 10KB
• tmdx-ex32_1.htm (EX-32.1) — 8KB
• tmdx-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-118260.txt ( ) — 8210KB
• tmdx-20240930.xsd (EX-101.SCH) — 1172KB
• tmdx-20240930_htm.xml (XML) — 1379KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements, which reflect our current views with respect to, among other things, our operations and financial performance. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations and financial position, business strategy and plans and our objectives for future operations, including any acquisitions, joint ventures or strategic investments, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "could," "target," "predict," "seek" and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short- and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those referenced in the section titled "Risk Factors," which could cause actual results to differ materially. Moreover, we operate in a very competitive and rapidly changing environment and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in or implied by any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or imp

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Consolidated Balance Sheets 1 Consolidated Statements of Operations 2 Consolidated Statements of Comprehensive Income (Loss) 3 Consolidated Statements of Stockholders' Equity 4 Consolidated Statements of Cash Flows 5 Notes to Unaudited Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 5. Other Information 32 Item 6. Exhibits 33

Signatures

Signatures 34 iii

—FINANCIA L INFORMATION

PART I—FINANCIA L INFORMATION

Financial Sta tements (Unaudited)

Item 1. Financial Sta tements (Unaudited) TRANSMEDICS GROUP, INC. CONSOLIDATED BA LANCE SHEETS (In thousands, except share amounts) (Unaudited) September 30, December 31, 2024 2023 Assets Current assets: Cash $ 330,094 $ 394,812 Accounts receivable 90,128 63,576 Inventory 52,152 44,235 Prepaid expenses and other current assets 20,101 8,031 Total current assets 492,475 510,654 Property, plant and equipment, net 271,739 173,941 Operating lease right-of-use assets 6,943 6,546 Restricted cash 500 500 Goodwill 11,549 11,990 Acquired intangible assets, net 2,202 2,354 Other non-current assets 163 62 Total assets $ 785,571 $ 706,047 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 13,134 $ 12,717 Accrued expenses and other current liabilities 42,187 38,221 Deferred revenue 2,184 1,961 Operating lease liabilities 2,543 2,035 Total current liabilities 60,048 54,934 Convertible senior notes, net 449,237 447,140 Long-term debt, net 59,294 59,064 Operating lease liabilities, net of current portion 7,072 7,707 Total liabilities 575,651 568,845 Commitments and contingencies (Note 11) Stockholders' equity: Preferred stock, no par value; 25,000,000 shares authorized; no shares issued or outstanding — — Common stock, no par value; 150,000,000 shares authorized; 33,561,517 shares and 32,670,803 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 685,251 641,106 Accumulated other comprehensive loss ( 233 ) ( 199 ) Accumulated deficit ( 475,098 ) ( 503,705 ) Total stockholders' equity 209,920 137,202 Total liabilities and stockholders' equity $ 785,571 $ 706,047 The accompanying notes are an integral part of these unaudited consolidated financial statements. 1 TRANSMEDICS GROUP, INC. CONSOLIDATED STATEM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Nature of the Business and Basis of Presentation TransMedics Group, Inc. ("TransMedics Group" and, together with its consolidated subsidiaries, the "Company") was incorporated in the Commonwealth of Massachusetts in October 2018. TransMedics, Inc. ("TransMedics"), an operating company and wholly owned subsidiary of TransMedics Group, was incorporated in the State of Delaware in August 1998. The Company is a commercial-stage medical technology company transforming organ transplant therapy for end-stage organ failure patients across multiple disease states. The Company developed the Organ Care System ("OCS") to replace a decades-old standard of care. The OCS represents a paradigm shift that transforms organ preservation for transplantation from a static state to a dynamic environment that enables new capabilities, including organ optimization and assessment. The Company's OCS technology replicates many aspects of the organ's natural living and functioning environment outside of the human body. The Company also developed its National OCS Program ("NOP"), an innovative turnkey solution to provide outsourced organ retrieval, OCS organ management and logistics services, to provide transplant programs in the United States with a more efficient process to procure donor organs with the OCS. The Company's logistics services include aviation transportation, ground transportation and other coordination activity. On August 16, 2023, the Company acquired Summit Aviation, Inc. and Northside Property Group, LLC (together "Summit"). Summit was a charter flight operator based in Bozeman, Montana. The acquisition enabled TransMedics to add aviation transportation services to its NOP and become a comprehensive national provider of donor organ retrieval and delivery in the United States. The accompanying consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets

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View this 10-Q filing on SEC EDGAR