TransMedics Group Shares Up After Strong Earnings Report
May 4, 2022 By MarketDepth
TransMedics Group, Inc. (NASDAQ: TMDX) shares jumped more than 20% after Company announced financial results for the quarter ended March 31, 2022.
Revenue Up Over 100%
TransMedics reported net revenue of $15.9 million in the first quarter of 2022, a 125% increase compared to the first quarter of 2021. The increase was due primarily to the continued increase in commercial sales of the OCS™ Heart and OCS™ Liver in the United States.
Margins Up in First Quarter
Gross margin for the first quarter of 2022 was 76%, as compared to 68% in the first quarter of 2021.
The Company has also indicated that results from the U.S. randomized OCS™ DCD Heart trial along with OCS™ Lung Trial 5-year data presented at the International Society of Heart and Lung Transplantation (ISHLT) annual meeting.
“We are proud of our strong first quarter revenue performance and are now laser focused on continuing to drive commercial growth across each of our three OCS technology platforms. The National OCS™ Program (NOP) was our primary growth driver, providing us with a high level of confidence in our strategy and in our ability to enable sustained growth in transplant volumes to help more patients in need of life-saving organ transplant procedures.”Waleed Hassanein, MD, President, and Chief Executive Officer
In addition, TransMedics has received FDA pre-market approval (PMA) of OCS™ DCD heart indication on April 28, 2022.