New York, March 2, 2026, 09:09 EST — Premarket
- TransMedics shares fell about 3% in premarket trade after a sharp rise on Friday
- Management is due at TD Cowen’s health care conference later on Monday
- Focus is on the 2026 revenue outlook and how profits look once a one-time tax boost fades
TransMedics Group, Inc. shares were down 3.3% in premarket trading on Monday at $140.51, after closing Friday at $145.26. 1
The move puts the stock back in play after a fast run late last week. Investors are still sorting headline profit from underlying profit, and deciding how much they want to pay for growth tied to transplant volumes.
A near-term catalyst lands later on Monday. TransMedics is set for a fireside chat at TD Cowen’s 46th Annual Health Care Conference in Boston at 1:50 p.m. EST, and it plans a virtual presentation at an Oppenheimer healthcare medtech conference on March 16, the company said. 2
The shares jumped 7.9% on Friday, finishing at $145.26, after a company update that put fresh attention on how much of recent earnings was lifted by a tax item. 3
In a Feb. 27 release, TransMedics said it released a $103.3 million U.S. tax valuation allowance, which drove an $83.8 million net income tax benefit in the fourth quarter. It said adjusted fourth-quarter net income would have been $0.47 a share, versus the reported $2.62, and it expects future tax provisions to run closer to U.S. statutory rates. 4
The accounting detail followed last week’s quarterly report, when TransMedics said fourth-quarter revenue rose 32% to $160.8 million and full-year 2025 revenue climbed 37% to $605.5 million. It forecast 2026 revenue of $727 million to $757 million, or 20% to 25% growth, and said it completed 5,139 U.S. Organ Care System cases in 2025 and owned 22 aircraft at year-end. Chief Executive Waleed Hassanein said the company was “very pleased” with 2025 performance and pointed to 2026 initiatives tied to heart, lung, Europe and a kidney program. 5
The Organ Care System, or OCS, is TransMedics’ portable platform designed to keep donor organs functioning outside the body during transport, rather than relying on traditional cold storage. The company also runs a National OCS Program, which bundles the device with logistics and clinical services.
On the Street, the tone after earnings stayed constructive. Oppenheimer analyst Suraj Kalia said TransMedics is building a “clinical moat” in heart and lung, with kidney the next priority, while Piper Sandler’s Matt O’Brien flagged potential “upside” on the revenue line after the company’s outlook. 6
The questions now are more operational than philosophical. Investors will listen for any update on capacity, flight utilization and service costs inside the company-run logistics network, and whether management leans into the same 2026 revenue range or offers more texture on demand.
But the stock is also priced for execution. Any sign that transplant procedure growth slows, or that the expanding aviation and clinical footprint pushes costs higher for longer, could hit sentiment quickly — especially as earnings normalize without the one-time tax benefit.
