New York, March 2, 2026, 09:09 EST — Premarket
- TransMedics dropped roughly 3% before the bell, following a steep rally on Friday.
- TD Cowen’s health care conference has management on the schedule for later Monday.
- Attention is squarely on 2026 revenue projections, plus what happens to profits after the temporary tax lift drops out.
TransMedics Group, Inc. slipped 3.3% to $140.51 in premarket trade Monday, following a Friday close of $145.26.
The stock’s back in action after last week’s sharp rally. Investors are parsing the difference between headline and underlying profit, weighing what growth linked to transplant volumes is actually worth.
Later Monday brings a potential catalyst: TransMedics is slated for a 1:50 p.m. EST fireside chat at TD Cowen’s 46th Annual Health Care Conference in Boston. The company also flagged a virtual presentation for March 16 at an Oppenheimer healthcare medtech conference.
Shares surged 7.9% to close at $145.26 on Friday, the move coming after an update from the company that reignited scrutiny over just how much a tax item had aided recent earnings.
TransMedics disclosed on Feb. 27 that it had released a $103.3 million U.S. tax valuation allowance, which resulted in an $83.8 million net income tax benefit for the fourth quarter. The company noted that adjusted net income for the quarter would have come in at $0.47 per share, well below the reported $2.62, and said it now expects its future tax provisions to align more closely with U.S. statutory rates.
The accounting note came after last week’s quarterly results. TransMedics reported fourth-quarter revenue up 32% to $160.8 million, and said full-year 2025 revenue jumped 37% to $605.5 million. Looking ahead, it projected 2026 revenue between $727 million and $757 million—growth of 20% to 25%. For 2025, the company logged 5,139 U.S. Organ Care System cases and ended the year with 22 aircraft on the books. CEO Waleed Hassanein said he was “very pleased” with the 2025 numbers, highlighting 2026 priorities around heart, lung, Europe, and the kidney program. PR Newswire
TransMedics’ Organ Care System—OCS, for short—is a portable device that keeps donor organs working during transport, sidestepping the usual cold storage approach. The company’s National OCS Program combines the hardware with clinical and logistics services as a package deal.
The mood on the Street turned upbeat post-earnings. Oppenheimer’s Suraj Kalia pointed to TransMedics’ growing “clinical moat” in heart and lung, adding that kidney is up next. Piper Sandler’s Matt O’Brien, for his part, called out possible “upside” on revenue following the company’s latest outlook. TipRanks
Now, it’s down to operations. Investors want specifics—capacity, flight utilization, service costs within the in-house logistics setup. Eyes are also on whether management sticks to the 2026 revenue range or opens up more about demand.
But the stock’s valuation assumes solid execution. If transplant procedure growth shows any hint of slowing, or if rising costs from the company’s aviation and clinical expansion linger longer than expected, sentiment could turn fast—particularly now, as earnings settle back from that one-off tax boost.
