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TransMedics Reports First Quarter 2019 Financial Results
Andover, Mass. June 11, 2019 TransMedics Group, Inc. (TransMedics) (Nasdaq: TMDX), a medical technology company that is transforming organ transplant therapy for patients withend-stage lung, heart and liver failure, today reported financial results for the quarter ended March 30, 2019.
Recorded net revenue of $4.7 million in the first quarter of 2019, representing 86% growth compared to the first quarter of 2018
Received FDA approval for expanded indications of the Organ Care System (OCS) Lung to include donor lungs initially deemed unacceptable for transplantation which includes unutilized donor lungs after donor brain death (DBD) and donor circulatory death (DCD)
Final results of the OCS Heart EXPAND Trial and long-term follow-up data of the OCS Lung EXPAND Trial were presented at the 39th Annual Meeting and Scientific Sessions of the International Society for Heart and Lung Transplantation in April 2019
Received IDE approval for the U.S. OCS Heart DCD clinical trial, which will enable DCD heart transplant procedures to be performed in the U.S. for the first time
Completed initial public offering of approximately 6.5 million shares, raising approximately $97.4 million in net proceeds, after deducting underwriting discounts and commissions
TransMedics is committed to expanding access to life-saving transplant procedures for patients suffering from end-stage organ failure across multiple disease states using our paradigm-shifting OCS platform. We are pleased with our first quarter results, which demonstrated meaningful progress in sales growth, and expansion of our body of clinical evidence for our lung and heart transplant indications. Our recent FDA PMA approval significantly expands our commercial opportunity in the U.S. by enabling the use of currently unutilized DBD and DCD donor lungs for transplantation, said Waleed Hassanein, M.D., President and Chief Executive Officer.
First Quarter 2019 Financial Results
Net revenue for the first quarter of 2019 was $4.7 million, an 86% increase compared to $2.5 million in the first quarter of 2018. The increase in net revenue was primarily driven by commercial sales of OCS Lung products in the U.S. as well as OCS Liver disposable sets for clinical trial use.
Gross margin for the first quarter of 2019 was 55% as compared to 37% in the first quarter of 2018. The increase in gross margin was primarily driven by the increase in net revenue from
The following information was filed by Transmedics Group, Inc. (TMDX) on Tuesday, June 11, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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