Company profile

Ticker
TMDX
Exchange
CEO
Waleed H. Hassanein
Employees
Incorporated
Location
Fiscal year end
SEC CIK

TMDX stock data

(
)

Calendar

6 May 20
10 Aug 20
31 Dec 20

News

Company financial data Financial data

Quarter (USD) Mar 20 Dec 19 Sep 19 Jun 19
Revenue 7.53M 6.06M 7.21M 5.67M
Net income -8.85M -9.13M -8.28M -9.2M
Diluted EPS -0.42 -0.43 -0.39 -0.7
Net profit margin -118% -151% -115% -162%
Operating income -8.02M -8.69M -7.24M -7.71M
Net change in cash 4.65M -315K -26.84M 35.03M
Cash on hand 24.74M 20.09M 20.41M 47.24M
Cost of revenue 2.67M 2.32M 2.99M 2.33M
Annual (USD) Dec 19 Dec 18 Dec 17
Revenue 23.6M 13.02M
Net income -33.5M 23.8M
Diluted EPS -2.36 -17.48
Net profit margin -142% 183%
Operating income -29.6M -20.24M
Net change in cash -149K 7.81M
Cash on hand 20.09M 20.24M 12.44M
Cost of revenue 9.74M 7.28M

Financial data from TransMedics earnings reports

Date Owner Security Transaction Code 10b5-1 $Price #Shares $Value #Remaining
3 Aug 20 John F Carey Common Stock Sell Dispose S Yes 18.96 142 2.69K 3,200
3 Aug 20 John F Carey Common Stock Sell Dispose S Yes 18.58 1,858 34.52K 3,342
3 Aug 20 John F Carey Common Stock Option exercise Aquire M Yes 2.21 2,000 4.42K 5,200
3 Aug 20 John F Carey Stock Option Common Stock Option exercise Dispose M Yes 2.21 2,000 4.42K 21,331
1 Jul 20 John F Carey Common Stock Sell Dispose S Yes 17.92 600 10.75K 3,200
1 Jul 20 John F Carey Common Stock Sell Dispose S Yes 16.73 1,400 23.42K 3,800
1 Jul 20 John F Carey Common Stock Option exercise Aquire M Yes 2.21 1,106 2.44K 5,200
1 Jul 20 John F Carey Common Stock Option exercise Aquire M Yes 0.39 894 348.66 4,094
1 Jul 20 John F Carey Stock Option Common Stock Option exercise Dispose M Yes 2.21 1,106 2.44K 23,331
1 Jul 20 John F Carey Stock Option Common Stock Option exercise Dispose M Yes 0.39 894 348.66 2,000
52.8% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 53 61 -13.1%
Opened positions 5 16 -68.8%
Closed positions 13 4 +225.0%
Increased positions 26 35 -25.7%
Reduced positions 14 4 +250.0%
13F shares
Current Prev Q Change
Total value 225.8M 312.59M -27.8%
Total shares 14.3M 14.22M +0.5%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Abrams Capital Management 3.5M $42.28M 0.0%
FMR 3.18M $38.44M +0.2%
CS Credit Suisse 1.2M $14.5M +6.0%
BLK BlackRock 1.08M $13.06M +25.9%
Vanguard 672.38K $8.12M +2.8%
RTW Investments 503.27K $6.08M 0.0%
FHI Federated Hermes 487.53K $5.89M +160.0%
Zimmer Partners 470.7K $5.69M -4.2%
N Price T Rowe Associates 459.13K $5.55M -12.0%
Emerald Advisers 453.08K $5.47M +0.3%
Largest transactions
Shares Bought/sold Change
FHI Federated Hermes 487.53K +300K +160.0%
BLK BlackRock 1.08M +222.56K +25.9%
Squarepoint Ops 0 -188.65K EXIT
Massachusetts Financial Services 257.87K -110.25K -29.9%
Next Century Growth Investors 0 -107.05K EXIT
MS Morgan Stanley 12.21K -89.84K -88.0%
Taylor Wealth Management Partners 83.38K +83.38K NEW
CS Credit Suisse 1.2M +68.38K +6.0%
Element Capital Management 0 -63.18K EXIT
N Price T Rowe Associates 459.13K -62.5K -12.0%

Financial report summary

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Risks
  • We have incurred substantial losses since our inception and anticipate that we will continue to incur losses in the future.
  • Our existing and any future indebtedness could adversely affect our ability to operate our business.
  • Our financial results may fluctuate from quarter to quarter, which makes our results difficult to predict and may cause our results to fall short of expectations.
  • Our ability to use our net operating losses and research and development credit carryforwards to offset future taxable income may be subject to limitations.
  • The transition away from LIBOR may adversely affect our cost to obtain financing.
  • We depend heavily on the success of the OCS and achieving market acceptance. If we are unable to successfully commercialize the OCS, our business may fail.
  • Our long-term growth depends on our ability to improve the OCS platform, including by expanding into new indications and developing the next generation of our products.
  • We depend on a limited number of customers for a significant portion of our net revenue and the loss of, or a significant shortfall in demand from, these customers could have a material adverse effect on our financial condition and operating results.
  • We depend on single-source suppliers and, in a few cases, sole-source suppliers for many of the components used in the OCS.
  • We have limited experience in manufacturing the OCS on a commercial scale and may encounter problems at our manufacturing facility or otherwise.
  • Our failure to compete effectively will harm our business and operating results.
  • Failure to maintain an ethical and inclusive corporate culture, or damage to our reputation, could have a material adverse effect on our business.
  • Failure to protect our information technology infrastructure against cyber-based attacks, network security breaches or data corruption could materially disrupt our operations and adversely affect our business and operating results.
  • Economic, political and other risks associated with foreign operations could adversely affect our international sales and our results of operations.
  • Our success depends on our ability to retain our founder and President and Chief Executive Officer and other members of our management team and to attract, retain and motivate qualified personnel.
  • The failure to manage our growth effectively could harm our business.
  • If we fail to maintain our license to patents covering the OCS, we will lose the right to manufacture, market and sell the OCS and our business would be harmed.
  • If we infringe or are alleged to infringe the intellectual property rights of third parties or are otherwise subject to litigation or other proceedings regarding our intellectual property rights, our business or competitive position could be adversely affected.
  • Our industry has experienced substantial litigation and other proceedings regarding patent and other intellectual property rights and lawsuits to protect or enforce our patents and other intellectual property rights could be expensive, time-consuming and unsuccessful.
  • Recent changes in U.S. patent laws may limit our ability to obtain, defend and/or enforce our patents.
  • We may be unable to enforce our intellectual property rights throughout the world.
  • If we are unable to protect the confidentiality of our trade secrets, the value of the OCS and our business and competitive position could be harmed.
  • We may be subject to claims that we or our employees have misappropriated the intellectual property of a third party, including trade secrets or know-how, or are in breach of non-competition or non-solicitation agreements with our competitors and third parties may claim an ownership interest in intellectual property we regard as our own.
  • If we fail to adequately respond to FDA follow-up inquiries or to obtain or maintain necessary FDA approval for each use of the OCS, or if such approval is delayed, or if we fail to maintain the CE Mark in the European Union, we will not be able to commercially sell and market the OCS.
  • If we fail to obtain and maintain regulatory approval in foreign jurisdictions, our market opportunities will be limited.
  • If transplant centers and hospitals cannot obtain adequate reimbursement or funding from governments or third-party payors for purchases of the OCS and additional disposable sets and for costs associated with procedures that use the OCS, our prospects for generating revenue and achieving profitability will suffer materially.
  • If we modify our products, we may be required to obtain approval of new PMAs or PMA supplements, vary existing CE Marking, and may be required to cease marketing or recall any modified products until the required approvals are obtained.
  • Even after approval for the OCS, we are subject to continuing regulation by regulatory authorities and entities in the United States and other countries, and if we fail to comply with any of these regulations, our business could suffer.
  • If we fail to comply with the FDA’s QSR, or FDA or EU requirements that pertain to clinical trials or investigations, the FDA or the competent EU authority could take various enforcement actions, including halting our manufacturing operations, and our business would suffer.
  • Our products have been and may in the future be subject to product recalls that could harm our reputation and could materially and adversely affect our business, financial condition, operating results, cash flows and prospects.
  • We may not be able to obtain or maintain regulatory qualifications outside the United States, which could harm our business.
  • We could face product liability suits or regulatory delays due to defects in the OCS, which could be expensive and time-consuming and result in substantial damages payable by us and increases in our insurance rates.
  • Third parties may attempt to produce counterfeit versions of our products, which may harm our ability to sell the OCS and its components, negatively affect our reputation or harm patients and subject us to product liability.
  • Improper marketing or promotion of our products or misuse or off-label use of the OCS may harm our reputation in the marketplace, result in injuries that lead to product liability suits or result in costly investigations, fines or sanctions by regulatory bodies if we are deemed to have engaged in the promotion of these uses, any of which could be costly to our business.
  • Legislative or regulatory reforms in the United States or other jurisdictions may make it more difficult and costly for us to obtain regulatory clearances or approvals for our products or to manufacture, market or distribute our products after clearance or approval is obtained.
  • Failure to comply with anti-bribery, anti-corruption, and anti-money laundering laws, including the FCPA, as well as export control laws, customs laws, sanctions laws and other laws governing our operations could result in civil or criminal penalties, other remedial measures and legal expenses.
  • We are subject to, and may in the future become subject to additional, U.S., state and foreign laws and regulations imposing obligations on how we collect, store, process or share information concerning individuals. Our actual or perceived failure to comply with such obligations could harm our business. Complying with such laws could also impair our efforts to maintain and expand our customer base, and thereby decrease our revenue.
  • Our business activities involve the use of hazardous materials, which require compliance with environmental and occupational safety laws regulating the use of such materials. If we violate these laws, we could be subject to significant fines, liabilities or other adverse consequences.
  • An active trading market may not be sustained.
  • If securities or industry analysts issue an adverse or misleading opinion regarding our business or do not publish research or publish unfavorable research about our business, our stock price and trading volume could decline.
  • Our restated articles of organization designate the Business Litigation Session of the Superior Court of Suffolk County, Massachusetts (or, if and only if the Business Litigation Session of the Superior Court of Suffolk County, Massachusetts lacks jurisdiction, another state or federal court located within the Commonwealth of Massachusetts) as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our shareholders, which could discourage lawsuits against us and our directors and officers.
  • Our management team has limited experience managing a public company.
  • Our directors, executive officers and affiliates have significant voting power and may take actions that may not be in the best interests of our other shareholders.
  • We are an “emerging growth company” and “smaller reporting company,” and the reduced disclosure requirements applicable to emerging growth companies and smaller reporting companies may make our common stock less attractive to investors.
Management Discussion
  • Prior to 2020, our fiscal year ended on the last Saturday in December, and we reported fiscal years using a52/53-week convention. Under this convention, certain fiscal years contained 53 weeks. Each fiscal year was typically composed of four13-week fiscal quarters, but in years with 53 weeks, the fourth quarter was a14-week period. Our fiscal year ended December 28, 2019 included 52 weeks. In February 2020, we changed the end of our fiscal year end from the last Saturday in December to December 31. As a result of this change, our current fiscal year will end on December 31, 2020 and our current and each subsequent fiscal quarter will end on March 31, June 30 and September 30.
  • Net revenue increased by $2.9 million in the fiscal three months ended March 31, 2020 compared to the fiscal three months ended March 30, 2019 primarily as a result of an increase in the number of OCS disposable sets sold to customers globally.
  • Net revenue from customers in the United States was $5.2 million in the fiscal three months ended March 31, 2020 and increased by $2.3 million in the fiscal three months ended March 31, 2020 compared to the fiscal three months ended March 30, 2019. The increase in net revenue from customers in the United States was primarily due to commercial sales of OCS Lung products, sales of OCS disposable sets for use in our OCS Heart EXPAND CAP Trial and OCS Heart DCD Trial and sales of OCS disposable sets to customers for use in our OCS Liver PROTECT CAP Trial. Net revenue from sales of OCS Lung products in the United States increased from $1.3 million in the fiscal three months ended March 30, 2019 to $1.9 million in the fiscal three months ended March 31, 2020. Net revenue from OCS Heart disposable sets sold to customers for use in our OCS Heart EXPAND CAP Trial and OCS Heart DCD Trial increased from $0.3 million in the fiscal three months ended March 30, 2019 to $1.9 million in the fiscal three months ended March 31, 2020. Net revenue from OCS Liver disposable sets sold to customers for use in our OCS Liver PROTECT CAP Trial increased from $1.3 million in the fiscal three months ended March 30, 2019 to $1.4 million in the fiscal three months ended March 31, 2020. In addition, the U.S. selling price of OCS disposable sets sold in the first quarter of 2020 was approximately 30% higher than the U.S. selling prices of OCS disposable sets sold in the same period in fiscal 2019, which accounted for $1.0 million of the overall $2.3 million increase in net revenue in the United States from the first quarter of fiscal 2019 to the same period in fiscal 2020. The higher average selling prices were a result of a shift to more commercial sales and the price of clinical trial disposables moving closer to commercial prices.
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