TransMedics Group, Inc. (TMDX) Revenue History
Annual and quarterly revenue from 2016 to present
TMDX Revenue Over Time (2016–2025)
TMDX Revenue Growth History
9 of 9 years with positive growth- FY2016 revenue growth
- N/A
- FY2017 revenue growth
- +23.8%
- FY2018 revenue growth
- +69.4%
- FY2019 revenue growth
- +81.3%
- FY2020 revenue growth
- +8.6%
- FY2021 revenue growth
- +18.0%
- FY2022 revenue growth
- +208.8%
- FY2023 revenue growth
- +158.5%
- FY2024 revenue growth
- +82.7%
- FY2025 revenue growth
- +37.1%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $173.9M | +21.2% |
| Q4 2025 | $160.8M | +32.2% |
| Q3 2025 | $143.8M | +32.2% |
| Q2 2025 | $157.4M | +37.7% |
| Q1 2025 | $143.5M | +48.2% |
| Q4 2024 | $121.6M | +49.8% |
| Q3 2024 | $108.8M | +63.7% |
| Q2 2024 | $114.3M | +117.9% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
TMDX's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
TMDX Revenue Analysis (2016–2025)
Current Revenue & Growth
As of June 22, 2026, TransMedics Group, Inc. (TMDX) generated trailing twelve-month (TTM) revenue of $635.9 million, reflecting exceptional growth of +21.2% year-over-year. The most recent quarter (Q1 2026) recorded $173.9 million in revenue, up 8.2% sequentially.
Historical Growth Trajectory
TMDX's 5-year compound annual growth rate (CAGR) stands at +88.2%, indicating outstanding long-term growth trajectory. The 3-year CAGR of +86.4% is below the 5-year average, signalling a growth deceleration in recent years. TransMedics Group, Inc.'s highest annual revenue of $605.5 million was recorded in 2025, an all-time high.
Revenue by Segment
TMDX's revenue is primarily driven by Product (62%), and Service Revenue (38%). With over half of revenue concentrated in Product, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Healthcare sector peers — including STVN (+6.7% YoY), NVCR (+8.5% YoY), and LIVN (+12.4% YoY) — TMDX has outperformed the peer group in revenue growth. Compare TMDX vs STVN →
TMDX Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| TMDXCurrent | $636M | +21.2% | +88.2% | 17.9% | |
 STVN | $1.1B | +6.7% | +11.5% | 16.1% | |
 NVCR | $655M | +8.5% | +5.8% | -23.5% | |
 LIVN | $1.4B | +12.4% | +8.2% | 14.4% | |
 ATRC | $535M | +15.0% | +20.9% | -0.6% |
TMDX Historical Revenue Data (2016–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $605.5M | +37.1% | $362.8M | 59.9% | $108.6M | 17.9% |
| 2024 | $441.5M | +82.7% | $262.1M | 59.4% | $37.5M | 8.5% |
| 2023 | $241.6M | +158.5% | $154.1M | 63.8% | $-28,727,000 | -11.9% |
| 2022 | $93.5M | +208.8% | $65.3M | 69.8% | $-31,437,000 | -33.6% |
| 2021 | $30.3M | +18.0% | $21.2M | 69.9% | $-39,428,000 | -130.3% |
| 2020 | $25.6M | +8.6% | $16.6M | 64.9% | $-26,384,000 | -102.9% |
| 2019 | $23.6M | +81.3% | $13.9M | 58.7% | $-29,603,000 | -125.4% |
| 2018 | $13.0M | +69.4% | $5.7M | 44.1% | $-20,237,000 | -155.5% |
| 2017 | $7.7M | +23.8% | $2.1M | 27.8% | $-20,426,000 | -265.8% |
| 2016 | $6.2M | - | $766K | 12.3% | $-22,986,000 | -370.2% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
10+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
TMDX — Frequently Asked Questions
Quick answers to the most common questions about buying TMDX stock.
Is TMDX's revenue growth accelerating or slowing?
TMDX revenue growth is accelerating. TTM revenue reached $636M, up +21.2% year-over-year — ahead of the 5-year CAGR of +88.2%. This indicates the business is expanding faster than its historical baseline.
What is TMDX's revenue history from 2016 to 2026?
TransMedics Group, Inc. (TMDX) revenue history spans 2016 to 2026. TTM revenue as of 2026 is $636M, growing at +21.2% YoY. The 5-year CAGR is +88.2%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is TMDX's long-term revenue growth rate (CAGR)?
TransMedics Group, Inc.'s 5-year revenue CAGR of +88.2% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +21.2% is above this long-term average. CAGR is the most reliable measure of sustained revenue momentum for TMDX.
Why does TMDX's quarterly revenue fluctuate?
TMDX quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. TransMedics Group, Inc.'s revenue data from 2016 to 2026 shows full historical quarterly detail on this page.
How is TMDX's revenue distributed by segment?
TMDX reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does TMDX's revenue compare to industry peers?
TransMedics Group, Inc. (TMDX) with TTM revenue of $636M and +21.2% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.