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TransMedics TransMedics Q2 2026 Performance Highlights August 4 , 2026
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2 Cautionary Note Regarding Forward-Looking StatementsThis presentation contains forward-looking statements. These forward-looking statements address various matters, including, among other things, future results and events, including financial guidance and projected estimates, and other statements that are predictive in nature. Investors are cautioned not to place undue reliance on these forward-looking statements. For this purpose, all statements other than statements of historical facts are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “could,” “target,” “predict,” “seek” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties. Our management cannot predict all risks, nor can we assess the impact of all factors or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in or implied by any forward-looking statements we may make. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated in or implied by the forward-looking statements. Some of the key factors that could cause actual results to differ include: the fluctuation of our financial results from quarter to quarter; our ability to attract, train and retain key personnel; our dependence on the success of the Organ Care System (“OCS”); our ability to expand access to the OCSTMthrough our National OCS Program (“NOP”); our ability to improve the OCS platform, including by developing the next generation of the OCS products or expanding into new indications, and the development, and potential commercialization of our OCS Kidney device; the degree of success we experience in commercializing our OCS products for additional indications, including OCS Kidney and next generation OCS platform, the timing or results of clinical trials for the OCS, including pre- and post-approval studies or other product candidates, including the Controlled Hypothermic Organ Preservation System; our ability to sustain profitability; our need to raise additional funding and our ability to obtain it on favorable terms, or at all; our ability to use net operating losses and research and development credit carryforwards; that we have identified a material weakness in our internal control over financial reporting, and that we may identify additional material weaknesses in the future; our ability to scale our manufacturing and sterilization capabilities to meet increasing demand for our products; the rate and degree of market acceptance of the OCS; our ability to educate patients, surgeons, transplant centers and private and public payors on the benefits offered by the OCS; our dependence on a limited number of customers for a significant portion of our revenue; our ability to maintain regulatory approvals or clearances for our OCS products in the United States, the European Union and other select jurisdictions worldwide; our ability to adequately respond to the Food and Drug Administration (“FDA”), or other competent authorities, follow-up inquiries in a timely manner; the impact of healthcare policy changes, including recently enacted or potential future legislation or administrative actions affecting or reforming the U.S. healthcare system, Organ Procurement and Transplantation Network (“OPTN”), or the FDA; the performance of our third-party suppliers and manufacturers; our use of third parties to transport donor organs and medical personnel for our NOPTMand our ability to maintain and grow our transplant logistics capabilities to support our NOP to reduce dependence on third party transportation, including by means of attracting, training and retaining pilots, and the acquisition, maintenance or replacement of fixed-wing aircraft for our aviation transportation services or other acquisitions, joint ventures or strategic investments; our ability to maintain Federal Aviation Administration, or other regulatory licenses or approvals for our aircraft transportation services; price increases of the components of our products and maintenance, parts and fuel for our aircraft; our manufacturing, sales, marketing and clinical support capabilities and strategy; attacks against our information technology, or IT, infrastructure; the economic, political and other risks associated with our foreign operations; our ability to protect, defend, maintain and enforce our intellectual property rights relating to the OCS and avoid allegations that our products or services infringe, misappropriate or otherwise violate the intellectual property rights of third parties; the pricing of the OCS, as well as the reimbursement coverage for the OCS in the United States and internationally; regulatory developments in the United States, European Union and other jurisdictions; the impact of a shutdown of the U.S. government; the extent and success of competing products or procedures that are or may become available; our ability to service our 1.50% convertible senior notes, due 2028; our existing and any future indebtedness, including our ability to comply with affirmative and negative covenants under our credit agreements to which we will remain subject until maturity; the impact of any product recalls or improper use of our products; our international expansion plans and the costs related thereto, including the costs associated with maintaining, improving and expanding our commercial operations globally, including the NOP and the Company’s investment in PAD Aviation; our estimates regarding revenue, expenses, capital expenditures and needs for additional financing, and other factors that may be described in our filings with the Securities and Exchange Commission (the "SEC"). Additional information will be made available in our annual and quarterly reports and other filings that we make with the SEC. The forward-looking statements in this presentation speak only as of the date of this presentation. Factors or events that could cause our actual results to differ may emerge from time to time, and we are not able to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.
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3 Non-GAAP Financial MeasuresThis presentation includes certain non-GAAP financial measures, including Adjusted Research and development expenses, Adjusted Selling, general and administrative expenses, Adjusted Operating Expenses, Adjusted Income from Operations, Adjusted Operating Margin, Adjusted Net Income and Adjusted Diluted Net Income Per Common Share. These non-GAAP financial measures are not calculated in accordance with GAAP, are not a substitute for, and should be considered supplemental to, GAAP financial measures. Our definitions of these non-GAAP measures may differ from similarly titled measures used by other companies, which may limit their usefulness for comparative purposes. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe the presentation of these measures is useful to both management and investors as they provide meaningful supplemental information with respect to our core operational performance and allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making. See the reconciliation tables included at the end of this presentation for a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. In reliance upon the unreasonable efforts exemption provided under Item 10(e)(1)(i)(B) of Regulation S-K, the Company is not able to provide a reconciliation of its non-GAAP financial guidance excluding the impact of PAD Aviation to the corresponding GAAP measures without unreasonable effort because of the inherent difficulty in forecasting and quantifying certain amounts necessary for such a reconciliation. Because this information is uncertain, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.
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4 TMDX Q2 2026 Performance – Key Highlights$189.9MQ2 T otal Revenue59.6%Q2 Gross Margin-1.8 pp Y/Y+1.4 pp Q/Q20.7%Y oY Rev Growth9.2% Q/Q13.6%Q2 Adj.Op. Margin¹-9.6 pp Y/Y+3.2 pp Q/QProduct Revenue: $111.2M15.7% Y/Y Growth3.0% Q/Q Growth Service Revenue: $78.8M 28.6% Y/Y Growth19.4% Q/Q Growth Owned Aircraft: 2286% NOP Coverage in Q2 Adj. Net Income¹: $16.2M-$18.7M Y/Y $5.3M Q/Q Total Cash: $472.7M$10.9M Q/Q Y/Y = year-over-yearQ/Q = quarter-over-quarter¹See appendix for reconciliations of non-GAAP financial measures.
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Numbers may not sum due to rounding5 Q2 2026 Total Revenue 61566066799284961021064Q2’254Q3’255Q4’256Q1’265Q2’26157144161174190 Product US Product OUS Service Total Revenue TrendHighlightsY/YGrowth Q/QGrowth+20.7%+9.2%Total Revenue+15.7%+3.0%Product Revenue+15.2%+3.5%US Product Revenue+25.9%-7.2%OUS Product Revenue+28.6%+19.4%Service RevenueHigher Organ Utilization & OCS AdoptionHigher Utilization of TransMedics Aviation fleet Total Revenue ($M)
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Excludes flight school service revenue; numbers may not sum due to rounding6 Q2 2026 Total Revenue by OrganRevenue Trend by OrganHighlightsY/YGrowth Q/QGrowth+20.7%+9.2%Total Revenue+27.7%+6.7%Liver Revenue+6.5%+23.0%Heart Revenue-41.8%-5.7%Lung RevenueHigher Organ Utilization & OCS Adoption 36313031381161081281391485Q2’254Q3’252Q4’253Q1’263Q2’26156143160173189 Liver Heart LungTotal Revenue by Organ ($M)
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Numbers may not sum due to rounding7 Q2 2026 Total Service RevenueService Revenue TrendHighlightsY/YGrowth Q/QGrowth+28.6%+19.4%Total Service+19.1%+10.8%Clinical Service Revenue+39.1%+29.6%Logistics Revenue+6.0%-14.1%Flight School Revenue302831333630272932411.0Q2’251.2Q3’251.0Q4’251.3Q1’261.1Q2’266156606679 Total Flight School Logistics Clinical Service22 owned aircraftCovered 86% of NOP flight missionsusingTransMedics owned aircraftContinued development of Dallas Hub for TransMedics aircraft maintenance Total Service Revenue ($M)
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¹See appendix for reconciliations of non-GAAP financial measures. 8 Q2 and June YTD 2026 Financial Summary Actual % Change Jun YTD'25 Jun YTD'26 Actual %Change Q2 2025 Q2 2026 ($ Thousands) +18.9%184,334 219,130 +15.7%96,100 111,158 Net product revenue+24.2%116,573 144,751 +28.6%61,270 78,790 Service revenue+20.9%300,907 363,881 +20.7%157,370 189,948 Total revenue+27.7%224,961 287,214 +27.7%116,106 148,234 Liver Revenue+5.1%65,482 68,836 +6.5%35,666 37,968 Heart Revenue-36.1%8,586 5,486 -41.8%4,575 2,662 Lung Revenue+24.9%1,878 2,345 +6.0%1,023 1,084 Non-OCS Revenue+16.0%184,817 214,359 +17.2%96,589 113,198 Gross profit-2.5%61.4%58.9%-1.8%61.4%59.6%Gross Margin %+70.8%33,094 56,511 +98.5%15,934 31,632 Adj. R&D¹ +33.5%85,355 113,948 +26.5%44,088 55,775 Adj. SG&A¹+43.9%118,449 170,459 +45.6%60,022 87,407 Adj. Total Operating Expenses¹-33.9%66,368 43,900 -29.5%36,567 25,791 Adj. Income from Operations¹ -10.0%22.1%12.1%-9.6%23.2%13.6%Adj. Operating Margin %¹ -56.5%62,348 27,129 -53.5%34,907 16,218 Adj. Net Income¹ -55.1%1.67 0.75 -52.2%0.92 0.44 Adj. Diluted EPS¹ Actual % Change 31-Dec-2530-Jun-26($ Thousands) -3.2%488,366 472,675 Cash and Cash Equivalents
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Numbersmay not sum due to rounding9 Total Revenue and Operating Profit TrendTotal Revenue TrendIncome / (Loss) from Operations Trend109122144157144161174190Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26(31)(29)37 109 FY’22 FY’23 FY’24 FY’25Operating Margin TrendFY’22 FY’23 FY’24 FY’25-33.6%-11.9%8.5%17.9% Total Revenue ($M) ($M)
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10 2026 Revenue Guidance - UpdatedAssumptionsUpdated GuidanceAs of Aug 4, 2026Guidance As of May 5, 2026•Continued increase of organ utilization & OCS adoption•No incremental revenue from ENHANCE Part B and DENOVO clinical trials22% to 25%$737M to $757M20% to 25% growth $727M to $757MTotal Revenue, excluding PAD Aviation
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Footer11Appendix
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12 Non-GAAP P&L Trend ¹See appendix for reconciliations of non-GAAP financial measures. Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 ($ Thousands) 111,158 107,972 100,390 87,677 96,100 88,234 Net product revenue78,790 65,961 60,374 56,146 61,270 55,303 Service revenue189,948 173,933 160,764 143,823 157,370 143,537 Total revenue148,234 138,980 127,626 107,941 116,106 108,855 Liver Revenue37,968 30,868 29,938 30,588 35,666 29,816 Heart Revenue2,662 2,824 2,165 4,110 4,575 4,011 Lung Revenue1,084 1,261 1,035 1,184 1,023 855 Non-OCS Revenue113,198 101,161 93,414 84,575 96,589 88,228 Gross profit59.6%58.2%58.1%58.8%61.4%61.5%Gross Margin %31,632 24,879 20,701 15,260 15,934 17,160 Adj. R&D¹55,775 58,173 50,444 45,744 44,088 41,267 Adj. SG&A¹87,407 83,052 71,145 61,004 60,022 58,427 Adj. Total Operating Expenses¹25,791 18,109 22,269 23,571 36,567 29,801 Adj. Income from Operations¹13.6%10.4%13.9%16.4%23.2%20.7%Adj. Operating Margin %¹16,218 10,911 18,239 24,521 34,907 27,441 Adj. Net Income¹0.44 0.30 0.50 0.66 0.92 0.74 Adj. Diluted EPS¹
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13 Reconciliation of GAAP Measures to Non-GAAP MeasuresThree Months Ended June 30, March 31, December 31, September 30, June 30, March 31, 2026 2026 2025 2025 2025 2025 (in thousands, except operating margin, adjusted operating margin and EPS )$ 189,948 $ 173,933 $ 160,764 $ 143,823 $ 157,370 $ 143,537 Total RevenueReconciliation of GAAP to Non-GAAP Research and development expenses:$ 31,632 $ 24,879 $ 20,701 $ 15,260 $ 15,934 $ 17,160 Reported Research and development expenses------Less: Incremental amortization of acquired intangible assets(1)------Less: Transaction-related costs (2) ------Less: Headquarters relocation costs (3) ------Less: Legal matters (4) ------Less: ERP implementation costs (5) $ 31,632 $ 24,879 $ 20,701 $ 15,260 $ 15,934 $ 17,160 Adjusted Research and Development ExpensesReconciliation of GAAP to Non-GAAP Selling, general and administrative expenses:$ 57,830 $ 62,985 $ 51,440 $ 46,015 $ 44,088 $ 43,625 Reported Selling, general and administrative expenses-1,898 ----Less: Incremental amortization of acquired intangible assets(1)1,745 2,707 663 ---Less: Transaction-related costs (2) 65 207 333 115 --Less: Headquarters relocation costs (3) -----2,358 Less: Legal matters (4) 245 --156 --Less: ERP implementation costs (5) $ 55,775 $ 58,173 $ 50,444 $ 45,744 $ 44,088 $ 41,267 Adjusted Selling, General and Administrative ExpensesReconciliation of GAAP to Non-GAAP Operating Expenses:$ 89,462 $ 87,864 $ 72,141 $ 61,275 $ 60,022 $ 60,785 Reported Operating expenses-1,898 ----Less: Incremental amortization of acquired intangible assets(1)1,745 2,707 663 ---Less: Transaction-related costs (2) 65 207 333 115 --Less: Headquarters relocation costs (3) -----2,358 Less: Legal matters (4) 245 --156 --Less: ERP implementation costs (5) $ 87,407 $ 83,052 $ 71,145 $ 61,004 $ 60,022 $ 58,427 Adjusted Operating ExpensesReconciliation of GAAP to Non-GAAP Income from operations:$ 23,736 $ 13,297 $ 21,273 $ 23,300 $ 36,567 $ 27,443 Reported Income from operations12.5%7.6%13.2%16.2%23.2%19.1%Operating Margin %-1,898 ----Add: Incremental amortization of acquired intangible assets(1)1,745 2,707 663 ---Add: Transaction-related costs (2) 65 207 333 115 --Add: Headquarters relocation costs (3) -----2,358 Add: Legal matters (4) 245 --156 --Add: ERP implementation costs (5) $ 25,791 $ 18,109 $ 22,269 $ 23,571 $ 36,567 $ 29,801 Adjusted Income from Operations13.6%10.4%13.9%16.4%23.2%20.7%Adjusted Operating Margin %Reconciliation of GAAP to Non-GAAP Net income:$ 14,682 $ 7,315 $ 105,383 $ 24,319 $ 34,907 $ 25,682 Reported Net income-1,418 ----Add: Incremental amortization of acquired intangible assets(1)1,304 2,023 495 ---Add: Transaction-related costs (2) 49 155 248 86 --Add: Headquarters relocation costs (3) -----1,759 Add: Legal matters (4) 183 --117 --Add: ERP implementation costs (5) --(87,887)---Add: Benefit on release of valuation allowance (6)$ 16,218 $ 10,911 $ 18,239 $ 24,521 $ 34,907 $ 27,441 Adjusted Net IncomeReconciliation of GAAP to Non-GAAP Diluted net income per common share:$ 0.41 $ 0.20 $ 2.62 $ 0.66 $ 0.92 $ 0.70 Reported Diluted net income per common share-0.04 ----Add: Incremental amortization of acquired intangible assets(1)0.03 0.06 0.01 ---Add: Transaction-related costs (2) --0.01 0.00 --Add: Headquarters relocation costs (3) -----0.04 Add: Legal matters (4) ---0.00 --Add: ERP implementation costs (5) --(2.14)---Add: Benefit on release of valuation allowance (6)$ 0.44 $ 0.30 $ 0.50 $ 0.66 $ 0.92 $ 0.74 Adjusted Diluted Net Income Per Common Share
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14 Reconciliation of GAAP Measures to Non-GAAP Measures –Footnotes (1) Incremental amortization of acquired intangible assets – We record intangible assets acquired in a business combination or asset acquisition at acquisition date fair values and amortize over their estimated useful lives. These adjustments reflect non-cash charges related to incremental amortization of acquired intangible assets, resulting from periodic reassessments of estimated economic lives. These amounts are excluded as they relate to discrete, non-routine activities rather than the Company’s ongoing operations and therefore are not considered indicative of normal operating costs.(2) Transaction-related costs – These adjustments primarily reflect direct and incremental costs incurred in connection with strategic initiatives and corporate development activities, and may include due diligence, deal fees, integration and other fees and costs related to transactions. The Company excludes only costs that are directly attributable to individually identifiable transactions that have progressed beyond preliminary evaluation, including those for which formal internal approvals have been obtained or third-party advisors have been engaged. Exploratory and other ongoing corporate development and strategy-related operating expenses are not excluded. Excluded costs are associated with discrete transaction events and are not reflective of the Company’s core operating performance, although similar costs may be incurred in future periods. (3) Headquarters relocation costs – These adjustments reflect primarily direct and incremental third-party professional fees, including valuation, accounting, and advisory services, incurred in connection with the Company’s relocation of its headquarters to Somerville, Massachusetts. These costs may also include incremental depreciation of fixed assets resulting from reassessments of estimated economic lives in consideration of the relocation. The Company excludes only costs that are directly attributable to the relocation event and does not exclude ongoing occupancy, personnel, or other recurring operating expenses associated with the new headquarters. (4) Legal matters - These adjustments reflect legal fees and other directly attributable costs incurred in connection with responding to and addressing matters arising from the short-seller report issued in January 2025. Such costs may include external legal counsel, advisory services, and other incremental expenses necessary to evaluate and defend against the claims. The Company excludes only costs that are specifically associated with this discrete event and does not exclude ongoing legal expenses related to normal business operations. These costs are excluded as they are non-recurring in nature and not indicative of the Company’s core operating performance, although similar costs could arise in future periods.(5) ERP implementation costs - These adjustments reflect direct and incremental costs incurred in connection with the design, configuration, testing, deployment, and initial implementation of a new enterprise resource planning (“ERP”) system, or a significant upgrade or replacement of an existing ERP platform. Such costs may include third-party consulting, system integration, project management, data conversion, and other implementation-related professional fees. The Company excludes only costs that are directly attributable to the initial implementation or significant transformation of an ERP platform and that are non-recurring in nature. Ongoing software subscription, hosting, maintenance, support, personnel, and other recurring information technology operating expenses are not excluded.(6) Benefit on release of valuation allowance - These adjustments reflect discrete, non-cash income tax benefits recognized in connection with the release of a valuation allowance against deferred tax assets, based on management’s reassessment of the realizability of such assets. The release is typically driven by changes in the Company’s assessment of future taxable income and other relevant factors. The Company excludes these benefits as they are infrequent, non-operational in nature, and not indicative of ongoing operating performance.