Transmedics Group, Inc. (NASDAQ: TMDX) has reported its financial results for the fourth quarter and full year ending December 31, 2023. The company has achieved significant growth, with total revenue reaching $81.2 million in the fourth quarter of 2023, marking a remarkable 159% increase compared to the same period in 2022. For the full year of 2023, total revenue amounted to $241.6 million, reflecting a 159% increase compared to 2022.
Notably, Transmedics reported a net income of $4.0 million or $0.12 per share in the fourth quarter of 2023, a notable improvement from the net loss of $6.7 million in the fourth quarter of 2022. The company also generated a gross margin of 59% in the fourth quarter of 2023, down from 66% in the same period of 2022.
For the full year of 2023, the gross margin was 64%, compared to 70% in 2022. However, the company reported a net loss of $25.0 million for the full year of 2023, showing a significant decrease from the net loss of $36.2 million in the full year of 2022.
Operating expenses for the fourth quarter of 2023 were $45.3 million, up from $27.5 million in the fourth quarter of 2022. The increase was primarily driven by investments to support the company's growth. Similarly, operating expenses for the full year of 2023 were $182.8 million, compared to $96.7 million in 2022, mainly due to investment throughout the organization to support business growth, an acquired in-process research and development charge of $27.2 million, and additional non-recurring acquisition-related costs.
Transmedics also reported a strong cash position, with $394.8 million as of December 31, 2023.
Looking ahead, Transmedics expects total revenue for the full year of 2024 to be in the range of $360 million to $370 million, representing a 49% to 53% growth compared to the prior year's revenue.
The company attributes its strong performance to the increase in utilization of its Organ Care System (OCS) through the National OCS Program (NOP) and additional revenue generated by the addition of Transmedics Logistics Services. Waleed Hassanein, MD, President and Chief Executive Officer of Transmedics, highlighted the company's achievements in increasing national heart and liver transplant volumes by 12% in 2023, driven by the use of OCS technology and the NOP program.
Transmedics Group, Inc. is a medical technology company focused on transforming organ transplant therapy for patients with end-stage lung, heart, and liver failure. Headquartered in Andover, Massachusetts, the company is a leader in portable extracorporeal warm perfusion and assessment of donor organs for transplantation.
For more information, read the company's full 8-K submission here.
