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TransMedics Group Inc (NASDAQ: TMDX) posted a Q3 EPS loss of $(0.25), better than the consensus of $(0.41) and $(0.47) a year ago.
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Net revenue of $25.7 million increased 378% Y/Y, beating the consensus of $18.87 million.
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Net revenue included a favorable revenue impact of $1.4 million due to a change in estimate related to accrued clinical trial contra revenue.
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Revenue from customer sales was $24.3 million, a 349% increase primarily due to OCS Heart and OCS Liver, sales of which were driven by the company’s National OCS Program.
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“We strongly believe we are in the early stages of capitalizing on the significant greenfield opportunity we have created in the transplant space. We now plan to leverage the solid foundation we established in 2022 to drive TransMedics into its next growth phase in 2023,” said Waleed Hassanein, President & CEO.
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Guidance: TransMedics is updating FY22 revenue to $80-$85 million, up from prior guidance of $67-$75 million and the consensus of $75.66 million.
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Price Action: TMDX shares closed 19.6% higher at $54.00 during after-hours trading on Thursday.
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