TransMedics Group Inc
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
TMDX$90.95-3.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net loss | $(25,028) | $(36,231) | $(44,215) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation and amortization expense | 8,177 | 3,478 | 1,817 |
| Stock-based compensation expense | 19,791 | 10,321 | 6,878 |
| Acquired in-process research and development expenses | 27,212 | — | — |
| Deferred taxes | (1,660) | — | — |
| Loss on extinguishment of debt | — | 575 | — |
| Loss on sale of marketable securities | — | 107 | — |
| Non-cash interest expense and end of term accretion expense | 2,128 | 465 | 540 |
| Non-cash lease expense | 1,041 | 717 | 829 |
| Net amortization of premiums on marketable securities | — | 381 | 1,356 |
| Unrealized foreign currency transaction (gains) losses | (342) | 1,129 | 928 |
| Changes in operating assets and liabilities, net of acquired assets and liabilities: | |||
| Accounts receivable | (33,816) | (21,678) | 840 |
| Inventory | (28,092) | (8,024) | (4,894) |
| Prepaid expenses and other current assets | (2,101) | 2,521 | (3,151) |
| Other non-current assets | (54) | — | — |
| Accounts payable | 6,957 | (3,270) | 5,090 |
| Accrued expenses and other current liabilities | 14,250 | 3,437 | 4,875 |
| Deferred revenue | 83 | — | 7 |
| Operating lease liabilities | (1,574) | 255 | 236 |
| Net cash used in operating activities | (13,028) | (45,817) | (28,864) |
| Cash flows from investing activities: | |||
| Purchases of property, plant and equipment | (151,847) | (11,907) | (3,519) |
| Purchase of business, net of cash acquired | (14,894) | — | — |
| Purchase of in-process research and development assets | (27,212) | — | — |
| Purchases of marketable securities | — | (10,496) | (72,024) |
| Proceeds from sales and maturities of marketable securities | — | 76,916 | 104,810 |
| Net cash provided by (used in) investing activities | (193,953) | 54,513 | 29,267 |
| Cash flows from financing activities: | |||
| Proceeds from issuance of convertible senior notes, net of issuance costs paid of $14,620 | 445,380 | — | — |
| Purchases of capped calls related to convertible senior notes | (52,072) | — | — |
| Proceeds from issuance of long-term debt, net of issuance costs | — | 58,509 | — |
| Repayments of long-term debt | — | (36,050) | — |
| Proceeds from issuance of common stock in public offering, net of underwriting discounts and commissions and issuance costs paid | — | 139,854 | — |
| Proceeds from issuance of common stock upon exercise of stock options | 6,155 | 4,667 | 974 |
| Proceeds from issuance of common stock upon exercise of warrants | — | 438 | — |
| Proceeds from issuance of common stock in connection with employee stock purchase plan | 955 | 509 | 419 |
| Net cash provided by financing activities | 400,418 | 167,927 | 1,393 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 193 | (1,021) | (797) |
| Net increase in cash, cash equivalents and restricted cash | 193,630 | 175,602 | 999 |
| Cash, cash equivalents and restricted cash, beginning of period | 201,682 | 26,080 | 25,081 |
| Cash, cash equivalents and restricted cash, end of period | $395,312 | $201,682 | $26,080 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest | $8,089 | $3,260 | $3,334 |
| Supplemental disclosure of non-cash activities: | |||
| Transfers of inventory to property, plant and equipment | $4,574 | $2,135 | $1,823 |
| Purchases of property, plant and equipment included in accounts payable and accrued expenses | $2,454 | $62 | $1,200 |
| Operating lease liabilities arising from obtaining right-of-use assets | $2,171 | $— | $— |
| Reconciliation of cash, cash equivalents and restricted cash: | |||
| Cash and cash equivalents | $394,812 | $201,182 | $25,580 |
| Restricted cash | 500 | 500 | 500 |
| Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $395,312 | $201,682 | $26,080 |
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