TransMedics Group, Inc.

For the period ended Dec 31, 2025. Filed Feb 24, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 24, 2026

TMDX$90.95-3.0%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

(In thousands)

	Year Ended December 31,
	2025	2024	2023
Cash flows from operating activities:
Net income (loss)	$190,291	$35,464	$(25,028)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization expense	27,185	19,758	8,177
Stock-based compensation expense	36,861	33,224	19,791
Acquired in-process research and development expenses	—	—	27,212
Deferred taxes	(83,543)	—	(1,660)
Non-cash interest expense and end of term accretion expense	3,080	3,111	2,128
Non-cash lease expense	2,132	1,564	1,041
Unrealized foreign currency transaction (gains) losses	(1,622)	665	(342)
Loss on disposal of fixed assets	80	17	—
Changes in operating assets and liabilities, net of acquired assets and liabilities:
Accounts receivable	13,950	(34,310)	(33,816)
Inventory	(7,716)	(8,353)	(28,092)
Prepaid expenses and other current assets	(3,759)	(6,262)	(2,101)
Other non-current assets	(23)	(149)	(54)
Accounts payable	(19)	(1,396)	6,957
Accrued expenses and other current liabilities	17,694	7,938	14,250
Deferred revenue	1,144	(203)	83
Operating lease liabilities	(2,895)	(2,265)	(1,574)
Net cash provided by (used in) operating activities	192,840	48,803	(13,028)
Cash flows from investing activities:
Purchases of property, plant and equipment	(59,251)	(129,744)	(151,847)
Purchase of business, net of cash acquired	—	441	(14,894)
Purchase of in-process research and development assets	—	—	(27,212)
Net cash used in investing activities	(59,251)	(129,303)	(193,953)
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 common stock upon exercise of stock options	13,746	20,813	6,155
Proceeds from issuance of common stock in connection with employee stock purchase plan	3,249	2,061	955
Tax withholding payments related to net settlement of restricted stock units	(138)	—	—
Net cash provided by financing activities	16,857	22,874	400,418
Effect of exchange rate changes on cash and restricted cash	1,270	(536)	193
Net increase (decrease) in cash and restricted cash	151,716	(58,162)	193,630
Cash and restricted cash, beginning of period	337,150	395,312	201,682
Cash and restricted cash, end of period	$488,866	$337,150	$395,312
Supplemental disclosure of cash flow information:
Cash paid for interest	$10,702	$11,297	$8,089
Supplemental disclosure of non-cash activities:
Transfers of inventory to property, plant and equipment	$5,679	$5,803	$4,574
Purchases of property, plant and equipment included in accounts payable and accrued expenses	$1,753	$2,062	$2,454
Operating lease liabilities arising from obtaining right-of-use assets	$795	$1,499	$2,171
Conversion of convertible senior notes into common stock	$—	$4	$—
Reconciliation of cash and restricted cash:
Cash	$488,366	$336,650	$394,812
Restricted cash	500	500	500
Total cash and restricted cash shown in the statement of cash flows	$488,866	$337,150	$395,312

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