TransMedics Group, Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
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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Condensed Consolidated Statements of Cash Flows
(In thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net income | $39,070 | $84,908 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization expense | 32,945 | 19,717 |
| Stock-based compensation expense | 31,155 | 27,466 |
| Deferred taxes | 10,756 | — |
| Non-cash interest expense | 13,936 | 2,374 |
| Non-cash operating lease expense | 1,920 | 1,547 |
| Unrealized foreign currency transaction (gains) losses | 765 | (1,481) |
| Loss on disposal of fixed assets | 145 | 80 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (28,067) | 17,532 |
| Inventory | (19,357) | (1,185) |
| Prepaid expenses and other current assets | (6,949) | (4,819) |
| Other non-current assets | (233) | (10) |
| Accounts payable | (2,079) | 2,045 |
| Accrued expenses and other current liabilities | 7,722 | 10,728 |
| Deferred revenue | (1,407) | 1,543 |
| Operating lease liabilities | (2,476) | (2,118) |
| Net cash provided by operating activities | 77,846 | 158,327 |
| Cash flows from investing activities: | ||
| Purchases of property, plant and equipment | (52,149) | (43,737) |
| PAD Aviation investment, net of cash acquired | (5,310) | — |
| Net cash used in investing activities | (57,459) | (43,737) |
| Cash flows from financing activities: | ||
| Repayments of long-term debt | (5,000) | — |
| Proceeds from issuance of common stock upon exercise of stock options | 4,199 | 10,647 |
| Proceeds from issuance of common stock in connection with employee stock purchase plan | 3,935 | 3,249 |
| Tax withholding payments related to net settlement of restricted stock units | (317) | (138) |
| Net cash provided by financing activities | 2,817 | 13,758 |
| Effect of exchange rate changes on cash and restricted cash | (670) | 1,176 |
| Net increase in cash and restricted cash | 22,534 | 129,524 |
| Cash and restricted cash, beginning of period | 488,866 | 337,150 |
| Cash and restricted cash, end of period | $511,400 | $466,674 |
| Supplemental disclosure of non-cash activities: | ||
| Transfers of inventory to property, plant and equipment | $9,763 | $3,517 |
| Purchases of property, plant and equipment included in accounts payable and accrued expenses | $10,655 | $1,788 |
| Operating lease liabilities arising from obtaining right-of-use assets | $1,149 | $795 |
| Finance lease liability arising from obtaining right-of-use assets | $340,040 | $— |
| Purchases of property, plant and equipment included in other long-term liabilities | $3,986 | $— |
| Deferred payment liability in connection with PAD Aviation investment | $2,129 | $— |
| Reconciliation of cash and restricted cash: | ||
| Cash | $492,962 | $466,174 |
| Restricted cash | 18,438 | 500 |
| Total cash and restricted cash shown in the statement of cash flows | $511,400 | $466,674 |
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