TransMedics Group reported exceptional Q2 2024 financial results, with total revenue soaring 118% to $114.3 million compared to Q2 2023. Net product revenue reached $71.7 million while service revenue grew significantly to $42.6 million, driven by increased utilization of the National OCS Program (NOP). The company achieved net income of $12.2 million, marking a substantial improvement from a $1.0 million loss in the prior year period.The company's gross margin was 61%, with product gross margin holding steady at 80% and service gross margin at 28%. Operating expenses increased to $56.8 million, reflecting investments in R&D for next-generation OCS development and expanded commercial operations. The company maintained a strong balance sheet with $362.8 million in cash as of June 30, 2024.TransMedics continued to expand its NOP offering by enhancing logistics capabilities and acquiring additional aircraft for organ transportation. The company's OCS technology platform demonstrated growing adoption across all three organs - liver, heart, and lung, with U.S. OCS transplant revenue increasing by $59.5 million to $108.5 million compared to the same period last year.

TransMedics Group reported exceptional Q2 2024 financial results, with total revenue soaring 118% to $114.3 million compared to Q2 2023. Net product revenue reached $71.7 million while service revenue grew significantly to $42.6 million, driven by increased utilization of the National OCS Program (NOP). The company achieved net income of $12.2 million, marking a substantial improvement from a $1.0 million loss in the prior year period.The company's gross margin was 61%, with product gross margin holding steady at 80% and service gross margin at 28%. Operating expenses increased to $56.8 million, reflecting investments in R&D for next-generation OCS development and expanded commercial operations. The company maintained a strong balance sheet with $362.8 million in cash as of June 30, 2024.TransMedics continued to expand its NOP offering by enhancing logistics capabilities and acquiring additional aircraft for organ transportation. The company's OCS technology platform demonstrated growing adoption across all three organs - liver, heart, and lung, with U.S. OCS transplant revenue increasing by $59.5 million to $108.5 million compared to the same period last year.