Summary by Futu AI
TransMedics reported strong Q3 2024 financial results with total revenue reaching $108.8 million, up 64% YoY from $66.4 million. The company achieved net income of $4.2 million ($0.12 per diluted share), compared to a net loss of $25.4 million in Q3 2023. Gross margin was 56%, down from 61% in the prior year due to a higher proportion of service revenue.The revenue growth was primarily driven by increased utilization of the Organ Care System across all three organs through the National OCS Program and additional revenue from TransMedics logistics services. The company maintained a strong balance sheet with $330.1 million in cash as of September 30, 2024.Management reaffirmed full-year 2024 revenue guidance of $425-445 million, representing 76-84% growth YoY. The company remains confident in achieving its target of 10,000 OCS transplant cases annually in the U.S. by 2028, supported by continued progress across growth initiatives.
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