The Andover, Mass.-based organ transplant transportation technology developer posted losses of -$8.5 million, or -36¢ per share, on sales of $3.4 million for the three months ended June 30, 2020, for a 7.6% bottom-line gain on a sales decline of -40.2%.
Adjusted to exclude one-time items, earnings per share were also -36¢, coming in 6¢ ahead of Wall Street projections.
The company attributed much of its revenue decline to the decrease in organ transplant procedures performed over the three-month period as a result of the ongoing COVID-19 pandemic.
“Despite the continued impact of the COVID-19 pandemic on our revenue, we achieved several significant milestones in the second quarter,” TransMedics president & CEO Dr. Waleed Hassanein said in a news release. “We are leaning forward to advance our commercial, clinical, and regulatory initiatives to position TransMedics to achieve our long-term strategic growth objectives. We are laser-focused on ensuring that we are in a position to have our three OCS products – OCS Lung, OCS Heart, and OCS Liver – approved and commercially available in the U.S. in 2021.”
TransMedics is not offering 2020 financial guidance because of the uncertainties surrounding the pandemic.
TMDX shares were up 0.1% at $18.14 per share in mid-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -1.6%.