The Andover, Mass.–based company posted losses of -$9.2 million, or -43¢ per share, on sales of $6.1 million for the three months ended Dec. 31, 2019, for a 20.2% bottom-line slide on sales growth of 70.9%.
Adjusted to exclude one-time items, losses per share were also -43¢, 4¢ behind Wall Street’s projections. TransMedics attributed some additional operating expenses due to higher SG&A costs stemming from commercial investments and the costs associated with being a public company. Other clinical trials and R&D expenses drove costs even higher, as well.
“2019 was a momentum-building year for Transmedics in which we built a solid foundation for growth and made meaningful progress across our three OCS products,” TransMedics president & CEO Dr. Waleed Hassanein said in a news release. “Through 2020 and beyond, we look forward to building on this momentum to catalyze our growth with accelerated commercial traction and the continued advancement of our clinical programs.”
The company did not offer guidance for its 2020 EPS, but said it anticipates revenue to be in the range of $40 million to $43 million over the course of the year, representing growth between 69% and 82%, compared to 2019.
TransMedics developed a transportation system for organ transplants that’s designed to keep donated hearts, lungs and livers in near-living condition until transplantation.
Shares of TMDX were down -2.6% at $14.57 per share in mid-morning trading today.