TransMedics (NSDQ:TMDX) beat The Street on both sales and earnings for the third quarter and maintained its outlook for the rest of the year.
In its second publicly traded quarter, Andover, Mass.-based TransMedics reported losses of -$8.28 million or -$0.39 per share on sales of $7.025 million for the three months ended Sept. 30. The company cleared $97 million in an initial public offering in May.
TransMedics developed a transportation system for organ transplants that’s designed to keep donated hearts, lungs and livers in near-living condition until transplantation. In April 2018 the company won pre-market approval from the FDA for its OCS Lung device. In July, the company reported that its OCS lung transport system was used to ship donor lungs from Hawaii to the mainland U.S. for successful implantations in two patients.
“We are pleased with our third-quarter results, which showed revenue growth in all three of our OCS programs and demonstrates the strength of our multi-organ platform strategy,” said TransMedics president & CEO Dr. Waleed Hassanein in a news release. “We are influencing and driving a significant transformation in the global transplant field, and we look forward to continued U.S. commercial traction with the OCS lung program and progress along the FDA regulatory path with the OCS heart and OCS liver programs.”
Earnings per share were 6¢ ahead of The Street, where analysts were looking for sales of $6.67 million.
TransMedics continues to expect net revenue for the full-year 2019 to be in the range of $23.5 million to $25.5 million, which represents 81% to 96% growth compared with 2018.
TMDX shares were up 3.05% to $19.94 apiece today at the opening bell.
