TransMedics (Nasdaq:TMDX) shares got a massive boost today on first-quarter sales that were 64% higher than the consensus forecast.
TMDX shares were up more than 30% at $28.44 apiece by midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down slightly.
The Andover, Massachusetts–based company posted losses of $10.6 million, or 38¢ per share, on sales of $15.9 million for the three months ended March 31, 2022, for a bottom-line slide deeper into the red despite more than doubling its sales total from the first quarter of 2021.
TransMedics’ losses per share of 38¢ came in 1¢ behind expectations on Wall Street, where analysts were looking for sales of $9.7 million.
“We are proud of our strong first-quarter revenue performance and are now laser-focused on continuing to drive commercial growth across each of our three OCS technology platforms,” TransMedics President and CEO Dr. Waleed Hassanein said in a news release. “The National OCS Program (NOP) was our primary growth driver, providing us with a high level of confidence in our strategy and in our ability to enable sustained growth in transplant volumes to help more patients in need of life-saving organ transplant procedures.”
TransMedics said it expects to post net revenues in the range of $59 million to $65 million, representing 95% to 115% growth compared to the company’s 2021 revenues. That reflects a massive improvement upon the previously projected 2022 guidance range of $49 million to $55 million.
TransMedics is updating full year 2022 net revenue to be in the range of $59 million to $65 million, which represents 95% to 115% growth compared to the company’s prior year net revenue. TransMedics’ prior 2022 net revenue guidance was $49 million to $55 million.