The Andover, Mass.-based company posted losses of -$8.9 million, or -42¢ per share, on sales of $7.5 million for the three months ended March 31, 2020, for a 28.4% bottom-line slide on sales growth of 61%.
According to a news release, the revenue increase was driven by organ care system (OCS) adoption, including U.S. clinical trials for OCS heart and OCS liver.
Adjusted to exclude one-time items, earnings per share were also -42¢, 1¢ behind Wall Street, where analysts were looking for sales of $7.2 million.
“We began 2020 with strong momentum and remain extremely confident in TransMedics’ long-term prospects,” TransMedics president & CEO Dr. Waleed Hassanein said in the release. “We continue to lean forward throughout this COVID-19 pandemic to establish and broaden our technological and clinical service offering to facilitate organ procurement and transplantation using our OCS technology during and in the post-COVID era.
“We have also taken extensive measures to preserve cash and mitigate business and health risks on our organization and team,” Hassanein added. “Finally, I want take a moment to thank the transplant healthcare workers and TransMedics team on the frontline during this pandemic who are ensuring that organ transplants procedures are continuing to help patients in need.”
TransMedics withdrew its 2020 financial guidance due to uncertainties caused by the COVID-19 pandemic.
TMDX shares were down -0.8% at $16.72 per share in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1.6%.