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.
Losses grew 40.7% to -$6.9 million on sales growth of 58.6% to $4.7 million for the three months ended March 30 for the Andover, Mass.-based company, which cleared $97 million in an initial public offering last month. (TransMedics did not reveal per-share numbers.)
“TransMedics is committed to expanding access to life-saving transplant procedures for patients suffering from end-stage organ failure across multiple disease states using our paradigm-shifting OCS platform. We are pleased with our first quarter results, which demonstrated meaningful progress in sales growth, and expansion of our body of clinical evidence for our lung and heart transplant indications. Our recent FDA PMA approval significantly expands our commercial opportunity in the U.S. by enabling the use of currently unutilized [after donor brain death] and [after donor circulatory death] donor lungs for transplantation,” president & CEO Dr. Waleed Hassanein said in prepared remarks.
TransMedics said it expects to bring in sales of $23.5 million to $25.5 million this year, representing 81% to 96% growth compared with 2018.
TMDX shares were down -2.2% to $25.92 apiece today in late-morning trading.