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Sep 30, 2021
TransMedics Q3 2021 Earnings Report
TransMedics experienced a decrease in revenue due to the expiry of clinical trial revenue, but achieved FDA approval for OCS Heart and Liver.
Key Takeaways
TransMedics Group, Inc. reported a 24% decrease in net revenue for the third quarter of 2021, totaling $5.4 million compared to $7.1 million in the third quarter of 2020. This decline was primarily due to the discontinuance of OCS Heart and OCS Liver clinical trial revenue. Despite the revenue decrease, the company achieved two critical milestones with FDA approval of OCS Heart and OCS Liver during the quarter.
Net revenue was $5.4 million, a 24% decrease compared to Q3 2020, due to the expiry of revenue from clinical trials.
Received FDA 510(k) clearance for OCS Lung cold flush solution on July 29, 2021.
Received FDA premarket approval (PMA) for OCS Heart System on September 3, 2021.
Received FDA premarket approval (PMA) for OCS Liver System on September 28, 2021.
Forward Guidance
TransMedics expects net revenue for the full-year 2021 to be in the range of $27.6 million to $28.6 million, which represents 8% to 12% growth compared to the company’s prior year net revenue.
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