TransMedics Group, Inc.
TMDX Healthcare Medical Devices
TransMedics Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $605.5 million, up 37.1% from fiscal 2024. In the quarter to June 2026, revenue grew 20.7%, EPS fell 59.2%, free cash flow fell 87.6% and total debt rose 68.7%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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TransMedics Group, Inc. (TMDX) Beneish M-score
TransMedics Group, Inc.'s Beneish M-score for fiscal 2025 is −1.32; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.32 | 0.62 |
| FY2024 | −1.95 | (0.74) |
| FY2023 | −1.21 | (1.16) |
| FY2022 | −0.04 | (2.09) |
| FY2021 | 2.05 | 4.50 |
| FY2020 | −2.46 | (0.34) |
| FY2019 | −2.12 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.63 | — | 0.58 | |
| Gross margin index | 0.99 | — | 0.52 | |
| Asset quality index | 3.71 | — | 1.50 | |
| Sales growth index | 1.37 | — | 1.22 | |
| Depreciation index | 0.84 | — | 0.10 | |
| SG&A index | 0.80 | — | −0.14 | |
| Total accruals to total assets | 0.00 | — | −0.01 | |
| Leverage index | 0.78 | — | −0.26 | |
| Beneish M-score | Flagged by the model | −1.32 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ATEC Alphatec Holdings, Inc. compare | −3.4× |
| BFLY Butterfly Network, Inc. compare | −3.3× |
| IRTC iRhythm Holdings, Inc. compare | −3.0× |
| AXGN AxoGen, Inc. compare | −2.7× |
| UFPT UFP Technologies, Inc. compare | −2.6× |
| NEOG Neogen Corporation compare | −2.4× |
| ESTA Establishment Labs Holdings Inc. compare | −2.3× |
| INSP Inspire Medical Systems, Inc. compare | −1.9× |
| TMDX TransMedics Group, Inc. | −1.3× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI