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) Piotroski F-score
TransMedics Group, Inc.'s Piotroski F-score for fiscal 2025 is 7 out of 9: 7 of nine tests of profitability, leverage and efficiency passed, up from 6 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 7 | 1.00 |
| FY2024 | 6 | 3.00 |
| FY2023 | 3 | 0.00 |
| FY2022 | 3 | (1.00) |
| FY2021 | 4 | 0.00 |
| FY2020 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 20.33% | 4.70% | Pass | 1 |
| Positive operating cash flow | 192.84m | 48.80m | Pass | 1 |
| Rising return on assets | 20.33% | 4.70% | Pass | 1 |
| Cash flow above net income | 2.55m | 13.34m | Pass | 1 |
| Falling long-term leverage | 0.54 | 0.67 | Pass | 1 |
| Rising current ratio | 7.14 | 8.30 | Fail | 0 |
| No new shares issued | 33,993,500 | 33,230,000 | Fail | 0 |
| Rising gross margin | 59.92% | 59.36% | Pass | 1 |
| Rising asset turnover | 0.65 | 0.58 | Pass | 1 |
| Piotroski F-score | Strong — most fundamentals improved | 7 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| TMDX TransMedics Group, Inc. | 7 |
| ATEC Alphatec Holdings, Inc. compare | 6 |
| INSP Inspire Medical Systems, Inc. compare | 6 |
| AXGN AxoGen, Inc. compare | 5 |
| UFPT UFP Technologies, Inc. compare | 5 |
| IRTC iRhythm Holdings, Inc. compare | 5 |
| NEOG Neogen Corporation compare | 5 |
| ESTA Establishment Labs Holdings Inc. compare | 5 |
| BFLY Butterfly Network, Inc. compare | 3 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover