TransMedics: Growth Tailwinds Should Provide Upside In 2026 (NASDAQ:TMDX)

Group 1: Company Overview - TransMedics Group, Inc. (TMDX) reported strong year-over-year growth in the third quarter, which is typically a seasonally weak period [1] - Despite the strong growth, dollar terms showed soft year-over-year growth, indicating a maturing liver transplant market in the United States [1] Group 2: Investment Strategy - Narweena, an asset manager led by Richard Durant, focuses on identifying market dislocations due to poor understanding of long-term business prospects [1] - The firm aims for excess risk-adjusted returns by targeting businesses with secular growth opportunities in markets with barriers to entry [1] - Narweena's research emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term investment horizon [1] Group 3: Market Dynamics - An aging population with low growth and stagnating productivity is expected to create new investment opportunities, differing from past trends [1] - Many industries may face stagnation or secular decline, which could paradoxically enhance business performance as competition diminishes [1] - The economy is increasingly influenced by asset-light businesses, leading to a declining need for infrastructure investments over time [1] - A large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia [1]