TransMedics Group, Inc. Q4 2025 Earnings Call Summary

Achieved record performance in Q4 2025, validating management's view that Q3 seasonality was transient and that the U.S. transplant market would recover in the final quarter. Demonstrated market expansion rather than just share-taking, with data showing U.S. liver, heart, and lung volumes grew 25% since 2022 with OCS NOP, but would have declined 1% without it. Attributed strong liver performance to clinical leadership and execution excellence, with OCS Liver now representing 36% of the total U.S. live ...