United Therapeutics (NasdaqGS:UTHR) 2025 Conference November 18, 2025 07:00 AM ET Company ParticipantsJames Edgemond - CFO and TreasurerHarry Silvers - Manager of Investor RelationsConference Call ParticipantsRoger Song - Senior Equity Research AnalystRoger SongWelcome, everyone, to Jefferies Linden Healthcare Conference 2025. My name is Roger Song, one of the Senior Analysts who covers Mid-Cap Biotech in the U.S. It is my pleasure to have the fireside chat with our next company, United Therapeutics, James ...

“Everybody clapped.” @LVRiella tells “Babbage” about the first time his team transplanted a pig organ into a human https://t.co/Sg6f6ESbDh ...

Q3 2025 Performance - Product revenue reached $87.7 million, representing a 33.1% year-over-year growth but an 8.8% decrease compared to the previous quarter[3] - Total revenue for Q3 2025 was $143.8 million, a 32.2% increase year-over-year but an 8.6% decrease quarter-over-quarter[4] - Service revenue amounted to $56.1 million, showing a 30.9% year-over-year growth but an 8.4% decrease from the previous quarter[5] - Net income for Q3 2025 was $24.3 million, a significant increase of $20.1 million year-over-year but a decrease of $10.6 million quarter-over-quarter[5] - Total cash reached $466.2 million, an increase of $65.6 million quarter-over-quarter[5] Revenue Breakdown by Organ - Liver revenue was $107.94 million, a 40.8% increase year-over-year but a 7.0% decrease quarter-over-quarter[11, 16] - Heart revenue was $30.589 million, a 13.6% increase year-over-year and a 14.2% decrease quarter-over-quarter[11, 16] - Lung revenue was $4.11 million, a 5.2% increase year-over-year and a 10.2% decrease quarter-over-quarter[11, 16] Service Revenue Details - Clinical service revenue decreased by 8.7% quarter-over-quarter but increased by 29.0% year-over-year[14] - Logistics revenue decreased by 8.9% quarter-over-quarter but increased by 35.2% year-over-year[14] - Flight school revenue increased by 15.7% quarter-over-quarter but decreased by 5.7% year-over-year[14] Financial Metrics - Gross margin for Q3 2025 was 58.8%, a 2.9 percentage point increase year-over-year but a 2.6 percentage point decrease quarter-over-quarter[4] - Operating margin for Q3 2025 was 16.2%, a 12.6 percentage point increase year-over-year[4] Updated 2025 Revenue Guidance - The company updated its total revenue guidance for 2025 to a range of $595 million to $605 million, projecting a 36% growth at the midpoint of the range[20]

Core Insights - The article emphasizes that cellular regeneration, rather than organ transplantation, is the key to extending human healthspan and lifespan [1][17][23] Scientific Contributions - European Wellness Biomedical Group (EWBG) published the Human Cytology Atlas, mapping over 400 distinct human cell types, and a peer-reviewed study on organ aging [1][9][27] - The Human Cytology Atlas serves as a reference for understanding cellular diversity and its implications for precision medicine [10][27] Aging Mechanisms - Different organs age at varying rates, which is crucial for developing targeted interventions [12][27] - The cardiovascular and immune systems decline early, while the liver and kidneys show staggered vulnerability [12] Future of Medicine - The future of medicine is seen in the transplantation of cells rather than organs, focusing on repairing and rejuvenating life at the cellular level [8][21][27] - Protocols for healthspan are being tested, emphasizing the importance of extending healthy years over mere longevity [19][20] Global Collaborations - Prof. Mike Chan's work includes collaborations with institutions in Baoding, Germany, and Switzerland, focusing on cell-based therapies and training programs for physicians [20][27] Vision for Longevity - The article presents a shift in the conversation around longevity from speculative immortality to a science-driven focus on healthspan, which relies on cellspan [23][18]

Company Focus - Startup aims to grow new mini-organs in patients [1] Industry - The report discusses a startup in the field of organ growth [1]

Startup Focus - Startup aims to grow new mini-organs in patients [1] Industry Focus - Biotechnology industry is exploring innovative approaches to regenerative medicine [1]

The Prototype: This Startup Aims To Grow New Mini-Organs In Patientshttps://t.co/HGbErnSgBM https://t.co/jtOvNGOWKl ...

Financial Data and Key Metrics Changes - The company announced a sale of the Blade passenger business to Joby Aviation for up to $125 million, which is expected to create long-term value for stakeholders [6][9] - Medical revenue grew 17.6% year-over-year to a record $45.1 million in Q2 2025, driven by new transplant center customers and increased demand [18][26] - Adjusted EBITDA margin for the medical segment rose to 13.4% in Q2 2025, compared to 11.4% in Q1 2025, but declined from 14.4% in Q2 2024 [18][20] Business Line Data and Key Metrics Changes - The medical business accounted for approximately 60% of revenue in 2024, up from 12% in 2020, and contributed about 85% of the segment's adjusted EBITDA [6][9] - The passenger business saw a 5.5% decrease in short-distance revenue year-over-year, primarily due to lower revenue in the US segment [20] - The passenger segment adjusted EBITDA tripled year-over-year from $800,000 to $2.4 million, driven by improved flight margins and lower SG&A expenses [22] Market Data and Key Metrics Changes - The company exited the Canadian market in August 2024, impacting short-distance revenue in the US [20] - European operations showed strong revenue growth due to realignment with local partners and operational changes [21] Company Strategy and Development Direction - The company aims to focus on its medical division as a standalone entity, which will be renamed Strata Critical Medical, emphasizing its growth potential in the medical sector [6][9] - A disciplined capital allocation strategy is planned, supported by approximately $200 million in cash from the passenger business sale [12][26] - The company is entering a long-term partnership with Joby Aviation to access eVTOL aircraft for medical use, enhancing its service offerings [15][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth prospects of the medical business, expecting mid-teens revenue growth in the second half of 2025 [26] - The company anticipates improved fleet uptime and adjusted EBITDA margins in the medical segment, projecting margins of approximately 15% [26] - Management noted that the divestiture is expected to be neutral to adjusted EBITDA and free cash flow on a go-forward basis [25][26] Other Important Information - The company ended the quarter with no debt and $113.4 million in cash and short-term investments [25] - The financial impact of the divestiture is expected to be adjusted EBITDA and free cash flow neutral, supported by estimated corporate cost efficiencies of $7 million [10][25] Q&A Session Summary Question: What are the current priorities for capital allocation post-transaction? - Management highlighted opportunities in M&A and organic growth, emphasizing the need for capital to scale the business effectively [29][30] Question: Are there any operational impacts from the divestiture on the medical segment? - Management stated that the company is set up for success as a standalone entity and expects the partnership with Joby to add significant value [32][33] Question: Why was the passenger business sold now? - Management indicated that the market was discounting the value of the passenger business, and the divestiture allows for a clearer focus on the high-growth medical segment [37][38] Question: What is the growth outlook for the medical business? - Management expressed optimism about organic growth driven by new technologies and services, aiming for high teens adjusted EBITDA margins in the long term [41][43] Question: How is the business trending quarter to date? - Management reported strong performance in July, with no signs of seasonal slowdown yet [44] Question: What are the tax implications of the transaction? - Management noted that they have enough NOLs to offset capital gains from the divestiture, expecting minimal cash tax impact [46]

Summary of TransMedics Group (TMDX) FY Conference - June 09, 2025 Company Overview - **Company**: TransMedics Group (TMDX) - **Industry**: Organ transplantation technology and services Core Points and Arguments 1. **Unique Position in Organ Transplantation**: TransMedics operates in the organ transplantation field, addressing the limitations of traditional cold storage methods for organs, which have historically led to underutilization of donor organs [5][7][8] 2. **Organ Care System (OCS)**: The company developed the Organ Care System, which keeps organs metabolically active and oxygenated during transport, significantly improving organ viability and utilization rates [8][10][16] 3. **Impact on Transplant Volumes**: TransMedics has achieved double-digit growth in national transplant volumes for heart and liver, a first in three decades [10][11] 4. **National OCS Program (NOP)**: The NOP integrates logistics and service components, managing the entire process from organ donation to transplantation, which has become the primary business model for TransMedics [12][13] 5. **Clinical Evidence**: The OCS has demonstrated an 80-85% utilization rate for previously rejected organs and the best clinical outcomes in organ transplantation history [16][20] 6. **DCD Donors**: TransMedics has pioneered the use of donors after circulatory death (DCD), which now represents nearly 50% of the U.S. transplant donor population, a significant increase from previous years [23][24] 7. **Future Growth Projections**: The company aims to reach 10,000 transplants by 2028, with plans to expand to 20,000-30,000 transplants by introducing kidney transplantation technology [30][31] 8. **International Expansion**: While currently a small part of the business, international markets are expected to grow significantly as reimbursement processes improve [38][57] Financial Outlook 1. **Revenue Projections**: The company anticipates reaching approximately $11.2 billion in revenue upon achieving the 10,000 transplant goal, with an operating margin target of 30% by 2028 [43][45] 2. **Gross Margin Expectations**: Long-term gross margins are expected to stabilize around 60%, with operating expenses being the primary lever for achieving the desired operating margin [47][48] 3. **R&D Investments**: Continued investment in R&D is planned to support the development of next-generation OCS technology and the kidney program, with R&D growth expected to outpace sales growth [50][51] Additional Important Insights 1. **Economic Value to Hospitals**: TransMedics provides significant economic benefits to transplant programs by increasing transplant volumes and reducing post-transplant complications, while also waiving costs if organs are not transplanted [65][67] 2. **Physician Benefits**: The NOP allows for more scheduled morning transplants, improving work-life balance for physicians and enhancing overall transplant program efficiency [69][70] 3. **Reimbursement Landscape**: The U.S. reimbursement model for organ transplantation is favorable, with separate budgets for organ acquisition costs, which supports the financial viability of TransMedics' services [56][58] This summary encapsulates the key points discussed during the conference, highlighting TransMedics' innovative approach to organ transplantation, its growth strategies, and the financial outlook for the company.

Summary of TransMedics Group (TMDX) FY Conference June 03, 2025 Company Overview - **Company**: TransMedics Group (TMDX) - **Industry**: Organ transplantation technology and services Core Points and Arguments 1. **Unique Position in Organ Transplantation**: TransMedics operates in a unique space within organ transplantation, which is considered the gold standard for treating end-stage organ failure due to its long life expectancy and quality of life benefits for patients [7][8] 2. **Challenges in Organ Transplantation**: The industry faces significant challenges, including a shortage of available organs and the need for improved post-transplant clinical outcomes [8][9] 3. **Innovation in Organ Preservation**: TransMedics has developed the Organ Care System (OCS), which addresses the critical issue of organ preservation, a previously neglected area in organ transplantation technology [11][16] 4. **Market Opportunity**: The company identified a vast opportunity in the underutilization of donor organs, with a significant portion of the donor pool going unused each year [15][23] 5. **National OCS Program (NOP)**: The NOP is a national network that integrates logistics and clinical services to enhance organ transplantation efficiency, operating out of 17 hubs across the U.S. [24][28] 6. **Logistics and Transportation**: TransMedics Logistics provides dedicated air and ground transportation for transplant missions, significantly improving the efficiency of organ transport [29][30] 7. **Successful Transplant Outcomes**: Over the last two years, the NOP model has facilitated more than 9,000 successful transplants, contributing to a double-digit growth in heart and liver transplants [36][37] 8. **Future Growth Catalysts**: The company plans to launch new technologies and expand its services, including kidney transplantation, which could add 30,000 procedures annually in the U.S. alone [22][42] 9. **Cost Efficiency**: TransMedics offers a zero-cost model for transplant programs if an organ is not transplanted, alongside significant cost reductions in logistics, enhancing its value proposition [49][50] Additional Important Content 1. **Technological Advancements**: The OCS technology allows for continuous perfusion of organs, maintaining their viability outside the human body, which is a significant advancement over traditional preservation methods [19][21] 2. **Integration with Clinical Operations**: The NOP Logistics Command Center coordinates all aspects of organ transport and transplantation, ensuring real-time visibility and efficiency [31][34] 3. **Regulatory Engagement**: The company is actively engaged with the FDA for new technology approvals, aiming for launches in late 2025 [43] 4. **Long-term Vision**: TransMedics aims to transform from a preservation technology company to an organ enhancement company, focusing on improving transplant outcomes and increasing the volume of organ transplants [41][43] 5. **Market Positioning**: The company emphasizes its competitive advantage through its unique service model and logistics integration, which are not matched by competitors in the organ transplantation space [47]