Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $157.4 million, representing approximately 38% year-over-year growth and about 10% sequential growth from Q1 2025 [10] - Operating profit for Q2 was approximately $36.6 million, representing more than 23% of total revenue, up from $27.4 million or 19% of total revenue in Q1 2025 [12] - Net income for Q2 was $35 million, representing a 186% year-over-year increase and 36% sequentially [43] - The company ended Q2 with over $400 million in cash, an increase of approximately $90 million from Q1 2025 [12][43] Business Line Data and Key Metrics Changes - U.S. transplant revenue was approximately $152 million, up 40% year-over-year and 10% sequentially, with liver contributing $116 million, heart $32 million, and lung $4 million [39] - Product revenue for Q2 reached $96 million, up 34% year-over-year and 9% sequentially, driven by increasing organ utilization in liver and OCS adoption across both liver and heart [40] - Service revenue for Q2 reached $61 million, up 44% year-over-year and 11% sequentially, primarily driven by logistics revenue, which grew 56% year-over-year and 14% sequentially [40] Market Data and Key Metrics Changes - OCS Lung experienced approximately 14% sequential growth in Q2 [11] - The company covered 79% of its NOP missions requiring air transport in Q2, nearly reaching its target of 80% to 85% [15] Company Strategy and Development Direction - The company aims to grow OCS NOP volumes beyond the planned 10,000 for 2028 and is exploring options for international expansion, particularly in Europe [13][14] - The company is focused on expanding its infrastructure footprint, delivering on its OCS platform pipeline, and capitalizing on national modernization initiatives [32][34] - The company plans to invest in R&D to advance its pipeline and improve operational efficiencies [45][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving and surpassing the target of 10,000 U.S. NOP transplants by 2028, with plans to exceed that in subsequent years [13] - The company raised its full-year 2025 revenue guidance to between $585 million and $605 million, reflecting approximately 35% growth over 2024 at the midpoint [36][44] - Management acknowledged the potential for seasonality in Q3 but expects a strong finish to the year [35][36] Other Important Information - The company received FDA conditional approval for the OCS Lung IDE in July and is close to reaching an agreement for the OCS Heart IDE [16] - Management emphasized the importance of transparency and collaboration with stakeholders in the U.S. transplant ecosystem [27][28] Q&A Session Summary Question: What are the signs of seasonality observed in July? - Management noted some signs of seasonality in July, but the impact appears slightly less than last year, and it is still early to establish a trend [54] Question: Concerns about oversight over OPOs and DCD usage? - Management believes that increased oversight could benefit the transplant market, especially in DCD, and sees it as an opportunity rather than a concern [56][58] Question: Updates on the lung trial and any changes in design? - Management confirmed that there were no substantive changes to the clinical trial design as agreed with the FDA [60] Question: Thoughts on the U.S. heart market and its growth? - Management indicated that the heart market has experienced fluctuations but expects normalization with the introduction of next-gen technology [64] Question: Any headwinds anticipated as the U.S. transplant network evolves? - Management does not foresee headwinds, citing clear data supporting the success of their NOP and OCS initiatives [71][72] Question: Status of DCD donations and utilization? - Management reported that DCD donation remains stable and is an essential part of the organ transplantation renaissance [85] Question: Revenue generation from the cold storage arm of the clinical trials? - Management indicated that there may be some revenue generated from logistics in the control arm, but specifics will be clarified once the trial starts [91]