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 [11][40] - Gross margin for Q2 was steady at 61.4%, similar to Q1 [13] - Operating profit was approximately $36.6 million in Q2, representing more than 23% of total revenue, up from $27.4 million or 19% of total revenue in Q1 2025 [13] - Net income for Q2 was $35 million, representing a 186% year-over-year increase and 36% sequentially [44] 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 [40] - 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 [41] - 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 [41] Market Data and Key Metrics Changes - OCS Lung experienced approximately 14% sequential growth in Q2 [12] - Transplant logistics service revenue for Q2 was $29.8 million, representing 56% year-over-year and 14% sequential growth [16] Company Strategy and Development Direction - The company aims to grow OCS NOP volumes beyond the 10,000 planned for 2028 and is exploring options for international expansion [14][15] - The company is focused on expanding its infrastructure footprint and investing in R&D to advance its product pipeline, including the OCS kidney platform [33][46] - The company plans to capitalize on national modernization initiatives in the U.S. transplant system [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the evolving transplant landscape and emphasized the importance of their unique technology and logistics capabilities [70][72] - 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 [38][45] - Management acknowledged potential seasonality impacts in Q3 but expects a strong finish to the year [37][38] Other Important Information - The company received FDA conditional approval for the OCS Lung IDE in July and is planning to begin trial initiation activities after the summer [18] - Management addressed concerns regarding DCD donations, stating that utilization remains unchanged and that DCD is a critical part of the organ donation landscape [86][90] Q&A Session Summary Question: What are the expectations for seasonality in Q3? - Management noted some signs of seasonality in July but indicated it may be less pronounced than the previous year [54] Question: Concerns about oversight over OPOs and DCD usage? - Management believes that increased oversight could benefit the transplant market and emphasized their collaborative approach with OPOs [56][58] Question: Updates on the lung trial design? - Management confirmed that there were no substantive changes to the clinical trial design as agreed with the FDA [60] Question: Insights on the U.S. heart market? - Management indicated that the heart market has experienced fluctuations but expects normalization with the introduction of next-gen technology [64] Question: Any headwinds anticipated with the modernization of the U.S. transplant network? - Management does not foresee headwinds, citing clear data supporting their growth and alignment with stakeholder goals [72][74] Question: Feedback on NOP access? - Early feedback has exceeded expectations, and the NOP Access and NOP Connect systems are designed to work seamlessly together [100][101]