TransMedics (Nasdaq:TMDX) shares got a massive boost today on first-quarter results that were mixed compared to the consensus forecast.
TMDX shares were up 22.5% at $26.80 per share as the markets opened today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was unchanged early on.
The Andover, Massachusetts-based company posted losses of $10.6 million, or 38¢ per share, on sales of $15.9 million for the three months ended March 31, 2022, for a bottom-line slide deeper into the red despite more than doubling its sales total from the first quarter of 2021.
TransMedics’ losses per share of 38¢ came in 1¢ behind expectations on Wall Street, where analysts were looking for sales of $9.7 million.
“We are proud of our strong first quarter revenue performance and are now laser focused on continuing to drive commercial growth across each of our three OCS technology platforms,” TransMedics President and CEO Dr. Waleed Hassanein said in a news release. “The National OCS Program (NOP) was our primary growth driver, providing us with a high level of confidence in our strategy and in our ability to enable sustained growth in transplant volumes to help more patients in need of life-saving organ transplant procedures.”
TransMedics said it expects to post net revenues in the range of $59 million to $65 million, representing 95% to 115% growth compared to the company’s 2021 revenues. That reflects a massive improvement upon the previously projected 2022 guidance range of $49 million to $55 million.
TransMedics is updating full year 2022 net revenue to be in the range of $59 million to $65 million, which represents 95% to 115% growth compared to the company’s prior year net revenue. TransMedics’ prior 2022 net revenue guidance was $49 million to $55 million.