TransMedics (NSDQ:TMDX) shares took a massive hit today on first-quarter results that missed the consensus earnings forecast.
TMDX shares were down -12.4% at $24.58 per share in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -1.2%.
The Andover, Mass.-based organ transplant technology developer posted losses of -$7.9 million, or -29¢ per share, on sales of $7.1 million for the three months ended March 31, 2021, for a 10.6% bottom-line gain on a sales decline of -6.3%.
TransMedics’ EPS of -29¢ came in 1¢ shy of projections on Wall Street, although the company’s revenues topped analysts’ estimates by 1.8%.
“We are pleased with our progress as we advance quickly toward several near term regulatory and commercial catalysts expected in 2021,” TransMedics president & CEO Dr. Waleed Hassanein said in a news release. “Following the favorable FDA advisory panel vote for OCS Heart, we are working with FDA to map out the process to a decision on our PMA. In addition, we are making significant progress towards our key 2021 catalysts and strategic initiatives, which gives us confidence in our long-term outlook.”
TransMedics did not offer financial guidance for 2021.