What does Transmedics do?

TransMedics makes the Organ Care System, a portable machine that keeps donated hearts, lungs and livers functioning in near-body-like conditions while they are moved from donor to recipient. Organs don't have to sit on ice, so doctors can monitor and assess them, and more donated organs may become usable for transplant. The company also handles organ retrieval and transport, including by air and ground, for transplant programs.

What is Transmedics's fair value?

On an owner-earnings DCF, Transmedics's most-likely fair value is about $178, versus a recent price near $78. A margin-of-safety estimate, not a price target. Analysis, not advice.

Healthcare · Medical Devices · TMDX

What Transmedics Does & How It Makes Money (TMDX)

Updated October 2026 · reflects Transmedics's latest reported financials

Medical device maker keeping donor organs alive outside the body. It sells OCS devices and the organ-specific perfusion sets used in each transplant case to hospitals and transplant centers.

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How Transmedics makes money

It sells OCS devices and the organ-specific perfusion sets used in each transplant case to hospitals and transplant centers. It also earns service revenue from its outsourced National OCS Program for organ retrieval and from organ logistics such as aviation and ground transport.

What Transmedics does

TransMedics Group is a commercial-stage medical technology company working on organ transplantation for patients with end-stage organ failure. Its core platform, the Organ Care System (OCS), is a portable perfusion and monitoring device that keeps donor organs in near-physiologic conditions outside the body. Cold storage on ice has long been the standard, and it limits how long an organ stays viable and which organs can be used. The company has versions for lungs (OCS Lung), hearts (OCS Heart, including reanimating hearts donated after circulatory death) and livers (OCS Liver, for both DBD and DCD donors). Beyond devices, TransMedics offers a vertically integrated service model. Its National OCS Program is a turnkey outsourced organ retrieval service, and it runs organ management and logistics services that include aviation and ground transport. Founded in 1998 and headquartered in Andover, Massachusetts, the company operates in the United States and internationally.

Products & services

OCS Heart
OCS Lung
OCS Liver
National OCS Program (NOP)
OCS aviation & logistics services

What is Transmedics worth?

On an owner-earnings DCF, Transmedics's most-likely value is about $178 versus a recent price near $78 (128% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$29) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.

Verdict: Fairly priced — no edge

Owner-earnings fair value · recent price ≈ $78

Fair value (most likely)

$178

Range

$74–$473

No-growth floor

$29

Price

~$78

Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.

Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →

Sector Healthcare Industry Medical Devices HQ United States Ticker TMDX Official site

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