TMDX · TransMedics Group, Inc.

Summary

TransMedics Group, Inc. issued a press release on February 27, 2026, providing additional information on the $103.3 million U.S. valuation allowance release on deferred tax assets, which resulted in a $83.8 million net income tax benefit and drove Q4 2025 net income to $105.4 million ($2.62 diluted EPS). Adjusted for the valuation allowance using a 19.1% effective tax rate, Q4 net income is $17.5 million ($0.47 diluted EPS).

Key takeaways

• Released $103.3 million U.S. tax valuation allowance in Q4 2025
• Q4 2025 GAAP net income $105.4 million, diluted EPS $2.62
• Q4 2025 adjusted net income $17.5 million, diluted EPS $0.47 (19.1% tax rate)
• Q4 2025 income before taxes $21.6 million
• 2025 annual effective tax rate (77.0)%, adjusted 19.1%
• Expects future quarterly tax provisions in line with U.S. statutory rates