Piper Sandler Boosts TransMedics (TMDX) PT to $145, Keeps Overweight Rating

On Wednesday, Piper Sandler analyst Matt O’Brien raised the price target on TransMedics Group Inc. (NASDAQ:TMDX) to $145 from $125, while maintaining an Overweight rating on the shares. This adjustment comes despite a slight dip in monthly organ transplant volumes and medical jet flights in May compared to April’s record performance.

A surgeon in a modern operating theatre performing a transplant surgery with medical technology.

Although transplant volumes, specifically in liver and heart, declined by a mid-single-digit month-over-month in May, overall trends remain on a strong trajectory. Piper Sandler believes that the continued adoption of machine perfusion, particularly in liver donation after brain death/DB), will partially offset this recent weakness. Early indications for Q2 2025 suggest that TransMedics is on track to surpass consensus sales estimates for the quarter.

In Q1, the company reported a record total revenue of $143.5 million, which was up 48% year-over-year.  Transplant services revenue increased by 56% year-over-year due to higher utilization of the company’s Organ Care System/OCS NOP platform. However, the company acknowledged potential variability and seasonality in quarterly performance, which could impact future results. TransMedics also faces potential competition in the liver transplant market, with new entrants expected later in the year.

TransMedics Group Inc. (NASDAQ:TMDX) is a commercial-stage medical technology company that transforms organ transplant therapy for end-stage organ failure patients in the US and internationally.

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Disclosure: None. This article is originally published at Insider Monkey.