TransMedics Group (NASDAQ:TMDX) saw its stock rise more than 40% in pre-market Tuesday trading after the organ transplant company raised its full-year sales forecast.
In addition to the improved outlook, the health-care firm reported third-quarter revenue that exceeded the average analyst estimates.
For the full year, TransMedics Group now anticipates revenue in the range of $222 million to $230 million, a notable increase from the previous guidance of $180 million to $190 million. This forecast surpasses the consensus estimate of $194.2 million.
In the third quarter, the company reported revenue of $66.4 million, significantly exceeding the estimate of $49.2 million. Operating expenses for the quarter were $69 million, resulting in a net loss of $25.4 million.
"The third quarter was a critical execution period for TMDX as we integrated a new business, expanded our NOP clinical support capacity, and launched a first-of-its kind business to expand our NOP product and service offering," said Waleed Hassanein, MD, President and Chief Executive Officer.
"We are pleased with our third quarter performance and we firmly believe that we are building a great foundation for further acceleration of our growth in 2024 and beyond."