TMDXHIGH SIGNALFINANCIAL10-K

TMDX delivered exceptional financial performance with net income surging 437% to $190.3M and revenue growing 37% to $605.5M, while dramatically reducing capital expenditures by 54%.

This represents a remarkable transformation showing TMDX has reached significant operational leverage and profitability inflection, with operating margins expanding substantially as revenue growth accelerated. The company appears to have moved past its heavy investment phase, generating strong cash flows while maintaining robust growth, suggesting the business model is scaling efficiently.

Comparing 2026-02-24 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

TMDX demonstrated exceptional financial performance across all key metrics, with net income exploding 437% to $190.3M and revenue growing a strong 37% to $605.5M, while operating cash flow surged 295% to $192.8M. The company significantly reduced capital expenditures by 54% to $59.3M, indicating a shift from heavy investment mode to cash generation, while doubling both cash reserves and stockholders' equity. This combination of accelerating revenue growth, dramatic margin expansion, and strong cash generation signals TMDX has reached an inflection point where its business model is scaling efficiently and profitably.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+436.6%
$35.5M→$190.3M

Net income grew 436.6% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+295.1%
$48.8M→$192.8M

Operating cash flow surged 295.1% — exceptional cash generation, highest quality earnings signal.

Operating Income
P&L
+189.6%
$37.5M→$108.6M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Interest Expense
P&L
+189.6%
$3.7M→$10.8M

Interest expense surged 189.6% — significant debt increase or rising rates materially impacting earnings.

Stockholders Equity
Balance Sheet
+107%
$228.6M→$473.1M

Equity base grew 107% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Cash & Equivalents
Balance Sheet
+96.2%
$201.2M→$394.8M

Cash position surged 96.2% — strong cash generation or capital raise providing significant financial cushion.

Capital Expenditure
Cash Flow
-54.3%
$129.7M→$59.3M

Capex reduced 54.3% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Current Liabilities
Balance Sheet
+49.1%
$59.9M→$89.3M

Current liabilities surged 49.1% — significant near-term obligations; verify ability to meet short-term debt.

Gross Profit
P&L
+38.4%
$262.1M→$362.8M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Revenue
P&L
+37.1%
$441.5M→$605.5M

Strong top-line growth of 37.1% — accelerating demand or successful expansion into new markets.

LANGUAGE CHANGES
NEW — 2026-02-24
PRIOR — 2025-02-27
ADDED
As of January 30, 2026, the registrant had 34,302,451 shares of common stock, no par value per share, outstanding.
government; the extent and success of competing products or procedures that are or may become available; our ability to service our 1.50% convertible senior notes, due 2028, or the Notes; our existing and any future indebtedness, including our ability to comply with affirmative and negative covenants under our credit agreements to which we will remain subject until maturity; the impact of any product recalls or improper use of our products; our international expansion plans and the costs related thereto; and our estimates regarding revenue, expenses and needs for additional financing.
Cold storage subjects organs to significant injury due to a lack of oxygenated blood supply, or ischemia.
Further, cold storage does not allow physicians to assess organ viability and lacks the ability to optimize an organ s condition once it has been retrieved from the donor.
Because the OCS significantly reduces injurious ischemic time on donor organs as compared to cold storage and enables the optimization and assessment of donor organs, it has demonstrated improved clinical outcomes relative to cold storage and reported high donor organ utilization rates for transplants.
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REMOVED
As of January 31, 2025, the registrant had 33,662,363 shares of common stock, no par value per share, outstanding.
Cold storage subjects organs to significant injury due to a lack of oxygenated blood supply, or ischemia, does not allow physicians to assess organ viability and lacks the ability to optimize an organ s condition once it has been retrieved from the donor.
Because the OCS significantly reduces injurious ischemic time on donor organs as compared to cold storage and enables the optimization and assessment of donor organs, it has demonstrated improved clinical outcomes relative to cold storage and offers the potential to significantly improve donor organ utilization.
Since 2023, we have offered logistics services through our NOP, including aviation transportation, ground transportation, and other coordination activity that is capable of arranging procurement missions on limited notice and at various hours of the day.
We intend to acquire additional fixed-wing aircraft as we scale our fleet of aircraft to reduce our dependence on third party transportation providers.
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