Medical tech company TransMedics Group (TMDX) is one of Wall Street’s top-performing stocks in 2025 despite flying mostly under the radar.
As of May 24, TMDX ranked as the fourth-best performing growth stock in the U.S. market, logging a year-to-date gain of 87%, according to analyst Shay Baloor.
This astounding 2025 performance puts it ahead of names that are often flashing in the headlines, including like Palantir (PLTR), Duolingo (DUOL), and Okta (OKTA).
Shares of TMDX are currently trading at $124, giving the company a market cap of $4.2 billion.
TransMedics develops and commercializes medical devices for organ transplant therapy, with its flagship Organ Care System (OCS) designed to preserve organs in transit.
The company also leads a national organ procurement initiative known as the National OCS Program.
To support its rapid expansion, TransMedics has built out a fleet of 19 aircraft dedicated to organ transport and plans to add two more by 2025.
Despite some investor concern over long-term profitability, the company continues to blow away expectations and is on track to beat analyst revenue estimates this year.
A transplant giant in the making
TransMedics just delivered another standout quarter. In Q1, revenue jumped 48% to $143.5 million and the company now expects to bring in as much as $585 million this year, well above Wall Street’s forecast of $521 million.
That would mark a 30% jump over last year’s sales.
Despite spending more on research and employee compensation, TransMedics still turned a profit. The company posted $25.7 million in net income last quarter, or $0.70 per share.
Operating expenses rose to $60.8 million from $47.5 million the quarter before, but the company remains on strong financial footing, ending March with $310.1 million in cash.
The company’s transplant business is growing fast.
In 2024, TransMedics handled 3,715 organ care cases in the U.S., a 58% increase from the previous year. That puts its market share at around 21% of all heart, lung, and liver transplants nationwide.
By 2028, TransMedics is aiming for 10,000 transplant cases annually. If it gets there, the company could control over 60% of the estimated 16,000 transplant-eligible organs available each year in the U.S.
To that end, TransMedics is scaling up its Organ Care System (OCS) and expanding its air fleet and logistics network to reach more hospitals and transplant centers.
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