TransMedics Provides COVID-19 Pandemic Update and Announces Preliminary Financial Results for First Quarter 2020

ANDOVER, Mass., April 13, 2020 (GLOBE NEWSWIRE) -- TransMedics Group, Inc. (“TransMedics”) (Nasdaq: TMDX), a medical technology company that is transforming organ transplant therapy for patients with end-stage lung, heart and liver failure, today announced actions it is taking in response to the COVID-19 pandemic and announced preliminary financial results for the first quarter 2020.

COVID-19 Updates
Given the unprecedented global challenges resulting from the COVID-19 pandemic, TransMedics has taken several actions to protect the health and safety and of its employees, and to support continuous supply of the OCS products and services at transplant centers around the world while maintaining financial flexibility for the future:

• Protecting Our Employees and their Families: To protect the health and safety of its employees and their families, TransMedics has enacted policies in line with federal and local government and healthcare agencies. We have transitioned most of our employees to a remote work environment, except those who were deemed essential to product supply.
   
• Continuing Support for OCS Transplant Centers and Patients Globally: TransMedics has established a process to support continuous supply of the OCS Lung, Heart and Liver products for life-saving transplant procedures for patients globally during this COVID pandemic.  In addition, our clinical field support team has been available to physically or remotely support transplant activities. 
   
• Maintaining Financial Flexibility: In the face of the uncertainties associated with the evolving COVID-19 pandemic, and until we have clarity on the duration and magnitude of this pandemic, TransMedics has taken preemptive measures to reduce near-term expenses, including reducing all non-essential discretionary expenses across the organization, and deferring a portion of executive and employee compensation.

Preliminary First Quarter Results and Update on 2020 Financial Guidance
Net revenue for the first quarter of 2020 is expected to be in the range of $7.4 to $7.5 million, representing approximately 58%-60% growth compared to the first quarter of 2019.  Cash, cash equivalents and marketable securities was $72.3 million as of March 31, 2020.  Due the unpredictability of the duration and the magnitude of the impact of the COVID-19 pandemic on its financial and operating results TransMedics is withdrawing its previously announced annual guidance for 2020, which was issued on March 2, 2020. TransMedics plans to provide additional information on its first quarter earnings call in May.