Needham analyst Michael Matson has maintained their bullish stance on TMDX stock, giving a Buy rating yesterday.
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Michael Matson has given his Buy rating due to a combination of factors pointing to stronger-than-expected performance at TransMedics Group. He notes that the most recent SRTR transplant data for October and November 2025 implies a meaningful sequential uptick in TMDX’s average monthly transplant volumes compared with the third quarter of 2025. Extrapolating this higher run-rate through December, he estimates a robust year-over-year increase in fourth-quarter U.S. transplant procedures and a corresponding jump in U.S. revenue. His analysis suggests that fourth-quarter sales are likely to exceed current consensus expectations, reinforcing a positive outlook for the company’s near-term financial results.
At the same time, Matson acknowledges that his projections are based on only two months of data, leaving room for potential moderation in transplant activity or revisions to the data set. Nonetheless, even after considering these uncertainties, he views the underlying trend as supportive of continued growth in procedure volumes and revenue. The combination of an improved volume trajectory, anticipated outperformance versus Street estimates, and the structural demand for organ transplantation underpins his conviction in the stock. Taken together, these factors justify his Buy recommendation on TransMedics Group shares.
Matson covers the Healthcare sector, focusing on stocks such as Masimo, Penumbra, and TransMedics Group. According to TipRanks, Matson has an average return of -0.1% and a 43.17% success rate on recommended stocks.
In another report released yesterday, Piper Sandler also maintained a Buy rating on the stock with a $140.00 price target.