TransMedics (NASDAQ:TMDX) stock is climbing higher on Tuesday following the release of the company’s earnings report for the third quarter of 2023.
Incredibly high revenue of $66.43 million is one of the reasons that TMDX stock is up today. That easily came in above Wall Street’s estimate of $49.19 million for the quarter. Investors will also note it represents a 159% increase year-over-year (YOY) from $25.68 million.
Despite the strong revenue, diluted earnings per share for the quarter came in at -78 cents. That’s a major miss next to Wall Street’s estimate of -16 cents per share. It’s also worse than the -25 cents per share reported in the same period of the year prior.
Waleed Hassanein, President and CEO of TransMedics, said the following in the earnings report:
“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 […] 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.”
TMDX Stock Outlook
TransMedics also updated its outlook in its most recent earnings report. This has the company expecting revenue to range from $222 million to $230 million for the full year. Its prior 2023 guidance was for revenue between $180 million and $190 million. That new guidance will see it easily beat out Wall Street’s estimate of $194.18 million for the year.
TMDX stock is up 53.3% as of Tuesday morning. That comes with some 5.1 million shares traded. For comparison, its daily average trading volume is closer to 789,000 shares.
There’s plenty more stock market news ready for traders below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
