Revenue and Segment Information

9 Months Ended

Sep. 30, 2025

11. Revenue and Segment Information

Disaggregated Revenue

The Company disaggregates revenue from contracts with customers related to OCS transplant by organ type and geographical area as it believes this presentation best depicts how the nature, amount, timing and uncertainty of the Company’s revenue and cash flows are affected by economic factors, as shown below (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
OCS transplant revenue by country by organ(1)(2):
United States
Lung total revenue	$	3,725	$	3,726	$	11,515	$	12,675
Heart total revenue		27,401		24,525		85,838		71,922
Liver total revenue		107,883		76,671		332,460		220,636
Total United States OCS transplant revenue		139,009		104,922		429,813		305,233
All other countries
Lung revenue		385		182		1,181		1,590
Heart revenue		3,187		2,401		10,232		9,800
Liver revenue		58		—		442		—
Total all other countries OCS transplant revenue		3,630		2,583		11,855		11,390
Total OCS transplant revenue	$	142,639	$	107,505	$	441,668	$	316,623

(1)

Revenue by country is categorized based on the location of the end customer. Total OCS transplant revenue includes product and service revenue.

(2)

Service revenue unrelated to OCS transplant, which was $1.2 million and $3.1 million for the three and nine months ended September 30, 2025, respectively, and $1.3 million and $3.3 million for the three and nine months ended September 30, 2024, respectively, is not included in this table.

Payments to Customers

In connection with its clinical trials, the Company makes payments to customers for reimbursement of clinical trial materials and customer’s costs incurred to execute specific clinical trial protocols related to the Company’s OCS products, which are recorded as a reduction of revenue. The Company records the reduction of revenue and a corresponding accrual for its estimate of the payments in the same period as the revenue is recognized. The Company updates its accrual estimates as information related to these payments is received with a corresponding adjustment to revenue. For each of the three and nine months ended September 30, 2025 and 2024, the net impact of adjustments to revenue for such payments was insignificant.

The Company also makes payments to customers to obtain information related to post-approval studies or existing standard-of-care protocols unrelated to the Company's OCS products and records such payments as operating expenses. For the three and nine months ended September 30, 2025, the Company recorded $1.3 million and $4.3 million, respectively, of operating expense related to these costs. For the three and nine months ended September 30, 2024, the Company recorded $1.8 million and $4.5 million, respectively, of operating expense related to these costs.

Segment Information

The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the Company’s chief operating decision maker, or decision-making group (the “CODM”), in deciding how to allocate resources and assess performance. The CODM of the Company is the Chief Executive Officer. The CODM assesses performance and allocates resources based on the Company’s consolidated statements of operations and the Company’s operations are managed on a consolidated basis to decide where to allocate and invest additional resources within the business to continue growth. The CODM also utilizes the consolidated balance sheet for resource allocation and segment asset information is not provided to the CODM to allocate resources.

As a single reportable segment entity, the Company’s segment performance measure is net income (loss). Significant segment expenses, as provided to the CODM, are presented below (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025		2024
Total revenue	$	143,823		$	108,761		$	444,730	$	319,916
Less:
Cost of net product revenue		18,687			13,246			54,420		41,800
Cost of service revenue		40,561			34,670			120,918		88,048
Research, development and clinical trials:
Personnel related (including stock-based compensation expense)		6,444			5,462			18,660		16,204
Laboratory supplies and research materials		2,992			3,085			13,154		9,332
Consulting and third-party services		3,432			3,859			9,907		8,504
Clinical trials costs		278			182			626		452
Facility related and other		2,114			1,678			6,007		5,012
Selling, general and administrative:
Personnel related (including stock-based compensation expense)		29,234			28,188			84,212		79,567
Professional and consultant fees		6,395			4,086			19,649		12,636
NOP support		1,173			3,558			5,511		9,101
Tradeshows and conferences		1,076			353			3,051		3,218
Facility related and other		8,137			6,471			21,305		17,190
Other segment items(1)		(1,019	)		(293	)		2,402		245
Net income	$	24,319		$	4,216		$	84,908	$	28,607

(1) Other segment items include interest income, interest expense, foreign currency exchange gains and losses and income taxes. See the condensed consolidated financial statements for other financial information regarding the Company’s operating segment.