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Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay Versus Performance Disclosure
In accordance with rules adopted by the SEC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive “Compensation Actually Paid” (“CAP”) and certain performance measures for the fiscal years listed below. The Compensation Discussion & Analysis (“CD&A”) describes the compensation setting process for our executive officers, which is done independently from the disclosure requirements.
Pay Versus Performance
The following table provides the information required for our NEOs for each of the fiscal years ended December 31, 2024, December 31, 2023, December 31, 2022, December 31, 2021, and December 31, 2020 along with the required financial information required for each fiscal year. CAP is calculated in accordance with SEC rules and includes the increase or decrease in value of certain elements of compensation over each fiscal year, including compensation granted in a prior year. CAP does not correlate to the total amount of cash or equity compensation paid or received during each fiscal year. The calculations do not reflect the actual sale of stock underlying equity awards or the exercise of stock options by the executive, and the amount of compensation ultimately received may, in fact, be different from the CAP amounts disclosed in the table below:
 
 
 
    
 
    
 
    
 
    
 
  
Value of Initial Fixed $100
Investment Based On:
    
 
    
 
Year
(1)(2)
  
Summary
Compensation
Table Total
for PEO
(3)
  
Compensation
Actually Paid
to PEO
(3)(4)(5)
  
Average
Summary
Compensation
Table Total
for Non-PEO

NEOs
(3)
  
Average
Compensation
Actually Paid
to
Non-PEO

NEOs
(3)(4)(5)
  
Total
Shareholder
Return
(6)
  
Peer Group
Total
Shareholder
Return
(7)
  
Net
Income
(Loss)
(in
millions)
(8)
  
Revenue
(in
millions)
(9)
 
  
$
  
$
  
$
  
$
  
$
  
$
  
$
  
$
2024
       8,199,136       9,626,783       2,983,724       2,398,150       327.99       105.42       35.5       441.5
2023
       6,758,070       12,840,614       2,493,824       3,227,811       415.20       106.34       (25.0 )       241.6
2022
       3,287,862       25,221,314       958,883       4,539,310       324.67       99.81       (36.2 )       93.5
2021
       7,370,365       5,172,952       1,441,564       1,070,395       100.79       125.43       (44.2 )       30.3
2020
       2,385,687       2,664,897       928,500       1,040,808       104.68       130.04       (28.7 )       25.6
 
(1)
For all years reported, the principal executive officer (“PEO”) was Waleed H. Hassanein, M.D.
 
(2)
Non-PEO
NEOs reflect the following executives for each covered fiscal year:
2024: Gerardo Hernandez, Tamer Khayal, M.D., Nicholas Corcoran, Anil Ranganath, Stephen Gordon;
2023: Stephen Gordon, Tamer Khayal, M.D., Nicholas Corcoran, Anil Ranganath;
2022: Stephen Gordon, Tamer Khayal, M.D., Miriam Provost, Laura Damme;
2021: Stephen Gordon, Tamer Khayal, M.D., Miriam Provost, Laura Damme; and
2020: Stephen Gordon, Tamer Khayal, M.D.
(3)
Deductions from, and additions to, total compensation in the Summary Compensation Table by year to calculate CAP are shown in the tables below. The amounts reflected for fiscal year 2023 have been revised from the amounts previously reported in last year’s Proxy Statement to reflect the correct Average Summary Compensation Table Total for our
Non-PEO
NEOs and to incorporate an inadvertent omission of certain tranches of outstanding stock option awards granted in a previous year that remained outstanding as of the end of fiscal year 2023.
 
 
 
   
CAP to PEO
  
 
 
   
2024
    
2023
    
2022
    
2021
    
2020
  
  
 
   
$
    
$
    
$
    
$
    
$
  
Summary Compensation Table Total
   
 
8,199,136
 
  
 
6,758,070
 
  
 
3,287,862
 
  
 
7,370,365
 
  
 
2,385,687
 
Adjustments for Stock and Option Awards
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Adjustment for grant date fair values in the Summary Compensation Table
      (6,096,424 )      (4,940,574 )      (1,825,900 )      (6,377,940 )      (1,445,960 ) 
Year-end
fair value of unvested awards granted in the covered fiscal year
      3,958,387       5,365,601       10,641,357       2,075,714       1,671,287  
Year-over-year difference of
year-end
fair values for unvested awards granted in prior years that remained outstanding at the covered fiscal year end
      (2,382,164 )      3,440,246       8,789,191       (136,012 )      67,306  
Fair values at vest date for awards granted and vested in covered fiscal year
      971,689       532,735       1,647,831       949,688       312,077  
Difference in fair values between prior
year-end
fair values and vest date fair values for awards granted in prior years and vesting in the covered fiscal year
      4,976,159       1,684,536       2,680,973       1,291,136       (325,501 ) 
Compensation Actually Paid (as calculated)
   
 
9,626,783
 
  
 
12,840,614
 
  
 
25,221,314
 
  
 
5,172,952
 
  
 
2,664,897
 
 
 
 
   
Average CAP to
Non-PEO
NEOs
  
 
 
   
2024
    
2023
    
2022
    
2021
    
2020
  
  
 
   
$
    
$
    
$
    
$
    
$
  
Summary Compensation Table Total
   
 
2,983,724
 
  
 
2,493,824
 
  
 
958,883
 
  
 
1,441,564
 
  
 
928,500
 
Adjustments for Stock and Option Awards
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Adjustment for grant date fair values in the Summary Compensation Table
      (2,053,545 )      (1,738,234 )      (328,662 )      (977,265 )      (405,485 ) 
Year-end
fair value of unvested awards granted in the covered fiscal year
      1,079,261       1,822,445       1,915,468       318,056       469,469  
Year-over-year difference of
year-end
fair values for unvested awards granted in prior years that remained outstanding at the covered fiscal year end
      (371,623 )      372,583       1,344,256       (16,871 )      9,332  
Fair values at vest date for awards granted and vested in covered fiscal year
      188,739       93,271       296,601       145,504       87,658  
Difference in fair values between prior
year-end
fair values and vest date fair values for awards granted in prior years and vesting in the covered fiscal year
      571,594       183,922       352,765       159,408       (48,666 ) 
Compensation Actually Paid (as calculated)
   
 
2,398,150
 
  
 
3,227,811
 
  
 
4,539,310
 
  
 
1,070,395
 
  
 
1,040,808
 
 
(4)
The valuation of RSU awards included as part of CAP was based on the grant date closing price and the closing price on the applicable vesting date or fiscal year end. The following summarizes the valuation assumptions used for stock option awards included as part of CAP:
 
  a.
Expected life of each stock option is based on the “simplified method” using an average of the remaining vesting period and remaining term, as of the applicable vesting date or fiscal year end.
  b.
The exercise price is based on each grant date closing price and fair value is based on the closing price on the applicable vesting date or fiscal year end.
  c.
Risk free rate is based on the Treasury Constant Maturity rate closest to the remaining expected life as of the applicable vesting date or fiscal year end.
  d.
Historical volatility is based on the daily price history for each year of remaining expected life prior to each applicable vesting date or fiscal year end; closing prices are provided by S&P Capital IQ and are adjusted for dividends and splits.
  e.
Annual dividend yield on each applicable vesting date or fiscal year end is assumed to be zero.
 
(5)
The following table illustrates the valuation assumptions as of the vesting date for stock options that vested in each of the covered fiscal years:
 
 
 
   
For Stock Options Vesting in
  
 
   
2024
   
2023
   
2022
   
2021
   
2020
Expected volatility
   
72.02% - 77.95%
   
71.79% - 77.78%
   
69.15% - 76.30%
   
64.38% - 72.22%
   
56.71% - 71.56%
Expected dividend yield
    0.00%    0.00%    0.00%    0.00%    0.00%
Expected term, in years
    3.0 - 5.0    3.0 - 5.0    3.2 - 5.0    3.0 - 5.0    3.2 - 5.0
Risk-free interest rate
    3.44% - 4.81%    3.54% - 4.91%    0.97% - 4.48%    0.19% - 1.34%    0.15% - 1.69%
 
(6)
The amounts reported in this column represent the cumulative total return on $100 invested in the Company’s common stock as of December 31, 2019 through the last trading day for the applicable fiscal year in the table. The Company has not paid any dividends since its IPO.
 
(7)
The amounts reported in this column represent the weighted cumulative total return on $100 invested as of December 31, 2019 through the last trading day for the applicable fiscal year in the table, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group total shareholder return set forth in this table utilizes the Nasdaq Healthcare Index (IXHC), which we also utilize in the stock performance graph required by Item 201(e) of Regulation
S-K
included in our Annual Report on Form
10-K
for the year ended December 31, 2024. The return of this index is calculated assuming reinvestment of dividends during the period presented.
 
(8)
The amounts reported in this column represent the amount of net income (loss) reflected in the Company’s audited financial statements for the applicable year.
 
(9)
The amounts reported in this column represent revenue, our Company-Selected Measure, which we believe is the most important financial measure used to link compensation actually paid to our named executive officers to Company performance for 2024. The amounts represent the amount of revenue reflected in the Company’s audited financial statements for the applicable year.
       
Company Selected Measure Name Revenue        
Named Executive Officers, Footnote
(2)
Non-PEO
NEOs reflect the following executives for each covered fiscal year:
2024: Gerardo Hernandez, Tamer Khayal, M.D., Nicholas Corcoran, Anil Ranganath, Stephen Gordon;
2023: Stephen Gordon, Tamer Khayal, M.D., Nicholas Corcoran, Anil Ranganath;
2022: Stephen Gordon, Tamer Khayal, M.D., Miriam Provost, Laura Damme;
2021: Stephen Gordon, Tamer Khayal, M.D., Miriam Provost, Laura Damme; and
2020: Stephen Gordon, Tamer Khayal, M.D.
       
Peer Group Issuers, Footnote The peer group total shareholder return set forth in this table utilizes the Nasdaq Healthcare Index (IXHC), which we also utilize in the stock performance graph required by Item 201(e) of Regulation
S-K
included in our Annual Report on Form
10-K
for the year ended December 31, 2024. The return of this index is calculated assuming reinvestment of dividends during the period presented. 		       
PEO Total Compensation Amount $ 8,199,136 $ 6,758,070 $ 3,287,862 $ 7,370,365 $ 2,385,687
PEO Actually Paid Compensation Amount $ 9,626,783 12,840,614 25,221,314 5,172,952 2,664,897
Adjustment To PEO Compensation, Footnote
(3)
Deductions from, and additions to, total compensation in the Summary Compensation Table by year to calculate CAP are shown in the tables below. The amounts reflected for fiscal year 2023 have been revised from the amounts previously reported in last year’s Proxy Statement to reflect the correct Average Summary Compensation Table Total for our
Non-PEO
NEOs and to incorporate an inadvertent omission of certain tranches of outstanding stock option awards granted in a previous year that remained outstanding as of the end of fiscal year 2023.
 
 
 
   
CAP to PEO
  
 
 
   
2024
    
2023
    
2022
    
2021
    
2020
  
  
 
   
$
    
$
    
$
    
$
    
$
  
Summary Compensation Table Total
   
 
8,199,136
 
  
 
6,758,070
 
  
 
3,287,862
 
  
 
7,370,365
 
  
 
2,385,687
 
Adjustments for Stock and Option Awards
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Adjustment for grant date fair values in the Summary Compensation Table
      (6,096,424 )      (4,940,574 )      (1,825,900 )      (6,377,940 )      (1,445,960 ) 
Year-end
fair value of unvested awards granted in the covered fiscal year
      3,958,387       5,365,601       10,641,357       2,075,714       1,671,287  
Year-over-year difference of
year-end
fair values for unvested awards granted in prior years that remained outstanding at the covered fiscal year end
      (2,382,164 )      3,440,246       8,789,191       (136,012 )      67,306  
Fair values at vest date for awards granted and vested in covered fiscal year
      971,689       532,735       1,647,831       949,688       312,077  
Difference in fair values between prior
year-end
fair values and vest date fair values for awards granted in prior years and vesting in the covered fiscal year
      4,976,159       1,684,536       2,680,973       1,291,136       (325,501 ) 
Compensation Actually Paid (as calculated)
   
 
9,626,783
 
  
 
12,840,614
 
  
 
25,221,314
 
  
 
5,172,952
 
  
 
2,664,897
 
        
Non-PEO NEO Average Total Compensation Amount $ 2,983,724 2,493,824 958,883 1,441,564 928,500
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,398,150 3,227,811 4,539,310 1,070,395 1,040,808
Adjustment to Non-PEO NEO Compensation Footnote
Deductions from, and additions to, total compensation in the Summary Compensation Table by year to calculate CAP are shown in the tables below. The amounts reflected for fiscal year 2023 have been revised from the amounts previously reported in last year’s Proxy Statement to reflect the correct Average Summary Compensation Table Total for our
Non-PEO
NEOs and to incorporate an inadvertent omission of certain tranches of outstanding stock option awards granted in a previous year that remained outstanding as of the end of fiscal year 2023.
 
 
   
Average CAP to
Non-PEO
NEOs
  
 
 
   
2024
    
2023
    
2022
    
2021
    
2020
  
  
 
   
$
    
$
    
$
    
$
    
$
  
Summary Compensation Table Total
   
 
2,983,724
 
  
 
2,493,824
 
  
 
958,883
 
  
 
1,441,564
 
  
 
928,500
 
Adjustments for Stock and Option Awards
   
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Adjustment for grant date fair values in the Summary Compensation Table
      (2,053,545 )      (1,738,234 )      (328,662 )      (977,265 )      (405,485 ) 
Year-end
fair value of unvested awards granted in the covered fiscal year
      1,079,261       1,822,445       1,915,468       318,056       469,469  
Year-over-year difference of
year-end
fair values for unvested awards granted in prior years that remained outstanding at the covered fiscal year end
      (371,623 )      372,583       1,344,256       (16,871 )      9,332  
Fair values at vest date for awards granted and vested in covered fiscal year
      188,739       93,271       296,601       145,504       87,658  
Difference in fair values between prior
year-end
fair values and vest date fair values for awards granted in prior years and vesting in the covered fiscal year
      571,594       183,922       352,765       159,408       (48,666 ) 
Compensation Actually Paid (as calculated)
   
 
2,398,150
 
  
 
3,227,811
 
  
 
4,539,310
 
  
 
1,070,395
 
  
 
1,040,808
 
        
Compensation Actually Paid vs. Total Shareholder Return
LOGO
 
        
Compensation Actually Paid vs. Net Income
LOGO
       
Compensation Actually Paid vs. Company Selected Measure
LOGO
       
Total Shareholder Return Vs Peer Group
LOGO
 
        
Tabular List, Table
Tabular List of Financial Performance Measures
As described in greater detail in the CD&A, we have a significant focus on
pay-for-performance.
The most important financial and
non-financial
performance measures used to link CAP (as calculated in accordance with the SEC rules) to our NEOs in 2024 to our performance were:
 
•
  
Revenue target of $370M;
 
•
  
Scaling TransMedics Aviation to a minimum of 16 planes by September 30, 2024;
 
•
  
Initiation of a US Lung clinical program/trial by December 31, 2024;
 
•
  
Completion of ERP upgrade and HRIS implementation by December 31, 2024;
 
•
  
PMA submission of 2 new assembly improvements for current OCS modules by December 31, 2024;
 
•
  
Sustained EBITDA positive for a minimum of 2 quarters in 2024;
 
•
  
FDA submission of new OCS boards with integrated lactate and ABG sensors by December 31, 2024;
 
•
  
Complete development of OCS Connect II & OCS Cloud Connectivity by December 31, 2024; and
 
•
  
Supply chain to control management of all inventory at NOP hubs by December 31, 2024.
       
Total Shareholder Return Amount $ 327.99 415.2 324.67 100.79 104.68
Peer Group Total Shareholder Return Amount 105.42 106.34 99.81 125.43 130.04
Net Income (Loss) $ 35,500,000 $ (25,000,000) $ (36,200,000) $ (44,200,000) $ (28,700,000)
Company Selected Measure Amount 441,500,000 241,600,000 93,500,000 30,300,000 25,600,000
PEO Name Waleed H. Hassanein, M.D. Waleed H. Hassanein, M.D. Waleed H. Hassanein, M.D. Waleed H. Hassanein, M.D. Waleed H. Hassanein, M.D.
Measure:: 1          
Pay vs Performance Disclosure          
Name Revenue target of $370M        
Measure:: 2          
Pay vs Performance Disclosure          
Name Scaling TransMedics Aviation to a minimum of 16 planes by September 30, 2024        
Measure:: 3          
Pay vs Performance Disclosure          
Name Initiation of a US Lung clinical program/trial by December 31, 2024        
Measure:: 4          
Pay vs Performance Disclosure          
Name Completion of ERP upgrade and HRIS implementation by December 31, 2024        
Measure:: 5          
Pay vs Performance Disclosure          
Name PMA submission of 2 new assembly improvements for current OCS modules by December 31, 2024        
Measure:: 6          
Pay vs Performance Disclosure          
Name Sustained EBITDA positive for a minimum of 2 quarters in 2024        
Measure:: 7          
Pay vs Performance Disclosure          
Name FDA submission of new OCS boards with integrated lactate and ABG sensors by December 31, 2024        
Measure:: 8          
Pay vs Performance Disclosure          
Name Complete development of OCS Connect II & OCS Cloud Connectivity by December 31, 2024        
Measure:: 9          
Pay vs Performance Disclosure          
Name Supply chain to control management of all inventory at NOP hubs by December 31, 2024        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (6,096,424) $ (4,940,574) $ (1,825,900) $ (6,377,940) $ (1,445,960)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 3,958,387 5,365,601 10,641,357 2,075,714 1,671,287
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,382,164) 3,440,246 8,789,191 (136,012) 67,306
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 971,689 532,735 1,647,831 949,688 312,077
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 4,976,159 1,684,536 2,680,973 1,291,136 (325,501)
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,053,545) (1,738,234) (328,662) (977,265) (405,485)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,079,261 1,822,445 1,915,468 318,056 469,469
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (371,623) 372,583 1,344,256 (16,871) 9,332
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 188,739 93,271 296,601 145,504 87,658
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 571,594 $ 183,922 $ 352,765 $ 159,408 $ (48,666)