TransMedics Group, Inc. (TMDX)

TransMedics Group, Inc. (TMDX) — VMCI valuation read

Headline read on TMDX: VMCI of 44/100 versus a Healthcare sector median of 50. The 6-point below-median position is what makes TransMedics Group, Inc. a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on TMDX: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on TMDX: value (TMDX trades at 21.0x earnings, 17% above the Healthcare median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Healthcare median (10.0%)), and risk (net debt to EBITDA of -1.4x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Healthcare 12.0x baseline.

TMDX rose 0.8% over the trailing 7 days, with a -21.0% read on a 30-day basis.