TransMedics Group (TMDX) PT Raised to $166 at Needham

Needham analyst Mike Matson raised the price target on TransMedics Group (NASDAQ: TMDX) to $166.00 (from $148.00) while maintaining a Buy rating.

The analyst commented: "The SRTR data for October 2025 indicates that TMDX's transplant volumes were likely above the average monthly rate in 3Q25. Based on the SRTR data, we estimate that TMDX had a transplant volume of 460 in October vs. TMDX's estimated average monthly transplant volume of 394 in 3Q25. Assuming that this monthly pace is maintained for the next two months, we estimate that TMDX would have 4Q25 US organ transplant volume of 1,381 (up by ~35.2% Y/Y) and US sales of $163.9M (up by ~40.5% Y/Y), above the Visible Alpha consensus estimate of $152.2M. However, we stress that this is based on data for one month or one-third of 4Q25, that transplant volumes could slow in November and December, and that the data may be revised. We raise our price target to $166 from $148 due to peer multiple expansion."

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