TransMedics Surges 10.46% on $460M Volume Entering Top 309 Most Actively Traded Stocks as Q2 Revenue Jumps 38%

TransMedics Group (TMDX) surged 10.46% on July 31, 2025, with a trading volume of $460 million, reflecting a 97.27% increase from the previous day. This performance positioned the stock among the top 309 most actively traded equities in the market. The rally followed the release of Q2 2025 earnings, which highlighted a 38% year-over-year revenue increase to $157.4 million, driven by strong adoption of its Organ Care System (OCS) in liver and heart transplants. The company also secured $400.6 million in cash reserves and received conditional FDA approval for its next-generation OCS Lung trials, set to begin in the second half of 2025.

Positive momentum was fueled by the company’s expansion in clinical cases and revenue, with management raising full-year 2025 guidance to $585–$605 million in GAAP revenue. Gross margins remained stable at 61.4%, while service revenue growth outpaced product revenue, underscoring the growing importance of logistics and transportation in the business model. The National OCS Program (NOP) scaled its aviation fleet and launched the NOP ACCESS digital platform to streamline operations. However, challenges persist, including seasonality concerns in Q3 due to summer vacation trends and a 50% year-over-year rise in R&D expenses. Management acknowledged potential regulatory pressures from US transplant modernization initiatives but expressed confidence in the OCS platform’s adaptability.

The strategy of purchasing the top 500 stocks by daily trading volume and holding them for one day generated a 166.71% return from 2022 to July 30, 2025. This outperformed the benchmark return of 29.18%, with an excess return of 137.53%. The success was attributed to capturing momentum in high-liquidity stocks, aligning with TransMedics’ surge in trading activity during the period.