> ## Content Index > Fetch the complete content index at: https://www.bullished.co/llms.txt > Use this file to discover other available public pages before exploring further. # TransMedics CEO Says October Flights Were Down, Won't 'Give Up On The Quarter' - URL: https://www.bullished.co/transmedics-ceo-says-october-flights-were-down-wont-give-up-on-the-quarter-a1bc5fb6/ - Published: 2026-11-06T08:04:08.000Z - Updated: 2026-11-06T17:10:24.000Z - Description: Waleed Hassanein conceded a soft October after raising 2026 revenue guidance to $764 million to $774 million. - Author: Matteo Parrino - Tags: Earnings, TMDX, Industry: Healthcare TransMedics CEO Waleed Hassanein said on the company's Thursday third-quarter earnings call that "the flights are down in October. It's a fact." He also said he is "not willing to give up on the quarter," a day after management [raised 2026 revenue guidance](https://seekingalpha.com/news/4667675-transmedics-raises-2026-revenue-guidance-to-764m-774m-as-enhance-part-b-and-denovo-catalysts?ref=bullished.co) to $764 million to $774 million from $737 million to $757 million. ## Two analysts, two answers A JPMorgan analyst asked about the guidance raise being smaller than the quarter's beat, and about softer October flight trends. On guidance, Hassanein said the company's philosophy is to be conservative, with the holiday season ahead and no meaningful fourth-quarter revenue counted from Enhanced Part B or de novo, the company's new heart and lung trial programs. On flights, he called the trend an indicator, not the final word. "It's difficult for me to predict the full quarter based on a couple of weeks' worth of softness in flight," he said, adding that the company moved more cases by ground than by air in the third quarter. A Stifel analyst pressed harder. Taking October flights and the usual November and December declines, the analyst said, points to lower fourth-quarter volumes, yet the guidance midpoint implies roughly $198 million of base-business revenue. Hassanein disputed the premise, saying the company sees a "significant upramp in the second half of Q4" and that the last six to seven weeks of the quarter are usually a significant recovery. "October was clearly a soft month," he said, citing the company's track record. CFO Fernando Araujo, on his first call with the company, added that flight data alone is not comprehensive, pointing to progress in ground transportation. He described the guidance as conservative on sequential progress from the third quarter. ## The guidance and the quarter behind it TransMedics makes the Organ Care System, a portable device that keeps donated hearts, lungs and livers functioning outside the body during transport, and runs a service that handles organ transport, including its own aircraft. Because it owns its logistics, flight activity is a closely watched read on transplant volume. The new range includes about $14 million from PAD Aviation and implies 26% to 28% growth over 2025\. Excluding PAD, Araujo said, the range is [$750 million to $760 million](https://finance.yahoo.com/healthcare/articles/transmedics-q3-earnings-snapshot-211218700.html?ref=bullished.co), or 24% to 26% growth. The company kept its full-year adjusted operating margin range of 12.5% to 14%. Third-quarter revenue was about $203 million, up 41% from a year earlier, which Hassanein called the strongest quarter in company history. The company said it flew about 86% of national organ program missions requiring air transport on its own fleet, above its steady-state goal of more than 80%. It ended the quarter with about $493 million in cash. Shares are [down about 40%](https://finance.yahoo.com/markets/stocks/articles/transmedics-tmdx-q3-earnings-revenues-212003041.html?.tsrc=rss&ref=bullished.co) this year, according to a Zacks article on Yahoo Finance. ## Catalysts pushed to 2027 Hassanein said Enhanced Part B and de novo should become major catalysts starting in the first quarter of 2027, after FDA approved protocol changes in late October and trial centers finish internal reviews. That leaves the fourth quarter leaning on existing business. Araujo said he will give detailed 2027 guidance on the fourth-quarter earnings call, and deferred questions on PAD's 2027 margins to then. The fourth-quarter report, with Araujo's 2027 guidance, will show whether the late-quarter recovery Hassanein described arrived. Learn - [How To Read An Earnings Call Transcript: Start With Guidance, Then Find What's Missing →](https://www.bullished.co/learn/how-to-read-an-earnings-call/) How to read an earnings call transcript: check guidance first, look for dropped metrics, compare growth with last quarter, and watch hedged wording. ### Sources - [TransMedics (TMDX) Q3 Earnings and Revenues Surpass Estimates](https://finance.yahoo.com/markets/stocks/articles/transmedics-tmdx-q3-earnings-revenues-212003041.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance - [TransMedics raises 2026 revenue guidance to $764M-$774M as ENHANCE Part B and DENOVO catalysts shift to early 2027 (NASDAQ:TMDX) | Seeking Alpha](https://seekingalpha.com/news/4667675-transmedics-raises-2026-revenue-guidance-to-764m-774m-as-enhance-part-b-and-denovo-catalysts?ref=bullished.co) — seekingalpha.com - [TransMedics: Q3 Earnings Snapshot](https://finance.yahoo.com/healthcare/articles/transmedics-q3-earnings-snapshot-211218700.html?ref=bullished.co) — Associated Press - [Reasons to Retain TransMedics Stock in Your Portfolio for Now](https://finance.yahoo.com/healthcare/articles/reasons-retain-transmedics-stock-portfolio-175200507.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance - [TransMedics: Q3 Earnings Snapshot – WTOP News](https://wtop.com/national/2026/11/transmedics-q3-earnings-snapshot/?ref=bullished.co) — wtop.com