TransMedics makes and sells the Organ Care System (OCS), a portable warm perfusion platform that keeps donor organs alive and functioning outside the body during transport to transplant recipients. Unlike the standard cold storage approach, the OCS circulates warm, oxygenated blood through the organ — keeping hearts beating, lungs breathing, and livers functioning in transit. TransMedics has FDA approval for OCS Heart, OCS Lung, and OCS Liver, covering both brain-death and circulatory-death donors, and is developing OCS Kidney to expand into the larger kidney transplant segment. TransMedics sells primarily to U.S. hospital transplant centers, mostly through its National OCS Program (NOP), a fully outsourced organ procurement service where TransMedics' own surgeons procure, manage, and deliver donor organs using its own fleet of 22 fixed-wing aircraft and ground transport. TransMedics generates revenue through two channels: product revenue from single-use disposable perfusion sets and solutions required for each transplant (~58% of revenue), and service revenue from NOP logistics and procurement fees (~42%). Liver dominates revenue, with heart second and lung a distant third. The U.S. generates roughly 97% of total revenue. TransMedics' growth strategy centers on deepening U.S. liver penetration, running pivotal clinical trials for heart and lung to drive adoption, launching OCS Kidney, and expanding the NOP internationally, starting with Italy as a beachhead for Europe.