TransMedics Provides COVID-19 Pandemic Update and Announces Preliminary Financial Results for First Quarter 2020
Given the unprecedented global challenges resulting from the COVID-19 pandemic,
- Protecting Our Employees and their Families: To protect the health and safety of its employees and their families,
TransMedicshas enacted policies in line with federal and local government and healthcare agencies. We have transitioned most of our employees to a remote work environment, except those who were deemed essential to product supply.
- Continuing Support for OCS Transplant Centers and Patients Globally:
TransMedicshas established a process to support continuous supply of the OCS Lung, Heart and Liver products for life-saving transplant procedures for patients globally during this COVID pandemic. In addition, our clinical field support team has been available to physically or remotely support transplant activities.
- Maintaining Financial Flexibility: In the face of the uncertainties associated with the evolving COVID-19 pandemic, and until we have clarity on the duration and magnitude of this pandemic,
TransMedicshas taken preemptive measures to reduce near-term expenses, including reducing all non-essential discretionary expenses across the organization, and deferring a portion of executive and employee compensation.
Preliminary First Quarter Results and Update on 2020 Financial Guidance
Net revenue for the first quarter of 2020 is expected to be in the range of
“Through these unprecedented and challenging times, we are focused on ensuring continued supply and clinical support of our life-saving OCS technology for transplant patients globally, while protecting the health, safety, and wellbeing of our employees,” said
This press release contains forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, including statements about our results of operations, commercial opportunity and the rate of adoption and benefits of the OCS. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement. Applicable risks and uncertainties include those related to our anticipation that we will continue to incur losses in the future; our potential need to raise additional funding; our existing and any future indebtedness, including our ability to comply with affirmative and negative covenants under our credit agreement, and our ability to obtain additional financing on favorable terms or at all; the fluctuation of our financial results from quarter to quarter; our ability to use net operating losses and research and development credit carryforwards; our dependence on the success of the OCS; the rate and degree of market acceptance of the OCS; our ability to educate patients, surgeons, transplant centers and private payors of benefits offered by the OCS; our ability to improve the OCS platform; our dependence on a limited number of customers for a significant portion of our net revenue; the timing of and our ability to obtain and maintain regulatory approvals or clearances for our OCS products; our ability to adequately respond to FDA follow-up inquiries in a timely manner; the performance of our third-party suppliers and manufacturers; the timing or results of clinical trials for the OCS; our manufacturing, sales, marketing and clinical support capabilities and strategy; attacks against our information technology infrastructure; the economic, political and other risks associated with our foreign operations; our ability to attract and retain key personnel; our ability to protect, defend, maintain and enforce our intellectual property rights relating to the OCS and avoid allegations that our products infringe, misappropriate or otherwise violate the intellectual property rights of third parties; our expectations for the pricing of the OCS, as well as the reimbursement coverage for the OCS in