Optimizing Kidney Preservation: Eliminating Ischemia, The Vision for OCS Kidney

Research evidence excerpt

Optimizing Kidney Preservation: Eliminating Ischemia, The Vision for OCS Kidney

Medical Supplies & Devices

TransMedics

TD SECURITIES (USA) LLC QUICK TAKE: COMPANY UPDATE

June 23, 2026

Price: $75.51 (06/22/2026) Optimizing Kidney Preservation: Eliminating

Price Target: $120.00 Ischemia, The Vision for OCS Kidney

BUY (1)

ESG SCORE: 63/100

Joshua Jennings, M.D. THE TD COWEN INSIGHT

646 562 1333

TMDX's ATC 2026 update showcased the disruptive potential of OCS Kidney, with preclinical

joshua.jennings@tdsecurities.com

data demonstrating 24-hour ischemia-free preservation, continuous viability monitoring, and

Colin Clark superior functional recovery versus cold storage. We believe OCS Kidney further strengthens

646 562 1441 the bull thesis by expanding TMDX's addressable market into the largest transplant category,

colin.clark@tdsecurities.com

creating another growth engine.

John Rusch, CFA

646 562 1324 At the American Transplant Congress (ATC) 2026, TransMedics hosted a dedicated

john.rusch@tdsecurities.com symposium with one of the segments highlighting the company's OCS Kidney program

Key Data and the vision for the future of kidney transplantation. While investors are highly familiar

Symbol NASDAQ: TMDX with the transformative impact the Organ Care System has had in heart, lung, and liver

Market Cap $2.6B transplantation, management used the event to provide one of its most detailed updates

yet on the development of OCS Kidney and its potential to address one of the largest unmet

needs in solid organ transplantation. The presentation showcased compelling preclinical data

demonstrating prolonged ischemia-free preservation, continuous viability assessment, and

successful maintenance of kidney function for up to 24 hours. These preclinical data support