Beyond Preservation - The Institutional Value of OCS Liver

Research evidence excerpt

Beyond Preservation - The Institutional Value of OCS Liver

Medical Supplies & Devices

TransMedics

TD SECURITIES (USA) LLC QUICK TAKE: COMPANY UPDATE

July 2, 2026

Price: $67.85 (07/1/2026) Beyond Preservation - The Institutional Value

Price Target: $120.00 of OCS Liver

BUY (1)

Joshua Jennings, M.D. THE TD COWEN INSIGHT

646 562 1333

With investors increasingly focused on emerging cold perfusion technologies and the evolving

joshua.jennings@tdsecurities.com

liver preservation competitive landscape, we believe it is important to revisit how OCS Liver

Colin Clark has driven meaningful transplant volume expansion and improved hospital contribution

646 562 1441 margins at adopter centers. One program's experience signals these operational and

colin.clark@tdsecurities.com

economic benefits are difficult to replicate.

John Rusch, CFA

646 562 1324 As investor attention increasingly shifts toward emerging cold perfusion technologies and the

john.rusch@tdsecurities.com evolving competitive landscape in liver preservation, we believe it is important to revisit one

Key Data of the core pillars of the TransMedics investment thesis: OCS Liver is not simply a preservation

Symbol NASDAQ: TMDX device, but a comprehensive liver transplant program growth platform. During ATC 2026 last

Market Cap $2.3B week, a liver transplant surgeon department chair detailed how institutional adoption of OCS

Liver enabled the transformation of a small transplant program into one of the fastest-growing

liver centers in the region, expanding annual liver transplant volumes from approximately

40 to nearly 190 while driving positive contribution margins. The presentation highlighted

that these post-OCS adoption gains were achieved through higher DCD utilization, expanded