The Company disaggregates revenue from contracts with customers related to OCS transplant by organ type and geographical area as it believes this presentation best depicts how the nature, amount, timing and uncertainty of the Company’s revenue and cash flows are affected by economic factors, as shown below (in thousands):


	Three Months Ended March 31,
	2026		2025
OCS transplant revenue by country by organ(1)(2):
United States
Lung total revenue	$	2,197	$	3,636
Heart total revenue		25,857		26,266
Liver total revenue		138,970		108,715
Total United States OCS transplant revenue		167,024		138,617
All other countries
Lung revenue		627		375
Heart revenue		5,011		3,550
Liver revenue		10		140
Total all other countries OCS transplant revenue		5,648		4,065
Total OCS transplant revenue	$	172,672	$	142,682

(1)

Revenue by country is categorized based on the location of the end customer. Total OCS transplant revenue includes product and service revenue.

(2)

Service revenue unrelated to OCS transplant, which was $1.3 million and $0.9 million, respectively, for the three months ended March 31, 2026 and 2025, is not included in this table.

In connection with its clinical trials, the Company makes payments to customers to reimburse the cost of clinical trial materials and other costs incurred by customers in executing specified clinical trial protocols related to the Company’s OCS products. The Company evaluates the appropriate accounting treatment for these payments based on their nature, including whether the payments are in exchange for distinct goods or services.

Payments that do not represent consideration for a distinct good or service received from the customer at fair value are recorded as a reduction of revenue. The Company recognizes such reductions of revenue and the related accrual in the same period in which the associated revenue is recognized. The Company updates its estimates of these accruals as additional information becomes available, with a corresponding adjustment to revenue. For each of the three months ended March 31, 2026 and 2025, the impact of adjustments to revenue related to these payments was not material.

Payments that represent consideration for distinct goods or services received from the customer, and for which the consideration reflects the fair value of those goods or services, are recorded as operating expenses. For the three months ended March 31, 2026 and 2025, the Company recorded $2.2 million and $1.3 million, respectively, as operating expenses related to these payments.

The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the Company’s chief operating decision maker, or decision-making group (the “CODM”), in deciding how to allocate resources and assess performance. The CODM of the Company is the Chief Executive Officer. The CODM assesses performance and allocates resources based on the Company’s consolidated statements of operations and the Company’s operations are managed on a consolidated basis to decide where to allocate and invest additional resources within the business to continue growth. The CODM also utilizes the consolidated balance sheet for resource allocation and segment asset information is not provided to the CODM to allocate resources.


	Three Months Ended March 31,
	2026		2025
Total revenue	$	173,933	$	143,537
Less:
Cost of net product revenue		24,308		16,312
Cost of service revenue		48,464		38,997
Research, development and clinical trials:
Personnel related (including stock-based compensation expense)		8,408		6,252
Laboratory supplies and research materials		4,141		4,956
Consulting and third-party services		8,409		4,173
Clinical trials costs		705		81
Facility and IT related and other		3,216		1,698
Selling, general and administrative:
Personnel related (including stock-based compensation expense)		34,106		27,671
Professional and consultant fees		9,262		7,558
NOP support		1,580		2,406
Tradeshows and conferences		1,269		426
Facility and IT related and other		7,792		4,322
Depreciation and amortization expense		6,062		1,242
Transaction-related costs		2,707		—
Headquarters relocation costs		207		—
Other segment items(1)		5,982		1,761
Net income	$	7,315	$	25,682

(1)

Other segment items include interest income, interest expense, foreign currency exchange gains and losses and income taxes. See the condensed consolidated financial statements for other financial information regarding the Company’s operating segment.

Substantially all of the Company’s tangible long-lived assets are located in the United States.