| Schedule of Net Revenue by Organ and Country |
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.
|
| Summary of Significant Segment Expenses |
Significant segment expenses, as provided to the CODM, are presented below (in thousands):
|
|
|
|
|
|
|
|
|
|
|
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.
|