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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
OCS transplant revenue by country by organ(1)(2):
United States
Lung total revenue	$	2,253	$	4,154	$	4,450	$	7,790
Heart total revenue		33,381		32,171		59,238		58,437
Liver total revenue		147,989		115,862		286,959		224,577
Total United States OCS transplant revenue		183,623		152,187		350,647		290,804
All other countries
Lung revenue		409		421		1,036		796
Heart revenue		4,587		3,495		9,598		7,045
Liver revenue		245		244		255		384
Total all other countries OCS transplant revenue		5,241		4,160		10,889		8,225
Total OCS transplant revenue	$	188,864	$	156,347	$	361,536	$	299,029

(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 $1.0 million and $2.3 million, respectively, for the three and six months ended June 30, 2026 and $1.0 million and $1.9 million for the three and six months ended June 30, 2025, respectively, 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 and six months ended June 30, 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 and six months ended June 30, 2026, the Company recorded $2.4 million and $4.6 million, respectively, as operating expenses related to these payments. For the three and six months ended June 30, 2025, the Company recorded $1.7 million and $3.0 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Total revenue	$	189,948	$	157,370	$	363,881	$	300,907
Less:
Cost of net product revenue		25,566		19,421		49,874		35,733
Cost of service revenue		51,184		41,360		99,648		80,357
Research, development and clinical trials:
Personnel related (including stock-based compensation expense)		7,754		5,964		16,162		12,216
Laboratory supplies and research materials		6,218		5,206		10,359		10,162
Consulting and third-party services		12,866		2,302		21,275		6,475
Clinical trials costs		1,615		267		2,320		348
Facility and IT related and other		3,179		2,195		6,395		3,893
Selling, general and administrative:
Personnel related (including stock-based compensation expense)		30,931		27,307		65,037		54,978
Professional and consultant fees		8,263		5,696		17,525		13,254
NOP support		1,923		1,932		3,503		4,338
Tradeshows and conferences		1,721		1,549		2,990		1,975
Facility and IT related and other		8,648		5,960		16,440		10,282
Depreciation and amortization expense		4,289		1,644		10,351		2,886
Transaction-related costs		1,745		—		4,452		—
Headquarters relocation costs		65		—		272		—
ERP implementation costs		245		—		245		—
Other segment items(1)		9,054		1,660		15,036		3,421
Net income	$	14,682	$	34,907	$	21,997	$	60,589

(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.