TransMedics Group, Inc. — Earnings Quality Grade F
TMDX · Healthcare
Major red flags
Screening Summary
管理层信号
数据来源：SEC EDGAR 8-K Item 5.02，附 Exhibit 99.1 链接
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 51 days, change -30 days YoY
AR growth -13.8% vs revenue growth 37.1%
Revenue 37.1%, CFFO 295.1%. Cash follows revenue
Expense Quality
Inventory 5.0% vs COGS 35.2%. Normal
CapEx growth -54.3% vs revenue 37.1%. Normal
SG&A/Gross Profit = 51.0%. Normal
Gross margin 59.9%, change +0.6pp. Stable
Cash Flow Quality
CFFO/NI = 1.01. Profits backed by cash
FCF $0.1B, FCF/NI = 0.70
Accruals ratio = -0.2%. Low accruals
Cash $0.5B covers 94% of debt $0.5B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 3% of equity. Manageable
Debt/EBITDA = 3.5x. Healthy
Other assets 4.4% vs revenue 37.1%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -1% YoY. Normal
Manipulation Score
M-Score = -0.76 (> -1.78). LIKELY MANIPULATOR
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25