TransMedics Group, Inc. Common Stock Morgan Stanley 24th Annual Global Healthcare Conference

Thank you everybody for coming in today. I am going to read the important disclaimer which you can find on the Morgan Stanley website. With that, I would like to welcome Waleed Hassanein, CEO and founder of TransMedics. It is a company that is very near and dear to my heart, so I am excited to host this fireside chat in particular. Waleed, maybe to start us off, five years from now, what do you think investors will realize that they misunderstood about TransMedics today?

Neha, first, thank you for the kind invitation to be here today. For those in the audience, Neha helped take TransMedics public, so this is a great opportunity. Five years from now, I think we believe that the market is going to recognize how truly TransMedics has grown the organ transplant market, and turned into be one of the best, if not the best transplant company in the world, as a med tech, high growth, high earner in the field.

So. Okay, perfect. Well, maybe we will talk about the bridge to getting to that five-year out point.

In particular, you have talked about reaching 10,000 U.S. NOP cases in 2028 and potentially 20,000 by 2030. What do you think are the two to three biggest assumptions embedded in those two numbers?

10,000 transplants, those are with the existing assumptions, no change.

It's 20,000, 30,000. The biggest assumptions are OCS kidney transplant platform to be approved by 2029 and OCS Gen 3.0 to be deployed starting with OCS Liver, OCS Heart, and OCS Lung, 2029 and 2030.

These are the key embedded assumptions into these numbers.

Okay, great. When we were working on the IPO, there was two big growth stories. One was the share shift, taking away transplants from kind of the existing standard of care, which obviously had its weaknesses, but also growing the pie.

If you think about long-term growth given where you guys are today, how much of it comes from the conversion versus doing more transplants and expanding that pie?

I think over the last three years, we've proven that we've grown the national organ transplant volume in the United States by 25%, that we're the primary driver of that growth. So we have proven the thesis that we can grow the overall transplant numbers. The bottom line going forward, we're going to continue to do both.

Grow the overall number and continue to take market share. We have to do both.

It's not one over the other.

Yeah. We've proven that we can do both so far, and we expect that to continue.

Okay, great. Liver has been a phenomenal story for the company. Penetration on the liver side is about mid-30s, high 30s% in 2025 versus 18% in heart. Heart is closely following, but still some work to do. What have you learned from the liver adoption curve that you think can be an important factor for people to keep in mind as they think about heart's trajectory and even lung's trajectory, and their ability to follow a similar path?