Why TransMedics Stock Plummeted Today
Shares of leading organ transplant platform TransMedics (NASDAQ: TMDX) were down 14% as of noon ET on Wednesday, according to data provided by S&P Global Market Intelligence.
TransMedics issued a positive news release yesterday evening about the hiring of Gerardo Hernandez as its new chief financial officer, but one sentence at the end of the announcement seemed to spook the market.
This final sentence reads, "TransMedics now expects revenue for the full year 2024 to be in the range of $428 million to $432 million, which represents 77% to 79% growth compared to the Company's prior year revenue." This projection fell into the lower range of the company's prior guidance for $425 million to $445 million, or growth of 80% at the midpoint, prompting the market to continue reining in TransMedics' once-stretched valuation.
Source Fool.com
