TransMedics said it released a USD 103.3 million U.S. tax valuation allowance in Q4 2025, resulting in a net income tax benefit of USD 83.8 million. For Q4 2025, TransMedics reported income before income taxes of USD 21.6 million, net income of USD 105.4 million and diluted EPS of USD 2.62. The company said its FY 2025 effective tax rate was (77.0)% and that, excluding the valuation allowance release, the FY 2025 effective tax rate was 19.1%. TransMedics added that it expects future quarterly income tax provisions to be more in line with U.S. statutory corporate income tax rates.
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