TransMedics Group Inc (TMDX)

Debt-to-capital ratio

		Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	508,531	507,751	506,976	506,204	505,434	504,669	58,802	58,696	58,540	35,500	35,334	35,197	35,058	34,921	34,787	34,657	34,525	34,395	34,269	34,146
Total stockholders’ equity	US$ in thousands	209,920	189,894	159,471	137,202	126,460	145,213	192,625	187,375	187,857	50,919	59,910	67,854	78,549	88,983	97,675	103,891	109,550	113,760	46,683	54,649
Debt-to-capital ratio		0.71	0.73	0.76	0.79	0.80	0.78	0.23	0.24	0.24	0.41	0.37	0.34	0.31	0.28	0.26	0.25	0.24	0.23	0.42	0.38

September 30, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $508,531K ÷ ($508,531K + $209,920K)
= 0.71

The debt-to-capital ratio of TransMedics Group Inc has shown fluctuations over the past few quarters. The ratio has been on an upward trend from 0.23 in March 2023 to 0.80 in September 2023, indicating an increase in debt relative to capital during that period. However, there was a significant decrease in the ratio in the following quarters, reaching a low of 0.23 in March 2023.

From March 2023 onwards, the debt-to-capital ratio has generally been increasing, reaching 0.71 as of September 30, 2024. This indicates that the company's reliance on debt as a source of financing has been increasing relative to its equity capital over this period. Overall, the trend suggests a varying capital structure for TransMedics Group Inc, with potentially varying implications for its financial risk and flexibility.