TransMedics Group Inc ( TMDX ) shares are trading lower in Monday’s after-hours session after the company reported worse-than-expected financial results for the third quarter.

Q3 Revenue: $108.76 million, versus estimates of $115 million

Q3 EPS: 12 cents, versus estimates of 30 cents

Total revenue was up 64% on a year-over-year basis, primarily driven by an increase in utilization of the Organ Care System across all three organs, as well as additional revenue generated by the company’s logistics services.

TransMedics ( TMDX ) said it ended the quarter with $330.1 million in cash, down from $362.8 million at the end of the second quarter.

“We are proud of our performance year to date and look forward to ending 2024 on a strong note,” said Waleed Hassanein, president and CEO of TransMedics ( TMDX ).

“We continued to make meaningful progress across each of our growth initiatives through the third quarter and maintain our conviction in our growth runway for 2025 and beyond.”

See Also: Ford Q3 Earnings: Revenue Beat, EPS Beat, EV Sales Down 33%, Updated Outlook, Shares Slide

Outlook: TransMedics ( TMDX ) said it continued to expect full-year revenue to be in the range of $425 million to $445 million versus estimates of $444.36 million.

“Overall, we remain well on track to reach our stated target of achieving 10,000 OCS transplant cases per year in the U.S. by 2028,” Hassanein added.

TMDX Price Action: TransMedics ( TMDX ) shares were down 23.95% after hours at $95.75 at the time of publication Monday, according to Benzinga Pro.