TransMedics (TMDX) 10-Q 6 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	TransMedics Group, Inc.
Entity Central Index Key	0001756262
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding		21,361,513
Entity File Number	001-38891
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	83-2181531
Entity Address, Address Line One	200 Minuteman Road
Entity Address, City or Town	Andover
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01810
City Area Code	978
Local Phone Number	552-0900
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, No Par Value
Trading Symbol	TMDX
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 28, 2019
Current assets:
Cash and cash equivalents	$ 24,738	$ 20,092
Marketable Securities	47,816	60,596
Accounts receivable	6,133	6,559
Inventory	11,361	11,216
Prepaid expenses and other current assets	1,656	1,538
Total current assets	91,704	100,001
Property and equipment, net	4,713	4,792
Restricted cash	500	500
Other long-term assets	6	6
Total assets	96,923	105,299
Current liabilities:
Accounts payable	4,860	7,247
Accrued expenses and other current liabilities	9,926	8,332
Deferred revenue	164	166
Current portion of deferred rent	89	370
Total current liabilities	15,039	16,115
Long-term debt, net of discount and current portion	34,269	34,146
Deferred rent, net of current portion	932	389
Total liabilities	50,240	50,650
Commitments and contingencies (Note 10)
Stockholders' deficit:
Preferred stock, no par value; 25,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock, no par value; 150,000,000 shares authorized; 21,343,480 shares and 21,184,524 shares issued and outstanding at March 31, 2020 and December 28, 2019, respectively	424,791	424,134
Accumulated other comprehensive income (loss)	227	(2)
Accumulated deficit	(378,335)	(369,483)
Total stockholders' equity	46,683	54,649
Total liabilities and stockholders' equity	$ 96,923	$ 105,299

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 28, 2019
Preferred Stock, No Par Value	$ 0	$ 0
Preferred Stock Authorized	25,000,000	25,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0	$ 0
Common Stock, Shares Authorized	150,000,000	150,000,000
Common Stock, Shares, Issued	21,343,480	21,184,524
Common Stock, Shares, Outstanding	21,343,480	21,184,524

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 30, 2019
Net revenue	[1]	$ 7,530	$ 4,676
Cost of revenue		2,670	2,103
Gross profit		4,860	2,573
Operating expenses:
Research, development and clinical trials		6,225	3,882
Selling, general and administrative		6,652	4,653
Total operating expenses		12,877	8,535
Loss from operations		(8,017)	(5,962)
Other income (expense):
Interest expense		(1,042)	(1,093)
Change in fair value of preferred stock warrant liability		0	273
Other income (expense), net		217	(103)
Total other expense, net		(825)	(923)
Loss before income taxes		(8,842)	(6,885)
Provision for income taxes		(10)	(10)
Net loss		$ (8,852)	$ (6,895)
Net loss per share attributable to common stockholders, basic and diluted		$ (0.42)	$ (4.86)
Weighted average common shares outstanding, basic and diluted		21,221,385	1,418,353
[1]	Net revenue by country is categorized based on the location of the end customer.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 30, 2019
Net loss	$ (8,852)	$ (6,895)
Other comprehensive income:
Foreign currency translation adjustment	16	34
Unrealized gains on marketable securities, net of tax of $0	213
Total other comprehensive income	229	34
Comprehensive loss	$ (8,623)	$ (6,861)

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Paraethetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 30, 2019
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CONV

CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Convertible Preferred Stock [Member]
Balance at Dec. 29, 2018	$ (192,242)	$ 1	$ 143,794	$ (101)	$ (335,936)	$ 186,519
Balance, Shares at Dec. 29, 2018		1,397,493				50,404,140
Issuance of common stock upon the exercise of common stock options	8		8
Issuance of common stock upon the exercise of common stock options, Shares		29,180
Stock-based compensation expense	57		57
Foreign currency translation adjustment	34			34
Net loss	(6,895)				(6,895)
Balance at Mar. 30, 2019	(199,038)	$ 1	143,859	(67)	(342,831)	$ 186,519
Balance, Shares at Mar. 30, 2019		1,426,673				50,404,140
Balance at Dec. 28, 2019	54,649	$ 424,134	0	(2)	(369,483)	$ 0
Balance, Shares at Dec. 28, 2019		21,184,524				0
Issuance of common stock upon the exercise of common stock options	75	$ 75
Issuance of common stock upon the exercise of common stock options, Shares		146,793
Issuance of common stock in connection with employee stock purchase plan	197	$ 197
Issuance of common stock in connection with employee stock purchase plan , Shares		12,163
Stock-based compensation expense	385	$ 385
Foreign currency translation adjustment	16			16
Unrealized gains on marketable securities	213			213
Net loss	(8,852)				(8,852)
Balance at Mar. 31, 2020	$ 46,683	$ 424,791	$ 0	$ 227	$ (378,335)	$ 0
Balance, Shares at Mar. 31, 2020		21,343,480				0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 30, 2019	Dec. 28, 2019	Mar. 31, 2020	Dec. 28, 2019	Mar. 30, 2019
Cash flows from operating activities:
Net loss	$ (8,852)	$ (6,895)	$ (33,500)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	371	245
Stock-based compensation expense	385	57
Change in fair value of preferred stock warrant liability	0	(273)
Non-cash interest expense and end of term accretion expense	123	115
Net amortization of premiums on marketable securities	1
Unrealized foreign currency transaction losses	78	160
Changes in operating assets and liabilities:
Accounts receivable	422	(1,746)
Inventory	(241)	(2,468)
Prepaid expenses and other current assets	(120)	417
Accounts payable	(2,411)	758
Accrued expenses and other current liabilities	1,806	2,394
Deferred revenue		57
Deferred rent	262	(87)
Net cash used in operating activities	(8,176)	(7,266)
Cash flows from investing activities:
Purchases of property and equipment	(277)	(3)
Purchases of marketable securities	(4,168)
Proceeds from sales and maturities of marketable securities	17,160
Net cash provided by (used in) investing activities	12,715	(3)
Cash flows from financing activities:
Payments of initial public offering costs and other financing costs	(120)	(705)
Proceeds from issuance of common stock upon exercise of stock options	75	8
Proceeds from issuance of common stock in connection with employee stock purchase plan	197
Net cash provided by (used in) financing activities	152	(697)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(45)	(60)
Net increase (decrease) in cash, cash equivalents and restricted cash	4,646	(8,026)
Cash, cash equivalents and restricted cash, beginning of period	20,592	20,741	20,741
Cash, cash equivalents and restricted cash, end of period	25,238	12,715	20,592
Supplemental disclosure of non-cash investing and financing activities:
Transfers of inventory to property and equipment	78	407
Purchases of property and equipment included in accounts payable	112	129
Offering costs included in accounts payable and accrued expenses		1,134
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents				$ 24,738	$ 20,092	$ 12,215
Restricted cash				500		500
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 25,238	$ 12,715	$ 20,741	$ 25,238	$ 20,592	$ 12,715

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Nature of the Business and Basis of Presentation	1. Nature of the Business and Basis of Presentation TransMedics Group, Inc. (“TransMedics Group” and, together with its consolidated subsidiaries, the “Company”) was incorporated in the Commonwealth of Massachusetts in October 2018. TransMedics, Inc. (“TransMedics”), an operating company and wholly owned subsidiary of TransMedics Group, was incorporated in the State of Delaware in August 1998. The Company is a commercial-stage medical technology company transforming organ transplant therapy for end-stage organ a decades-old standard On May 6, 2019, immediately prior to the closing of the Company’s initial public offering (the “IPO”), the Company completed a corporate reorganization whereby TransMedics, the direct parent of TransMedics Group prior to the corporate reorganization, became a direct, wholly-owned subsidiary of TransMedics Group pursuant to the merger of TMDX, Inc., a direct, wholly-owned subsidiary of TransMedics Group prior to the corporate reorganization, with and into TransMedics, with TransMedics as the surviving corporation. Pursuant to the terms of an agreement and plan of merger and reorganization, as a result of the merger, each outstanding share of common stock of TransMedics was converted into shares of common stock of TransMedics Group on a 3.5-for-one 3.5-for-one a 3.5-for-one basis, a 3.5-for-one basis, All share and per share amounts for all periods presented in the accompanying consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect the 3.5-for-one Immediately following the Corporate Reorganization, (i) TransMedics Group became a holding company with no material assets other than 100% of the equity interests in TransMedics, (ii) the holders of capital stock in TransMedics became shareholders of TransMedics Group and (iii) the historical consolidated financial statements of TransMedics became the historical consolidated financial statements of TransMedics Group because the Corporate Reorganization was accounted for as a reorganization of entities under common control. Prior to the Corporate Reorganization, TransMedics Group had not conducted any activities other than in connection with its formation and in preparation for the IPO and had no material assets other than 100% of the equity interests in TMDX, Inc. On May 6, 2019, the Company completed its IPO, pursuant to which it issued and sold 6,543,500 shares of common stock, inclusive of 853,500 shares sold by the Company pursuant to the full exercise of the underwriters’ option to purchase additional shares. The aggregate net proceeds received by the Company from the IPO were $91.4 million, after deducting underwriting discounts and commissions as well as other offering costs of $6.0 million. The accompanying consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company has incurred recurring losses since inception, including net losses attributable to the Company of $8.9 million for the fiscal The Company believes that its existing cash, cash equivalents, and marketable securities of $72.6 million as of March 31, 2020 will be sufficient to fund its operations, capital expenditures, and debt service payments for at least the next 12 months following the filing of this Quarterly Report on Form 10-Q. The Company is subject to risks and uncertainties common to companies in the medical device industry and of similar size, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, uncertainty of market acceptance of products, and the need to obtain additional financing to fund operations. Potential risks and uncertainties also include, without limitation, uncertainties regarding the duration and magnitude of the impact of the COVID-19 In December 2019, a novel strain of coronavirus (COVID-19) COVID-19 Impacts to the Company’s business as a result of COVID-19 many many COVID-19 Pre-Market While the COVID-19 Prior to 2020, the Company’s fiscal year ended on the last Saturday in December, and the Company reported fiscal years using a 52/53-week convention. four 13-week fiscal a 14-week period. The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Unaudited Interim Financial Information The accompanying unaudited interim financial statements and related notes have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the fiscal year ended December 28, 2019 included in the Company’s Annual Report on Form 10-K Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, revenue recognition, the valuation of inventory and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. The full extent to which the COVID-19 COVID-19 COVID-19, COVID-19 Risk of Concentrations of Credit, Significant Customers and Significant Suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities, and accounts receivable. The Company has not experienced any other-than-temporary losses with respect to its cash, cash equivalents, and marketable securities and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Significant customers are those that accounted for 10% or more of the Company’s net revenue or accounts receivable. For the fiscal three months ended March 31, 2020, one customer represented 17% of net revenue. For the fiscal three months ended March 30, 2019, two customers represented 13% and 11% of net revenue. As of March 31, 2020, one customer accounted for 17% of accounts receivable. As of December 28, 2019, no customer accounted for 10% or more of accounts receivable. Certain of the components and subassemblies included in the Company’s products are obtained from a sole source, a single source or a limited group of suppliers. Although the Company seeks to reduce dependence on those limited sources of suppliers and manufacturers, the partial or complete loss of certain of these sources could have a material adverse effect on the Company’s operating results, financial condition and cash flows and damage its customer relationships. Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents and marketable securities are carried at fair value, determined according to the fair value hierarchy described above (see Note 4). The carrying values of the Company’s accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. The carrying value of the Company’s long-term debt approximates its fair value at each balance sheet date due to its variable interest rate, which approximates a market interest rate. Marketable Securities The Company’s marketable securities (non-equity available-for-sale The Company evaluates its marketable securities with unrealized losses for other-than-temporary impairment. When assessing marketable securities for other-than-temporary declines in value, the Company considers such factors as, among other things, how significant the decline in value is as a percentage of the original cost, how long the market value of the investment has been less than its original cost, the Company’s ability and intent to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value and market conditions in general. If any adjustment to fair value reflects a decline in the value of the investment that the Company considers to be “other than temporary,” the Company reduces the investment to fair value through a charge recorded in the consolidated statements of operations. No such adjustments were necessary during the periods presented. Revenue Recognition The Company generates revenue primarily from sales of its single-use, The Company recognizes revenue from sales to customers applying the following five steps: (1) identification of the contract, or contracts, with a customer, (2) identification of the performance obligations in the contract, (3) determination of the transaction price, (4) allocation of the transaction price to the performance obligations in the contract, and (5) recognition of revenue when, or as, performance obligations are satisfied. Because all performance obligations of a customer order are delivered and recognized as revenue at the same time and because revenue allocated to performance obligations other than OCS disposable sets, such as implied rental income and service revenue, is insignificant, all components of revenue from customer arrangements are classified as a single category of revenue in the Company’s consolidated statements of operations. Substantially all of the Company’s customer contracts have multiple-performance obligations that contain deliverables consisting of OCS Perfusion Sets and OCS Solutions. In some of those customer contracts, the deliverables also include an OCS Console, whether sold or loaned to the customer. The Company evaluates each promise within a multiple-performance obligation arrangement to determine whether it represents a distinct performance obligation. A performance obligation is distinct if (1) the product or service is separately identifiable from other promises in the contract and (2) the customer can benefit from the product or service on its own or with other resources that are readily available to the customer. When a customer order includes an OCS Console, whether sold or loaned, the Company has determined that customer training and the equipment set-up set-up set-up, set-up set-up Some of the Company’s revenue has been generated from products sold in conjunction with the clinical trials conducted for the Company’s OCS products, under arrangements referred to as customer clinical trial agreements. Under most of these customer clinical trial agreements, the Company places an organ-specific OCS Console at the customer site for its use free of charge for the duration of the clinical trial, and the customer separately purchases from the Company the OCS disposable sets used in each transplant procedure during the clinical trial. When the Company loans the OCS Console to the customer, it retains title to the console at all times and does not require minimum purchase commitments from the customer related to any OCS products. In such cases, the Company invoices the customer for OCS disposable sets based on customer orders received for each new transplant procedure and the prices set forth in the customer agreement. Over time, the Company typically recovers the cost of the loaned OCS Console through the customer’s continued purchasing and use of additional OCS disposable sets. For these reasons, the Company has determined that part of the arrangement consideration for the disposable set is an implied rental payment for use of the OCS Console. When the Company’s customer arrangements have multiple-performance obligations that contain a loan of an OCS Console for the customer’s use at its customer site as well as OCS disposable sets that are delivered simultaneously, the Company allocates the arrangement consideration between the lease deliverables (i.e., the OCS Console) and non-lease deliverables Revenue is recognized when control of the OCS product or products is transferred to the customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for the product or products. Performance Obligations The primary performance obligations in the Company’s customer arrangements from which it derives revenue are as follows: • OCS Console set-up. set-up set-up • OCS Perfusion Set single-use • OCS Solutions Payments Made to Customers Under the Company’s customer arrangements that include a customer clinical trial agreement, the Company receives payments from sales to the customer of its OCS products and also makes payments to that customer for reimbursements of clinical trial costs, materials, and for specified clinical documentation related to the customer’s use of its OCS products. The Company also makes payments to customers involved in post-approval studies for information related to the transplant procedures performed. The Company determines the appropriate accounting treatments for these payments depending on the nature of the payment and whether they are for distinct goods or services. The Company has determined that the payments made to the customer for reimbursement of clinical trial materials and customer’s costs incurred to execute specific clinical trial protocols related to the Company’s OCS products do not provide the Company with a distinct good or service transferred by the customer, and therefore such payments are recorded as a reduction of revenue from the customer in the Company’s consolidated statements of operations. Reductions of revenue related to such payments made to customers for reimbursements are recognized when the Company recognizes the revenue for the sale of its OCS disposable sets. The Company recorded the reimbursable clinical costs as a reduction of revenue of $0.7 million and $0.6 million, for the fiscal three months ended March 31, 2020 and March 30, 2019, respectively, as presented below in disaggregated revenue. The Company has also determined that payments made to customers to obtain information related to post-approval studies or existing standard-of-care standard-of-care standard-of-care Variable Consideration Revenue is reported net of any taxes assessed by a governmental authority that are directly imposed on a revenue-producing transaction (e.g., sales, use, and value added taxes). The Company only includes estimated variable amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Revenue from reimbursements of out-of-pocket The Company does not consider shipping to be a contract performance obligation. The Company records shipping costs billed to customers as revenue and records the associated costs incurred by the Company for those items as cost of revenue. Contract Assets and Liabilities The Company recognizes a receivable at the point in time at which it has an unconditional right to payment. Such receivables are not contract assets. Payment terms for customer orders, including for each of the Company’s primary performance obligations, are typically 30 days for customers in the United States and 30 to 90 days for customers in non-U.S. markets, and such payments do not include payments that are variable, dependent on specified factors or events. Contract assets arise from unbilled amounts in customer arrangements when revenue recognized exceeds the amount billed to the customer and the Company’s right to payment is not just subject to the passage of time. The Company had no contract assets as of March 31, 2020 and December 28, 2019. Contract liabilities represent the Company’s obligation to transfer goods or services to a customer for which it has received consideration (or the amount is due) from the customer. The Company has determined that its only contract liabilities are deferred revenue, which consists of amounts that have been invoiced but that have not been recognized as revenue. The Company generally satisfies performance obligations within one year of the contract inception date. As of each Disaggregated Revenue In determining total net revenue under the revenue recognition guidance applicable to both periods presented, the Company reduces revenue by the amount of certain payments made to customers (see “Payments Made to Customers” above). The reconciliation of gross revenue to net revenue for these certain payments is shown below (in thousands): Fiscal Three Months Ended March 31, 2020 March 30, 2019 Gross revenue from sales to customers $ 8,243 $ 5,290 Less: clinical trial payments reducing revenue 713 614 Total net revenue $ 7,530 $ 4,676 The Company disaggregates revenue from contracts with customers by product type and geographical area as it believes this presentation best depicts how the nature, amount, timing and uncertainty of the Company’s revenue and cash flows are affected by economic factors, as shown below (in thousands): Fiscal Three Months Ended March 31, 2020 March 30, 2019 Net revenue by OCS product: OCS Lung net revenue $ 2,008 $ 1,412 OCS Heart net revenue 4,131 1,922 OCS Liver net revenue 1,391 1,342 Total net revenue $ 7,530 $ 4,676 Fiscal Three Months Ended March 31, 2020 March 30, 2019 Net revenue by country: United States $ 5,208 $ 2,953 United Kingdom 1,112 569 All other countries 1,210 1,154 Total net revenue $ 7,530 $ 4,676 Other Revenue Considerations The Company does not assess whether promised goods or services are performance obligations if they are deemed immaterial in the context of the contract with the customer. Additionally, the Company does not assess whether a contract has a significant financing component if the expectation at contract inception is that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. The Company does not consider shipping to be a contract performance obligation. Distributors The Company markets and sells its products primarily through its direct sales force, which sells its products to end customers globally. A small portion of the Company’s revenue is generated by sales to a limited number of distributors in Europe and Asia-Pacific. When the Company transacts with a distributor, its contractual arrangement is with the distributor and not with the end customer. Whether the Company transacts business with and receives the order from a distributor or directly from an end customer, its revenue recognition policy and resulting pattern of revenue recognition for the order are the same. In its business with distributors, the Company enters into a distributor agreement under which the distributor places orders to the Company for its products in connection with the distributor’s own sales to identified end customers, and the Company confirms the identification of the end customer prior to accepting each order. The Company’s distributors do not stock OCS Consoles purchased from the Company and stock only minimal quantities of OCS disposable sets. Under these contractual arrangements, the Company invoices the distributor for the selling price (which reflects a distributor discount relative to typical end customer pricing) and payment to the Company from the distributor is not contingent upon the distributor’s collection from the end customer. The Company records revenue based on the amount of the discounted selling price. When a sale to a distributor includes an OCS Console, the Company performs the training and OCS Console equipment set-up set-up Stock-Based Compensation The Company measures stock-based option awards granted to employees, non-employees The Company classifies stock-based compensation expense in its consolidated statements of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. Segment Information The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company is developing and commercializing a proprietary system to preserve human organs for transplant in a near-physiologic condition to address the limitations of cold storage organ preservation. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the Company’s chief operating decision maker, or decision-making group, in deciding how to allocate resources and assess performance. The Company has determined that its chief operating decision maker is its Chief Executive Officer. The Company’s chief operating decision maker reviews the Company’s financial information on a consolidated basis for purposes of allocating resources and assessing financial performance. Net Income (Loss) per Share Prior to closing of the IPO, the Company followed the two-class method The two-class method The two-class method Under the two-class Subsequent to the closing of its IPO, the Company only has one class of shares outstanding and basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock awards. For periods in which the Company reports a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for the fiscal three months ended March 31, 2020. Recently Issued Accounting Pronouncements The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which a right-of-use asset ASU 2016-02 ASU No. 2018-11, Leases (Topic 842) a cumulative catch-up adjustment to 2019-10, ASU 2016-02 will In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) For non-public entities No. 2019-10, non-public

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	3. Marketable Securities Marketable securities by security type consisted of the following (in thousands): March 31, 2020 Amortized Gross Gross Fair Value U.S. Treasury securities (due within one year) $ 24,803 $ 184 $ — $ 24,987 U.S. government agency bonds (due within one year) 22,746 83 — 22,829 $ 47,549 $ 267 $ — $ 47,816 December 28, 2019 Amortized Gross Gross Fair Value U.S. Treasury securities (due within one year) $ 23,318 $ 17 $ — $ 23,335 U.S. government agency bonds (due within one year) 37,224 39 (2 ) 37,261 $ 60,542 $ 56 $ (2 ) $ 60,596

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities	4. Fair Value of Financial Assets and Liabilities The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis (in thousands): Fair Value Measurements at March 31, 2020 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 12,080 $ — $ — $ 12,080 Marketable securities: U.S. Treasury securities — 24,987 — 24,987 U.S. government agency bonds — 22,829 — 22,829 $ 12,080 $ 47,816 $ — $ 59,896 Fair Value Measurements at December 28, 2019 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 11,760 $ — $ — $ 11,760 Marketable securities: U.S. Treasury securities — 23,335 — 23,335 U.S. government agency bonds — 37,261 — 37,261 $ 11,760 $ 60,596 $ — $ 72,356 Money market funds were valued by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. U.S. Treasury securities and U.S. government agency bonds were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. During the fiscal three months ended March 31, 2020 and March 30, 2019, there were no transfers between Level 1, Level 2, and Level 3.

Inventory

Inventory	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Inventory	5 As of March 31, 2020 and December 28, 2019, inventory consisted of the following (in thousands): March 31, 2020 December 28, 2019 Raw materials $ 5,676 $ 4,881 Work-in-process 1,032 903 Finished goods 4,653 5,432 $ 11,361 $ 11,216 During the fiscal three months ended March 31, 2020 and March 30, 2019, the Company made non-cash

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2020
Accrued Expenses and Other Current Liabilities [Abstract]
Accrued Expenses and Other Current Liabilities	6 As of March 31, 2020 and December 28, 2019, accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2020 December 28, 2019 Accrued research, development and clinical trials expenses $ 3,751 $ 3,144 Accrued payroll and related expenses 4,513 3,604 Accrued other 1,662 1,584 $ 9,926 $ 8,332

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt	7. Long-Term Debt TransMedics has a credit agreement (the “Credit Agreement”) with OrbiMed Royalty Opportunities II, LP (“OrbiMed”), entered into in June 2018, pursuant to which TransMedics borrowed $35.0 million. As of March 31, 2020 and December 28, 2019, long-term debt consisted of the following (in thousands): March 31, 2020 December 28, 2019 Principal amount of long-term debt $ 35,000 $ 35,000 Less: Current portion of long-term debt — — Long-term debt, net of current portion 35,000 35,000 Debt discount, net of accretion (1,065 ) (1,139 ) Accrued end-of-term 334 285 Long-term debt, net of discount and current portion $ 34,269 $ 34,146 Borrowings under the Credit Agreement bear interest at an annual rate equal to the London Interbank Offered Rate (“LIBOR”), subject to a minimum of 1.0% and a maximum of 4.0%, plus 8.5% (the “Applicable Margin”), subject in the aggregate to a maximum interest rate of 11.5%. In addition, borrowings under the Credit Agreement bear paid-in-kind All obligations under the Credit Agreement are guaranteed by the Company and each of its material subsidiaries. All obligations of the Company and each guarantor are secured by substantially all of the Company’s and each guarantor’s assets, including their intellectual property, subject to certain exceptions, including a perfected security interest in substantially all tangible and intangible assets of the Company and each guarantor. Under the Credit Agreement, the Company has agreed to certain affirmative and negative covenants to which it will remain subject until maturity. The covenants include maintaining a minimum liquidity amount of $3.0 million; the requirement, on an annual basis, to deliver to OrbiMed annual audited financial statements with an unqualified audit opinion from the Company’s independent registered public accounting firm; and restrictions on the Company’s activities, including limitations on dispositions, mergers or acquisitions; encumbering its intellectual property; incurring indebtedness or liens; paying dividends; making certain investments; and engaging in certain other business transactions. As of March 31, 2020, the Company was in compliance with the covenants under the Credit Agreement. The obligations under the Credit Agreement are subject to acceleration upon the occurrence of specified events of default, including payment default, change in control, bankruptcy, insolvency, certain defaults under other material debt, certain events with respect to governmental approvals (if such events could cause a material adverse change in the Company’s business), failure to comply with certain covenants, including the minimum liquidity and unqualified audit opinion covenants, and a material adverse change in the Company’s business, operations or other financial condition. Upon the occurrence of an event of default and until such event of default is no longer continuing, the Applicable Margin will increase by 4.0% per annum. If an event of default (other than certain events of bankruptcy or insolvency) occurs and is continuing, OrbiMed may declare all or any portion of the outstanding principal amount of the borrowings plus accrued and unpaid interest to be due and payable. Upon the occurrence of certain events of bankruptcy or insolvency, all of the outstanding principal amount of the borrowings plus accrued and unpaid interest will automatically become due and payable. In addition, the Company may be required to prepay outstanding borrowings, subject to certain exceptions, with portions of net cash proceeds of certain asset sales and certain casualty and condemnation events. As of March 31, 2020, the interest rate applicable to borrowings under the Credit Agreement was 10.5%. During the fiscal three months ended March 31, 2020, the weighted average effective interest rate on outstanding borrowings under the Credit Agreement was approximately 12.2%.

Equity

Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Equity	8. Equity Preferred Stock As of March 31, 2020, the Company’s articles of organization authorized the Company to issue up to 25,000,000 shares of preferred stock, no par value per share, all of which is undesignated. Common Stock As of March 31, 2020, the Company’s articles of organization authorized the Company to issue up to 150,000,000 shares of common stock, no par value per share. Each share of common stock is entitled to one vote on all matters submitted to a vote of the Company’s shareholders. The holders of common stock are entitled to receive dividends, if any, as may be declared by the board of directors. Through March 31, 2020, no dividends had been declared or paid. Warrants Immediately prior to the closing of the IPO on May 6, 2019, pursuant to the Corporate Reorganization, all of the outstanding preferred stock warrants of TransMedics were converted into warrants to purchase an aggregate of 64,440 shares of common stock. No warrants have been exercised. As a result, as of March 31, 2020, the Company has outstanding warrants to purchase 50,000 shares of common stock at an exercise price of $8.75 per share with an expiration date of November 7, 2022 and warrants to purchase 14,440 shares of common stock at an exercise price of $17.47 per share with an expiration date of May 6, 2024.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Stock-Based Compensation	9. Stock-Based Compensation 2019 Stock Incentive Plan and Option Grants On April 15, 2019, TransMedics Group’s board of directors adopted and its sole stockholder approved the 2019 Stock Incentive Plan (the “2019 Plan”), which became effective on that same date. The 2019 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, unrestricted stock units, and other stock-based awards to employees, directors, and consultants of the Company and its subsidiaries. The number of shares of common stock of TransMedics Group initially available for issuance under the 2019 Plan was 3,428,571 shares, plus the number of shares underlying awards under the previously outstanding 2014 Stock Incentive Plan (the “2014 Plan”), not to exceed 1,595,189 shares, that expire or are terminated, surrendered, or cancelled without the delivery of shares, are forfeited to or repurchased by TransMedics Group or otherwise become available again for grant. Since Shares withheld in payment of the exercise or purchase price of an award or in satisfaction of tax withholding requirements, and the shares covered by a stock appreciation right for which any portion is settled in stock, will reduce the number of shares available for issuance under the 2019 Plan. In addition, the number of shares available for issuance under the 2019 Plan (i) will not be increased by any shares delivered under the 2019 Plan that are subsequently repurchased using proceeds directly attributable to stock option exercises and (ii) will not be reduced by any awards that are settled in cash or that expire, become unexercisable, terminate or are forfeited to or repurchased by TransMedics Group without the issuance of stock under the 2019 Plan. As of March 31, 2020, 2,609,280 shares of common stock were available for issuance under the 2019 Plan. During the fiscal 2019 Employee Stock Purchase Plan On April 15, 2019, TransMedics Group’s board of directors adopted and its sole stockholder approved the 2019 Employee Stock Purchase Plan (the “2019 ESPP”), which became effective that same date. A total of 371,142 shares of common stock of TransMedics Group are reserved for issuance under the 2019 ESPP. During the fiscal Stock-Based Compensation The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations (in thousands): Fiscal Three Months Ended March 31, 2020 March 30, 2019 Cost of revenue $ 4 $ 3 Research, development and clinical trials expenses 54 16 Selling, general and administrative expenses 327 38 $ 385 $ 57 As of March 31, 2020 total unrecognized compensation cost related to unvested share-based awards was $6.4 million which is expected to be recognized over a weighted average period of 3.06 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Operating Leases On January 9, 2020, the Company amended each of the lease agreements for its corporate headquarters (the “Amendment”) to lease an additional 39,744 square feet for general office use and an additional 11,735 square feet for operational use. The Amendment also extended each of the existing lease terms from December 2021 to December 2026, with an option to extend for one additional period of five years. Under the Amendment, the landlord will contribute $3.4 million towards the Company’s leasehold improvements. The Amendment provides for annual base rent for the premises of approximately $1.9 million for the first year of the lease. Thereafter, the annual base rent will increase at an average of 2.5% each year until the end of the term. The Company is also obligated to pay the landlord certain costs, taxes, and operating expenses, subject to certain exclusions. The Company’s lease agreements, including as amended by the Amendment, include payment escalations, rent holidays, and other lease incentives, which are accrued or deferred as appropriate such that rent expense for each lease is recognized on a straight-line basis over the respective lease terms, recording deferred rent for rent expense incurred but not yet paid. The Company recorded rent expense o f $0.5 million and $0.3 million in each of the fiscal three months ended March 31, 2020 and March 30, 2019, respectively. Future minimum lease payments under operating leases as of March 31, 2020 are as follows (in thousands): Year Ending: December 31, 2020 (remaining 9 months) $ 1,615 December 31, 2021 1,899 December 31, 2022 1,947 December 31, 2023 1,996 December 31, 2024 2,046 Thereafter 4,268 $ 13,771 License Agreement with the Department of Veterans Affairs In 2002, the Company entered into a license agreement with the Department of Veterans Affairs (the “VA”), under which the Company was granted an exclusive, worldwide license under specified patents to make, use, sell and import certain technology used in the Company’s products and a non-exclusive, As consideration for the licenses granted by the VA, the Company is obligated to pay tiered royalties ranging from a low single-digit to a mid single-digit percentage on net sales of each product covered by a licensed patent (subject to a minimum aggregate royalty payment of less than $0.1 million per year during each of the first five years after the first commercial sale, after which no minimum is required). Royalties will be paid by the Company on a licensed product-by-licensed country-by-country The VA license agreement can be terminated by the Company or the VA only if the other party fails to cure its material breach within a specified period after receiving notice of such breach. 401(k) Savings Plan The Company has a defined-contribution savings plan under Section 401(k) of the Internal Revenue Code. This plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax Indemnification Agreements In the ordinary course of business, the Company has agreed to defend and indemnify its customers against third-party claims asserting infringement of certain intellectual property rights, which may include patents, copyrights, trademarks, or trade secrets. The Company’s exposure under these indemnification provisions is generally limited to the total amount paid by the end-customer The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not currently aware of any indemnification claims and had not accrued any liabilities related to such obligations in its consolidated financial statements as of March 31, 2020 and December 28, 2019. Legal Proceedings The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Net Loss Per Share	11. Net Loss per Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Fiscal Three Months Ended March 31, 2020 March 30, 2019 Numerator: Net loss attributable to common stockholders $ (8,852 ) $ (6,895 ) Denominator: Weighted average common shares outstanding, basic and diluted 21,221,385 1,418,353 Net loss per share attributable to common stockholders, basic and diluted $ (0.42 ) $ (4.86 ) The Company’s potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated above because including them would have had an anti-dilutive effect: March 31, 2020 March 30, 2019 Convertible preferred stock (as converted to common stock) — 13,119,424 Warrants to purchase convertible preferred stock (as converted to common stock) — 64,440 Warrants to purchase common stock 64,440 — Options to purchase common stock 2,178,215 1,595,150 Employee stock purchase plan 10,871 — 2,253,526 14,779,014

Segment Reporting and Geographi

Segment Reporting and Geographic Data	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Reporting and Geographic Data	12. Segment Reporting and Geographic Data The Company has determined that i t Fiscal Three Months Ended March 31, 2020 March 30, 2019 Net revenue by country(1): United States $ 5,208 $ 2,953 United Kingdom 1,112 569 All other countries 1,210 1,154 Total net revenue $ 7,530 $ 4,676 March 31, 2020 December 28, 2019 Long-lived assets by country(2): United States $ 4,006 $ 4,007 All other countries 707 785 Total long-lived assets $ 4,713 $ 4,792 (1) Net revenue by country is categorized based on the location of the end customer. (2) The Company’s only long-lived assets consist of property and equipment, net of depreciation, which are categorized based on their location of domicile.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	13. Related Party Transactions Employment of Dr. Amira Hassanei n Dr. Amira Hassanein, who serves as Product Director for the Company’s OCS Lung program, is the sister of Dr. Waleed Hassanein, the Company’s President and Chief Executive Officer and a member of the Company’s board of directors. The Company paid Dr. Amira H assanein less than $0.1 million in to tal compensation for each of the fiscal three months ended March 31, 2020 and March 30, 2019 for her services as an employee.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent E Paycheck Protection Program Loan On April 20, 2020, TransMedics issued a Promissory Note to Bank of America, NA, pursuant to which it received loan proceeds of $2.2 million (the “Loan”) provided under the Paycheck Protection Program established under the Coronavirus Aid, Relief, and Economic Security Act and guaranteed by the U.S. Small Business Administration (the “Paycheck Protection Program”). However, based on updated guidance related to this program, the Company decided to repay the full amount of the L L May 1, 2020 . 1.0% per annum and was subject to the standard terms and conditions applicable to loans administered under the Paycheck Protection Program. Amendment to Credit Agreement On April 23, 2020, the Company entered into a Second Amendment to the Credit Agreement (the “Second Amendment”). The Second Amendment provides that TransMedics may incur unsecured indebtedness (a) incurred pursuant to the Paycheck Protection Program, (b) in an aggregate principal amount not to exceed $2.2 million at any one time, (c) in respect of which TransMedics will (i) promptly, and in any event within 90 days after incurring such indebtedness, apply for forgiveness of an aggregate principal amount of at least $2.0 million and (ii) obtain such forgiveness by October 31, 2020; provided, however, that if, through no fault of TransMedics, the U.S. Small Business Administration does not respond to TransMedics’ application for forgiveness (X) by October 31, 2020, the deadline for obtaining such forgiveness shall be extended to November 30, 2020, and (Y) by November 30, 2020, the deadline shall be extended to December 31, 2020, and (d) in respect of which TransMedics will remain at all times in compliance with the terms and conditions thereof.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying unaudited interim financial statements and related notes have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the fiscal year ended December 28, 2019 included in the Company’s Annual Report on Form 10-K
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, revenue recognition, the valuation of inventory and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. The full extent to which the COVID-19 COVID-19 COVID-19, COVID-19
Risk of Concentrations of Credit, Significant Customers and Significant Suppliers	Risk of Concentrations of Credit, Significant Customers and Significant Suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities, and accounts receivable. The Company has not experienced any other-than-temporary losses with respect to its cash, cash equivalents, and marketable securities and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Significant customers are those that accounted for 10% or more of the Company’s net revenue or accounts receivable. For the fiscal three months ended March 31, 2020, one customer represented 17% of net revenue. For the fiscal three months ended March 30, 2019, two customers represented 13% and 11% of net revenue. As of March 31, 2020, one customer accounted for 17% of accounts receivable. As of December 28, 2019, no customer accounted for 10% or more of accounts receivable. Certain of the components and subassemblies included in the Company’s products are obtained from a sole source, a single source or a limited group of suppliers. Although the Company seeks to reduce dependence on those limited sources of suppliers and manufacturers, the partial or complete loss of certain of these sources could have a material adverse effect on the Company’s operating results, financial condition and cash flows and damage its customer relationships.
Fair Value Measurements	Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents and marketable securities are carried at fair value, determined according to the fair value hierarchy described above (see Note 4). The carrying values of the Company’s accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. The carrying value of the Company’s long-term debt approximates its fair value at each balance sheet date due to its variable interest rate, which approximates a market interest rate.
Marketable Securities	Marketable Securities The Company’s marketable securities (non-equity available-for-sale The Company evaluates its marketable securities with unrealized losses for other-than-temporary impairment. When assessing marketable securities for other-than-temporary declines in value, the Company considers such factors as, among other things, how significant the decline in value is as a percentage of the original cost, how long the market value of the investment has been less than its original cost, the Company’s ability and intent to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value and market conditions in general. If any adjustment to fair value reflects a decline in the value of the investment that the Company considers to be “other than temporary,” the Company reduces the investment to fair value through a charge recorded in the consolidated statements of operations. No such adjustments were necessary during the periods presented.
Revenue Recognition	Revenue Recognition The Company generates revenue primarily from sales of its single-use, The Company recognizes revenue from sales to customers applying the following five steps: (1) identification of the contract, or contracts, with a customer, (2) identification of the performance obligations in the contract, (3) determination of the transaction price, (4) allocation of the transaction price to the performance obligations in the contract, and (5) recognition of revenue when, or as, performance obligations are satisfied. Because all performance obligations of a customer order are delivered and recognized as revenue at the same time and because revenue allocated to performance obligations other than OCS disposable sets, such as implied rental income and service revenue, is insignificant, all components of revenue from customer arrangements are classified as a single category of revenue in the Company’s consolidated statements of operations. Substantially all of the Company’s customer contracts have multiple-performance obligations that contain deliverables consisting of OCS Perfusion Sets and OCS Solutions. In some of those customer contracts, the deliverables also include an OCS Console, whether sold or loaned to the customer. The Company evaluates each promise within a multiple-performance obligation arrangement to determine whether it represents a distinct performance obligation. A performance obligation is distinct if (1) the product or service is separately identifiable from other promises in the contract and (2) the customer can benefit from the product or service on its own or with other resources that are readily available to the customer. When a customer order includes an OCS Console, whether sold or loaned, the Company has determined that customer training and the equipment set-up set-up set-up, set-up set-up Some of the Company’s revenue has been generated from products sold in conjunction with the clinical trials conducted for the Company’s OCS products, under arrangements referred to as customer clinical trial agreements. Under most of these customer clinical trial agreements, the Company places an organ-specific OCS Console at the customer site for its use free of charge for the duration of the clinical trial, and the customer separately purchases from the Company the OCS disposable sets used in each transplant procedure during the clinical trial. When the Company loans the OCS Console to the customer, it retains title to the console at all times and does not require minimum purchase commitments from the customer related to any OCS products. In such cases, the Company invoices the customer for OCS disposable sets based on customer orders received for each new transplant procedure and the prices set forth in the customer agreement. Over time, the Company typically recovers the cost of the loaned OCS Console through the customer’s continued purchasing and use of additional OCS disposable sets. For these reasons, the Company has determined that part of the arrangement consideration for the disposable set is an implied rental payment for use of the OCS Console. When the Company’s customer arrangements have multiple-performance obligations that contain a loan of an OCS Console for the customer’s use at its customer site as well as OCS disposable sets that are delivered simultaneously, the Company allocates the arrangement consideration between the lease deliverables (i.e., the OCS Console) and non-lease deliverables Revenue is recognized when control of the OCS product or products is transferred to the customer in an amount that reflects the consideration the Company expects to be entitled to in exchange for the product or products. Performance Obligations The primary performance obligations in the Company’s customer arrangements from which it derives revenue are as follows: • OCS Console set-up. set-up set-up • OCS Perfusion Set single-use • OCS Solutions Payments Made to Customers Under the Company’s customer arrangements that include a customer clinical trial agreement, the Company receives payments from sales to the customer of its OCS products and also makes payments to that customer for reimbursements of clinical trial costs, materials, and for specified clinical documentation related to the customer’s use of its OCS products. The Company also makes payments to customers involved in post-approval studies for information related to the transplant procedures performed. The Company determines the appropriate accounting treatments for these payments depending on the nature of the payment and whether they are for distinct goods or services. The Company has determined that the payments made to the customer for reimbursement of clinical trial materials and customer’s costs incurred to execute specific clinical trial protocols related to the Company’s OCS products do not provide the Company with a distinct good or service transferred by the customer, and therefore such payments are recorded as a reduction of revenue from the customer in the Company’s consolidated statements of operations. Reductions of revenue related to such payments made to customers for reimbursements are recognized when the Company recognizes the revenue for the sale of its OCS disposable sets. The Company recorded the reimbursable clinical costs as a reduction of revenue of $0.7 million and $0.6 million, for the fiscal three months ended March 31, 2020 and March 30, 2019, respectively, as presented below in disaggregated revenue. The Company has also determined that payments made to customers to obtain information related to post-approval studies or existing standard-of-care standard-of-care standard-of-care Variable Consideration Revenue is reported net of any taxes assessed by a governmental authority that are directly imposed on a revenue-producing transaction (e.g., sales, use, and value added taxes). The Company only includes estimated variable amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Revenue from reimbursements of out-of-pocket The Company does not consider shipping to be a contract performance obligation. The Company records shipping costs billed to customers as revenue and records the associated costs incurred by the Company for those items as cost of revenue. Contract Assets and Liabilities The Company recognizes a receivable at the point in time at which it has an unconditional right to payment. Such receivables are not contract assets. Payment terms for customer orders, including for each of the Company’s primary performance obligations, are typically 30 days for customers in the United States and 30 to 90 days for customers in non-U.S. markets, and such payments do not include payments that are variable, dependent on specified factors or events. Contract assets arise from unbilled amounts in customer arrangements when revenue recognized exceeds the amount billed to the customer and the Company’s right to payment is not just subject to the passage of time. The Company had no contract assets as of March 31, 2020 and December 28, 2019. Contract liabilities represent the Company’s obligation to transfer goods or services to a customer for which it has received consideration (or the amount is due) from the customer. The Company has determined that its only contract liabilities are deferred revenue, which consists of amounts that have been invoiced but that have not been recognized as revenue. The Company generally satisfies performance obligations within one year of the contract inception date. As of each Disaggregated Revenue In determining total net revenue under the revenue recognition guidance applicable to both periods presented, the Company reduces revenue by the amount of certain payments made to customers (see “Payments Made to Customers” above). The reconciliation of gross revenue to net revenue for these certain payments is shown below (in thousands): Fiscal Three Months Ended March 31, 2020 March 30, 2019 Gross revenue from sales to customers $ 8,243 $ 5,290 Less: clinical trial payments reducing revenue 713 614 Total net revenue $ 7,530 $ 4,676 The Company disaggregates revenue from contracts with customers by product type and geographical area as it believes this presentation best depicts how the nature, amount, timing and uncertainty of the Company’s revenue and cash flows are affected by economic factors, as shown below (in thousands): Fiscal Three Months Ended March 31, 2020 March 30, 2019 Net revenue by OCS product: OCS Lung net revenue $ 2,008 $ 1,412 OCS Heart net revenue 4,131 1,922 OCS Liver net revenue 1,391 1,342 Total net revenue $ 7,530 $ 4,676 Fiscal Three Months Ended March 31, 2020 March 30, 2019 Net revenue by country: United States $ 5,208 $ 2,953 United Kingdom 1,112 569 All other countries 1,210 1,154 Total net revenue $ 7,530 $ 4,676 Other Revenue Considerations The Company does not assess whether promised goods or services are performance obligations if they are deemed immaterial in the context of the contract with the customer. Additionally, the Company does not assess whether a contract has a significant financing component if the expectation at contract inception is that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. The Company does not consider shipping to be a contract performance obligation. Distributors The Company markets and sells its products primarily through its direct sales force, which sells its products to end customers globally. A small portion of the Company’s revenue is generated by sales to a limited number of distributors in Europe and Asia-Pacific. When the Company transacts with a distributor, its contractual arrangement is with the distributor and not with the end customer. Whether the Company transacts business with and receives the order from a distributor or directly from an end customer, its revenue recognition policy and resulting pattern of revenue recognition for the order are the same. In its business with distributors, the Company enters into a distributor agreement under which the distributor places orders to the Company for its products in connection with the distributor’s own sales to identified end customers, and the Company confirms the identification of the end customer prior to accepting each order. The Company’s distributors do not stock OCS Consoles purchased from the Company and stock only minimal quantities of OCS disposable sets. Under these contractual arrangements, the Company invoices the distributor for the selling price (which reflects a distributor discount relative to typical end customer pricing) and payment to the Company from the distributor is not contingent upon the distributor’s collection from the end customer. The Company records revenue based on the amount of the discounted selling price. When a sale to a distributor includes an OCS Console, the Company performs the training and OCS Console equipment set-up set-up
Stock-based compensation	Stock-Based Compensation The Company measures stock-based option awards granted to employees, non-employees The Company classifies stock-based compensation expense in its consolidated statements of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.
Segment Information	Segment Information The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company is developing and commercializing a proprietary system to preserve human organs for transplant in a near-physiologic condition to address the limitations of cold storage organ preservation. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the Company’s chief operating decision maker, or decision-making group, in deciding how to allocate resources and assess performance. The Company has determined that its chief operating decision maker is its Chief Executive Officer. The Company’s chief operating decision maker reviews the Company’s financial information on a consolidated basis for purposes of allocating resources and assessing financial performance.
Net Income (Loss) per Share	Net Income (Loss) per Share Prior to closing of the IPO, the Company followed the two-class method The two-class method The two-class method Under the two-class Subsequent to the closing of its IPO, the Company only has one class of shares outstanding and basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock awards. For periods in which the Company reports a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for the fiscal three months ended March 31, 2020.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” of the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which a right-of-use asset ASU 2016-02 ASU No. 2018-11, Leases (Topic 842) a cumulative catch-up adjustment to 2019-10, ASU 2016-02 will In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) For non-public entities No. 2019-10, non-public

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Schedule of Recognized Revenue Net of Payments	The reconciliation of gross revenue to net revenue for these certain payments is shown below (in thousands): Fiscal Three Months Ended March 31, 2020 March 30, 2019 Gross revenue from sales to customers $ 8,243 $ 5,290 Less: clinical trial payments reducing revenue 713 614 Total net revenue $ 7,530 $ 4,676
Schedule of Net revenue by OCS product	The Company disaggregates revenue from contracts with customers by product type and geographical area as it believes this presentation best depicts how the nature, amount, timing and uncertainty of the Company’s revenue and cash flows are affected by economic factors, as shown below (in thousands): Fiscal Three Months Ended March 31, 2020 March 30, 2019 Net revenue by OCS product: OCS Lung net revenue $ 2,008 $ 1,412 OCS Heart net revenue 4,131 1,922 OCS Liver net revenue 1,391 1,342 Total net revenue $ 7,530 $ 4,676 Fiscal Three Months Ended March 31, 2020 March 30, 2019 Net revenue by country: United States $ 5,208 $ 2,953 United Kingdom 1,112 569 All other countries 1,210 1,154 Total net revenue $ 7,530 $ 4,676

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Components of Marketable Securities by Security Type	Marketable securities by security type consisted of the following (in thousands): March 31, 2020 Amortized Gross Gross Fair Value U.S. Treasury securities (due within one year) $ 24,803 $ 184 $ — $ 24,987 U.S. government agency bonds (due within one year) 22,746 83 — 22,829 $ 47,549 $ 267 $ — $ 47,816 December 28, 2019 Amortized Gross Gross Fair Value U.S. Treasury securities (due within one year) $ 23,318 $ 17 $ — $ 23,335 U.S. government agency bonds (due within one year) 37,224 39 (2 ) 37,261 $ 60,542 $ 56 $ (2 ) $ 60,596

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis (in thousands): Fair Value Measurements at March 31, 2020 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 12,080 $ — $ — $ 12,080 Marketable securities: U.S. Treasury securities — 24,987 — 24,987 U.S. government agency bonds — 22,829 — 22,829 $ 12,080 $ 47,816 $ — $ 59,896 Fair Value Measurements at December 28, 2019 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 11,760 $ — $ — $ 11,760 Marketable securities: U.S. Treasury securities — 23,335 — 23,335 U.S. government agency bonds — 37,261 — 37,261 $ 11,760 $ 60,596 $ — $ 72,356

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	As of March 31, 2020 and December 28, 2019, inventory consisted of the following (in thousands): March 31, 2020 December 28, 2019 Raw materials $ 5,676 $ 4,881 Work-in-process 1,032 903 Finished goods 4,653 5,432 $ 11,361 $ 11,216

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Accrued Expenses and Other Current Liabilities [Abstract]
Schedule of Accrued expenses and other current liabilities	As of March 31, 2020 and December 28, 2019, accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2020 December 28, 2019 Accrued research, development and clinical trials expenses $ 3,751 $ 3,144 Accrued payroll and related expenses 4,513 3,604 Accrued other 1,662 1,584 $ 9,926 $ 8,332

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	March 31, 2020 December 28, 2019 Principal amount of long-term debt $ 35,000 $ 35,000 Less: Current portion of long-term debt — — Long-term debt, net of current portion 35,000 35,000 Debt discount, net of accretion (1,065 ) (1,139 ) Accrued end-of-term 334 285 Long-term debt, net of discount and current portion $ 34,269 $ 34,146

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Schedule of stock-based compensation expense	The Company recorded stock-based compensation expense in the following expense categories of its consolidated statements of operations (in thousands): Fiscal Three Months Ended March 31, 2020 March 30, 2019 Cost of revenue $ 4 $ 3 Research, development and clinical trials expenses 54 16 Selling, general and administrative expenses 327 38 $ 385 $ 57

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum lease payments	Future minimum lease payments under operating leases as of March 31, 2020 are as follows (in thousands): Year Ending: December 31, 2020 (remaining 9 months) $ 1,615 December 31, 2021 1,899 December 31, 2022 1,947 December 31, 2023 1,996 December 31, 2024 2,046 Thereafter 4,268 $ 13,771

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Basic and diluted net loss per share attributable to common stockholders	Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Fiscal Three Months Ended March 31, 2020 March 30, 2019 Numerator: Net loss attributable to common stockholders $ (8,852 ) $ (6,895 ) Denominator: Weighted average common shares outstanding, basic and diluted 21,221,385 1,418,353 Net loss per share attributable to common stockholders, basic and diluted $ (0.42 ) $ (4.86 )
Schedule of computation of diluted net loss per share attributable to common stockholders	The Company’s potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated above because including them would have had an anti-dilutive effect: March 31, 2020 March 30, 2019 Convertible preferred stock (as converted to common stock) — 13,119,424 Warrants to purchase convertible preferred stock (as converted to common stock) — 64,440 Warrants to purchase common stock 64,440 — Options to purchase common stock 2,178,215 1,595,150 Employee stock purchase plan 10,871 — 2,253,526 14,779,014

Segment Reporting and Geograp_2

Segment Reporting and Geographic Data (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of Financial data by geographical area	Financial data by geographical area is summarized as follows (in thousands): Fiscal Three Months Ended March 31, 2020 March 30, 2019 Net revenue by country(1): United States $ 5,208 $ 2,953 United Kingdom 1,112 569 All other countries 1,210 1,154 Total net revenue $ 7,530 $ 4,676
Schedule of Geographic Area	March 31, 2020 December 28, 2019 Long-lived assets by country(2): United States $ 4,006 $ 4,007 All other countries 707 785 Total long-lived assets $ 4,713 $ 4,792 (1) Net revenue by country is categorized based on the location of the end customer. (2) The Company’s only long-lived assets consist of property and equipment, net of depreciation, which are categorized based on their location of domicile.

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	May 06, 2019	Mar. 31, 2020	Mar. 30, 2019	Dec. 28, 2019
Convertible preferred stock conversion ratio		3.5-for-one
Equity Method Investment, Ownership Percentage				100.00%
Net loss		$ (8,852)	$ (6,895)	$ (33,500)
Accumulated deficit		(378,335)		$ (369,483)
Cash equivalents and marketable securities		72,600
Underwriting discounts and commissions and other offering costs		$ 120	$ 705
IPO [Member]
Stock Issued During Period, Shares, New Issues	6,543,500
Net proceeds from initial public offering	$ 91,400
Underwriting discounts and commissions and other offering costs	$ 6,000
Over-Allotment Option [Member]
Stock Issued During Period, Shares, New Issues	853,500

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)Segment	Mar. 30, 2019USD ($)	Dec. 28, 2019USD ($)
Number of operating segments | Segment	1
Clinical Trial Cost	$ 713	$ 614
Performance obligations totaled	700		$ 700
Research development and clinical trials expenses	$ 400	$ 200
Revenue, Performance Obligation, Description of Payment Terms	Payment terms for customer orders, including for each of the Company’s primary performance obligations, are typically 30 days for customers in the United States and 30 to 90 days for customers in non-U.S. markets, and such payments do not include payments that are variable, dependent on specified factors or events.
Contract assets	$ 0		$ 0
Revenue, Performance Obligation, Description of Timing	The Company generally satisfies performance obligations within one year of the contract inception date.
Accounts Receivable [Member] | Minimum [Member]
Concentration Risk, Percentage	10.00%
Revenue [Member] | Minimum [Member]
Concentration Risk, Percentage	10.00%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer One [Member]
Concentration Risk, Percentage	17.00%
Customer Concentration Risk [Member] | Revenue [Member] | Customer One [Member]
Concentration Risk, Percentage	17.00%	13.00%
Customer Concentration Risk [Member] | Revenue [Member] | Customer Two [Member]
Concentration Risk, Percentage		11.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Recognized revenue net of payments (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 30, 2019
Accounting Policies [Abstract]
Gross revenue from sales to customers		$ 8,243	$ 5,290
Clinical Trial Cost		713	614
Total net revenue	[1]	$ 7,530	$ 4,676
[1]	Net revenue by country is categorized based on the location of the end customer.

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Net revenue by OCS product (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 30, 2019
Net revenue by OCS product:
Net revenue	[1]	$ 7,530	$ 4,676
United States
Net revenue by OCS product:
Net revenue	[1]	5,208	2,953
United Kingdom
Net revenue by OCS product:
Net revenue	[1]	1,112	569
All Other Countries
Net revenue by OCS product:
Net revenue		1,210	1,154
OCS Lung net revenue
Net revenue by OCS product:
Net revenue		2,008	1,412
OCS Heart net revenue
Net revenue by OCS product:
Net revenue		4,131	1,922
OCS Liver net revenue
Net revenue by OCS product:
Net revenue		$ 1,391	$ 1,342
[1]	Net revenue by country is categorized based on the location of the end customer.

Components of Marketable Securi

Components of Marketable Securities by Security Type (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 28, 2019
Schedule Of Available For Sale Securities [Line Items]
Marketable Securities, Amortized Cost	$ 47,549	$ 60,542
Marketable Securities, Gross Unrealized Gains	267	56
Marketable Securities, Gross Unrealized Losses		(2)
Marketable Securities, Fair Value	47,816	60,596
U.S. Treasury Securities (due within one year) [Member]
Schedule Of Available For Sale Securities [Line Items]
Marketable Securities, Amortized Cost	24,803	23,318
Marketable Securities, Gross Unrealized Gains	184	17
Marketable Securities, Fair Value	24,987	23,335
U.S. Government Agency Bonds (due within one year) [Member]
Schedule Of Available For Sale Securities [Line Items]
Marketable Securities, Amortized Cost	22,746	37,224
Marketable Securities, Gross Unrealized Gains	83	39
Marketable Securities, Gross Unrealized Losses		(2)
Marketable Securities, Fair Value	$ 22,829	$ 37,261

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 28, 2019
Marketable securities:
Marketable securities	$ 47,816	$ 60,596
Cash equivalents and marketable securities	59,896	72,356
U.S. Treasury Securities [Member]
Marketable securities:
Marketable securities	24,987	23,335
U.S. Government Agency Bonds [Member]
Marketable securities:
Marketable securities	22,829	37,261
Money Market Funds [Member]
Cash equivalents:
Cash equivalents	12,080	11,760
Level 1 [Member]
Marketable securities:
Cash equivalents and marketable securities	12,080	11,760
Level 1 [Member] | Money Market Funds [Member]
Cash equivalents:
Cash equivalents	12,080	11,760
Level 2 [Member]
Marketable securities:
Cash equivalents and marketable securities	47,816	60,596
Level 2 [Member] | U.S. Treasury Securities [Member]
Marketable securities:
Marketable securities	24,987	23,335
Level 2 [Member] | U.S. Government Agency Bonds [Member]
Marketable securities:
Marketable securities	$ 22,829	$ 37,261

Inventory (Detail)

Inventory (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 28, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 5,676	$ 4,881
Work-in-process	1,032	903
Finished goods	4,653	5,432
Inventory, net	$ 11,361	$ 11,216

Inventory - Additional Informat

Inventory - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 30, 2019
Inventory Disclosure [Abstract]
Inventory Transfer To Property Plant And Equipment	$ 78	$ 407

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 28, 2019
Accrued Expenses and Other Current Liabilities [Abstract]
Accrued research, development and clinical trials expenses	$ 3,751	$ 3,144
Accrued payroll and related expenses	4,513	3,604
Accrued other	1,662	1,584
Accrued Expenses And Other Liabilities Current	$ 9,926	$ 8,332

Long-term Debt (Detail)

Long-term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 28, 2019
Debt Disclosure [Abstract]
Principal amount of long-term debt	$ 35,000	$ 35,000
Less: Current portion of long-term debt	0
Long-term debt, net of current portion	35,000	35,000
Debt discount, net of accretion	(1,065)	(1,139)
Accrued end-of-term payment	334	285
Long-term debt, net of discount and current portion	$ 34,269	$ 34,146

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 29, 2018	Dec. 28, 2019	Jun. 29, 2018
Long-term debt	$ 35,000		$ 35,000
Interest rate effective percentage	10.50%
Prepayment premium percentage	9.00%
Average effective interest rate	12.20%
Prepayment percentage	3.00%
In Event Of Default [Member]
Increasing applicable margin	4.00%
Orbi Med [Member]
Long-term debt				$ 35,000
Basis spread on variable rate	8.50%	8.50%
Description of covenants	The covenants include maintaining a minimum liquidity amount of $3.0 million; the requirement, on an annual basis, to deliver to OrbiMed annual audited financial statements with an unqualified audit opinion from the Company’s independent registered public accounting firm; and restrictions on the Company’s activities, including limitations on dispositions, mergers or acquisitions; encumbering its intellectual property; incurring indebtedness or liens; paying dividends; making certain investments; and engaging in certain other business transactions.
Paid In Kind [Member]
Paid In Kind Interest Threshold	11.50%
Maximum [Member] | Orbi Med [Member]
LIBOR Rate	4.00%	4.00%
Interest rate effective percentage	11.50%
Maximum [Member] | Paid In Kind [Member]
Interest rate	12.50%
Minimum [Member] | Orbi Med [Member]
LIBOR Rate	1.00%	1.00%

Equity - Additional Information

Equity - Additional Information (Detail) - $ / shares	Mar. 31, 2020	Dec. 28, 2019	May 06, 2019
Preferred Stock Authorized	25,000,000	25,000,000
Preferred Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Authorized	150,000,000	150,000,000
Preferred stock warrants shares issued upon conversion			64,440
Exercise Price of $8.75 Per Share [Member]
Preferred stock warrants shares issued upon conversion	50,000		50,000
Preferred stock warrants convertible conversion price	$ 8.75		$ 8.75
Exercise Price of $17.47 Per Share [Member]
Preferred stock warrants shares issued upon conversion	14,440		14,440
Preferred stock warrants convertible conversion price	$ 17.47		$ 17.47

Stock-Based Compensation (Detai

Stock-Based Compensation (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 30, 2019
Allocated Share-based Compensation Expense	$ 385	$ 57
Cost of revenue [Member]
Allocated Share-based Compensation Expense	4	3
Research, development and clinical trials expenses [Member]
Allocated Share-based Compensation Expense	54	16
Selling, general and administrative expenses [Member]
Allocated Share-based Compensation Expense	$ 327	$ 38

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Apr. 15, 2019	Mar. 31, 2020
Unrecognized compensation cost related to unvested employee and director stock-based awards		$ 6.4
Weighted average period for unrecognized compensation cost		3 years 21 days
2014 Stock Incentive Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	1,595,189
2019 Stock Plan [Member]
Shares available for future issuance	3,428,571	2,609,280
2019 Stock Plan [Member] | Common Stock [Member] | Service Based Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		383,300
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 8.11
2019 Stock Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease)	1,595,189
2019 Employee Stock Purchase Plan [Member]
Shares available for future issuance	371,142	358,979
Number of share issued		12,163

Commitments and Contingencies_2

Commitments and Contingencies (Detail) $ in Thousands	Mar. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
December 31,2020 (remaining 9 months)	$ 1,615
December 31,2021	1,899
December 31,2022	1,947
December 31,2023	1,996
December 31,2024	2,046
Thereafter	4,268
Future minimum payments due	$ 13,771

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Jan. 09, 2020USD ($)ft²	Mar. 31, 2020USD ($)	Mar. 30, 2019USD ($)
Rent expense		$ 0.5	$ 0.3
Omnibus Amendment 1 [Member]
Lease Expiration Month And Year	2026-12
Extended lease term	5 years
Leasehold improvements landlord allowance	$ 3.4
Lease existence of option to extend	true
Lease Base Rent Annual Increase	2.50%
Omnibus Amendment 1 [Member] | Additional Office Use [Member]
Area of office space | ft²	39,744
Omnibus Amendment 1 [Member] | Additional Operational Use [Member]
Area of office space | ft²	11,735
Maximum [Member]
Guaranteed minimum annual royalty payment		$ 0.1
Annual Rent [Member] | Omnibus Amendment 1 [Member]
Lease annual base rent	$ 1.9

Net Loss Per Share - Basic and

Net Loss Per Share - Basic and diluted net loss per share attributable to common stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 30, 2019
Numerator:
Net loss attributable to common stockholders	$ (8,852)	$ (6,895)
Denominator:
Weighted average common shares outstanding, basic and diluted	21,221,385	1,418,353
Net loss per share attributable to common stockholders, basic and diluted	$ (0.42)	$ (4.86)

Net Loss Per Share - Antidiluti

Net Loss Per Share - Antidilutive Securities Excluded From Computation Of Earnings Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,253,526	14,779,014
Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		13,119,424
Warrants to purchase convertible preferred stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		64,440
Warrants to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	64,440
Options to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,178,215	1,595,150
Employee Stock Purchase Plan [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	10,871

Segment Reporting and Geograp_3

Segment Reporting and Geographic Data - Financial data by geographical area (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 30, 2019
Net revenue by country:
Net revenue	[1]	$ 7,530	$ 4,676
United States
Net revenue by country:
Net revenue	[1]	5,208	2,953
United Kingdom
Net revenue by country:
Net revenue	[1]	1,112	569
All other countries
Net revenue by country:
Net revenue	[1]	$ 1,210	$ 1,154
[1]	Net revenue by country is categorized based on the location of the end customer.

Segment Reporting and Geograp_4

Segment Reporting and Geographic Data - Geographic Areas Long Lived Assets (Detail) - USD ($) $ in Thousands		Mar. 31, 2020	Dec. 28, 2019
Geographic Areas, Long-Lived Assets [Abstract]
Long-lived assets	[1]	$ 4,713	$ 4,792
United States
Geographic Areas, Long-Lived Assets [Abstract]
Long-lived assets	[1]	4,006	4,007
All Other Countries
Geographic Areas, Long-Lived Assets [Abstract]
Long-lived assets	[1]	$ 707	$ 785
[1]	The Company’s only long-lived assets consist of property and equipment, net of depreciation, which are categorized based on their location of domicile.

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 30, 2019
Product Director Compensation [Member] | Maximum [Member]
Costs and Expenses, Related Party	$ 0.1	$ 0.1

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Bank of America [Member] - Subsequent Event [Member] - USD ($) $ in Millions	Apr. 20, 2020	Apr. 23, 2020
Paycheck Protection Program [Member] | Promissory Note [Member]
Line of Credit Borrowing Capacity	$ 2.2
Repayment Date	May 1, 2020
Interest Rate	1.00%
Credit Agreement [Member] | Maximum [Member]
Line of Credit Borrowing Capacity		$ 2.2
Credit Agreement [Member] | Minimum [Member]
Reduction in Indebtedness		$ 2