US-based commercial medical group TransMedics Group announced the completion of the full acquisition of Summit Aviation, a premier US charter flight operator.
The acquisition establishes TransMedics Aviation as the first integrated national provider of air logistics dedicated exclusively to organ transplantation in the US.
Summit Aviation currently centres on domestic and international capabilities, offering services in general, commercial, and military aircraft.
TransMedics president and CEO Waleed Hassanein, MD emphasised the company’s aim of creating a national transplant logistics network: “We are delighted to complete the acquisition of Summit Aviation, which represents a critical element of TransMedics’ strategy to build and manage a national transplant logistics network designed to expand the reach and coverage of the National OCS Programme.
“I want to take this opportunity to welcome the Summit team to the TransMedics team. I also want to welcome Ben Walton in his new role as our new VP of Aviation Services.”
TransMedics Aviation is expected to be recognised by the third quarter (Q3) of 2023 and the announcement was followed by the hiring of the new VP, Ben Walton.
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“Doing things differently is why Summit Aviation was started and is why partnering with TransMedics is such an exciting new step for us,” said Ben Walton, founder and president of Summit Aviation.
“We have the team, talent, experience and culture to help revolutionise transplant aviation. The Organ Care System has helped transform organ transplantation and the Summit family is thrilled to be the aviation solution for this life-saving mission.”
The medical group demonstrated significant improvements in its Q2 2023 financial results in comparison with 2022.
TransMedics reported net revenue of $52.5m in Q2 2023, a 156% increase compared to Q2 2022.
The company stated the increase was due primarily to the continued increase in utilisation of the company’s National OCS Programme(NOP) across all three Organ Care Systems (OCS) products.
Hassanein further added: “We believe that we remain in the early innings and are looking forward to continuing to expand our infrastructure to fully capitalise on our unique NOP market opportunity.
“Additionally, we are investing to expand our product and service offering, as well as our clinical indications.”
The acquisition from the medical technology company follows a call on the Federal Aviation Administration by the US House of Representatives to improve air transport of donor organs.