TMDX Cash-Secured Put Strategy
TMDX (TransMedics Group, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
TransMedics Group, Inc., a commercial-stage medical technology company, engages in transforming organ transplant therapy for end-stage organ failure patients in the United States and internationally. The company offers Organ Care System (OCS), a portable organ perfusion, optimization, and monitoring system that utilizes its proprietary and customized technology to replicate near-physiologic conditions for donor organs outside of the human body. Its Organ Care System includes OCS LUNG for the preservation of standard criteria donor lungs for double-lung transplantation; OCS Heart, a technology for extracorporeal perfusion and preservation of donor hearts; and OCS Liver for the preservation of donor livers. The company was founded in 1998 and is headquartered in Andover, Massachusetts.
TMDX (TransMedics Group, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $2.22B, a trailing P/E of 12.84, a beta of 2.06 versus the broader market, a 52-week range of 60.105-156, average daily share volume of 1.2M, a public-listing history dating back to 2019, approximately 728 full-time employees. These structural characteristics shape how TMDX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.06 indicates TMDX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a cash-secured put on TMDX?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
Current TMDX snapshot
As of May 15, 2026, spot at $63.37, ATM IV 62.00%, IV rank 5.10%, expected move 17.77%. The cash-secured put on TMDX below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this cash-secured put structure on TMDX specifically: TMDX IV at 62.00% is on the cheap side of its 1-year range, which means a premium-selling TMDX cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 17.77% (roughly $11.26 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TMDX expiries trade a higher absolute premium for lower per-day decay. Position sizing on TMDX should anchor to the underlying notional of $63.37 per share and to the trader's directional view on TMDX stock.
TMDX cash-secured put setup
The TMDX cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With TMDX near $63.37, the first option leg uses a $60.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TMDX chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 TMDX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $60.00 | $3.25 |
TMDX cash-secured put risk and reward
- Net Premium / Debit
- +$325.00
- Max Profit (per contract)
- $325.00
- Max Loss (per contract)
- -$5,674.00
- Breakeven(s)
- $56.75
- Risk / Reward Ratio
- 0.057
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
TMDX cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on TMDX. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$5,674.00 |
| $14.02 | -77.9% | -$4,272.96 |
| $28.03 | -55.8% | -$2,871.93 |
| $42.04 | -33.7% | -$1,470.89 |
| $56.05 | -11.5% | -$69.86 |
| $70.06 | +10.6% | +$325.00 |
| $84.07 | +32.7% | +$325.00 |
| $98.08 | +54.8% | +$325.00 |
| $112.09 | +76.9% | +$325.00 |
| $126.10 | +99.0% | +$325.00 |
When traders use cash-secured put on TMDX
Cash-secured puts on TMDX earn premium while a trader waits to acquire TMDX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning TMDX.
TMDX thesis for this cash-secured put
The market-implied 1-standard-deviation range for TMDX extends from approximately $52.11 on the downside to $74.63 on the upside. A TMDX cash-secured put lets a trader earn premium while waiting to acquire TMDX at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current TMDX IV rank near 5.10% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on TMDX at 62.00%. As a Healthcare name, TMDX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TMDX-specific events.
TMDX cash-secured put positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. TMDX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TMDX alongside the broader basket even when TMDX-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on TMDX carry tail risk when realized volatility exceeds the implied move; review historical TMDX earnings reactions and macro stress periods before sizing. Always rebuild the position from current TMDX chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on TMDX?
- A cash-secured put on TMDX is the cash-secured put strategy applied to TMDX (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With TMDX stock trading near $63.37, the strikes shown on this page are snapped to the nearest listed TMDX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TMDX cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the TMDX cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 62.00%), the computed maximum profit is $325.00 per contract and the computed maximum loss is -$5,674.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TMDX cash-secured put?
- The breakeven for the TMDX cash-secured put priced on this page is roughly $56.75 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current TMDX market-implied 1-standard-deviation expected move is approximately 17.77%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on TMDX?
- Cash-secured puts on TMDX earn premium while a trader waits to acquire TMDX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning TMDX.
- How does current TMDX implied volatility affect this cash-secured put?
- TMDX ATM IV is at 62.00% with IV rank near 5.10%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.