Xvivo Perfusion

Second quarter 2024 (Apr 1 - Jun 30)
• Net sales amounted to SEK 210.3 million (154.6), corresponding to growth of 36 percent in SEK and 35 percent in local currencies. Organic growth accounted for 35 percent, currency effect 1 percent.
• All business areas delivered underlying organic growth adjusted for currency effects: Thoracic disposables 40 percent, Abdominal disposables 36 percent and Services 10 percent.
• Gross margin for disposables was 80 percent (80). The total gross margin was 75 percent (75).
• Operating income (EBIT) amounted to SEK 33.4 million (3.8). Adjusted EBIT amounted to SEK 33.4 million (15.1).
• Operating income before depreciation and amortization (EBITDA) amounted to SEK 51.1 million (17.2) corresponding to an EBITDA margin of 24 percent (11). Adjusted operating income before depreciation and amortization (EBITDA) amounted to SEK 51.1 million (28.5), corresponding to an adjusted EBITDA margin of 24 percent (19).
• Net profit amounted to SEK 27.2 million (6.9). Earnings per share amounted to SEK 0.86 (0.23).
• Cash flow from operating activities increased to SEK 24.7 million (15.7). Total cash flow amounted to SEK -27.2 million (-34.5) primarily impacted by investments in R&D projects, production facility, and investments in machine installations at clinics.

Significant events during the quarter
• Results from XVIVO’s European clinical trial, NIHP2019, in heart transplantation presented at ISHLT in Prague.
• New clinical study, ‘HOPE at Heart’, started by XVIVO in Europe on DCD hearts in 20 patients
• Unique initiative, ’The Bridge – Lungs for Life’, started to increase lung transplants in Sweden and Denmark

The period 2024 (Jan 1 - Jun 30)
• Net sales amounted to SEK 396.4 million (295.2), corresponding to growth of 34 percent in SEK and 34 percent in local currencies. All growth was organic.
• All business areas delivered underlying organic growth adjusted for currency effects: Thoracic disposables 40 percent, Abdominal disposables 41 percent and Services 10 percent.
• Gross margin for disposables was 79 percent (80). The total gross margin was 74 percent (75).
• Operating income (EBIT) amounted to SEK 52.4 million (15.0). Adjusted operating income (EBIT) amounted to SEK 53.4 million (27.6).
• Operating income before depreciation and amortization (EBITDA) amounted to SEK 87.1 million (40.9), corresponding to an EBITDA margin of 22 percent (14). Adjusted operating income before depreciation and amortization (EBITDA) amounted to SEK 88.1 million (53.4), corresponding to an adjusted EBITDA margin of 22 percent (18).
• Net profit increased to SEK 50.0 million (21.1). Earnings per share amounted to SEK 1.59 (0.71).
• Cash flow from operating activities increased to SEK 26.3 million (3.3). Total cash flow amounted to SEK -70.5 million (-83.0) impacted by investments in R&D projects, production facility, and investments in machine installations at clinics.

Significant events in the reporting period
• First-ever transplantation of a donor heart transported across the Atlantic - made possible by the use of XVIVO’s heart technology
• Study in extended perfusion of liver using Liver Assist shows that preservation can last up to 20 hours.

CE comment
“The second quarter of the year was positive and sales continue to grow, both sequentially and year-on-year. We are also delivering growth with increased profitability. The organization is goal-oriented and focused, which is yielding results in the form of commercial advances on our main markets, and development projects and clinical trials are proceeding according to plan and within budget. We look forward to the rest of the year and the future with confidence as we gradually move closer to realizing our vision - that no one should die waiting for a new organ.”