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XVIVO Perfusion
XVIVO Perfusion (XVIVO) investor relations material
XVIVO Perfusion Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Jan, 2026
Executive summary
Net sales for 2025 were SEK 812.2 million, with 3% organic growth (8% adjusted for heart trial revenue), and a stable gross margin despite currency headwinds.
Achieved 10% organic top-line growth in Q4 2025, or 12% when adjusted for U.S. heart trial revenue, with EBITDA recovering to healthy levels and demonstrating scalability.
Adjusted EBITDA margin was 20% for the year and 25% for Q4, reflecting improved scalability and cost optimization.
Approximately 13,000 transplants enabled in 2025, 1,000 more than the previous year, reflecting strong impact and adoption of technology.
The company ended the year with a strong financial position, positive operating cash flow, and continued investments in R&D and US market expansion.
Financial highlights
Q4 net sales: SEK 226.1 million (-1% year-over-year), with 10% organic growth (12% excluding heart trial revenue).
Q4 gross margin dropped to 73% due to R&D inventory write-offs; full-year gross margin stable at 74%.
Q4 adjusted EBITDA: SEK 56.1 million (25% margin); full-year adjusted EBITDA: SEK 161.2 million (20% margin).
Q4 operating cash flow: SEK 87 million; year-end cash and cash equivalents: SEK 280–292.1 million.
Ended Q4 with SEK 120 million in credit facility; utilized SEK 84.2 million from a EUR 20 million facility.
Outlook and guidance
2026 focus on expanding U.S. sales force, partnerships, and service models, especially for EVLP and NRP.
Heavy investments planned in U.S. commercial organization to prepare for heart and EVLP launches.
EBITDA margin for 2026 expected to be around 20%, not repeating Q4's 25% level due to growth investments.
Key 2026 objectives: regulatory approval for heart technology in Europe, PMA application to FDA, and US market preparation for 2027 launches.
Anticipates meaningful growth in services segment in 2026 as new offerings and capacity come online.
Update on heart perfusion solution CE approval
Liver Assist US regulatory pathway update
Services business profitability outlook?
EU Heart Box approval post-US data
Liver U.S. 510(k) pathway strategy
2026 EBITDA margin vs. growth investment
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Next XVIVO Perfusion earnings date
Q1 202622 Apr, 2026
XVIVO Perfusion
Next XVIVO Perfusion earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
Xvivo Perfusion AB, a medical technology company, develops solutions for organ, tissue, and cell preservation and perfusion in connection with transplantation. The company's primary product line are the xVivo Perflex System and the xVivo S System that combine perfusion technology with a robust cryopreservation solution to maintain viability of cells outside the body. The xVivo Perflex System is used for functional organ preservation. The company is based in Gothenburg, Sweden.
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