XVIVO Perfusion (XVIVO) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 2025 reached SEK 218.6 million, up 18% year-over-year, with 14% organic growth and additional contributions from acquisitions and currency effects.

• Adjusted EBITDA margin improved to 21% (from 20%), and adjusted EBIT margin rose to 14% (from 11%), reflecting operational leverage and scalability.

• Thoracic and Abdominal segments delivered strong double-digit growth, while Services declined by 6% to 19% depending on the metric.

• Major regulatory milestones achieved: FDA approvals for heart and liver technologies, Health Canada approval for kidney and liver, and MDSAP certification.

• Strategic review of the US service business underway, with plans to implement successful models and optimize direction.

Financial highlights

• Gross margin stable at 73% year-over-year; gross profit was SEK 160 million.

• Adjusted EBIT rose to SEK 29.8 million (14% margin), and adjusted EBITDA reached SEK 46.2 million (21% margin).

• Operating cash flow was negative SEK 15.3 million, mainly due to annual employee payouts and working capital needs; cash position at SEK 316 million.

• Investments totaled SEK 59 million, primarily for clinical trials, regulatory approvals, and production expansion.

• Revolving credit facility of EUR 20 million remains undrawn, providing strategic flexibility.

Outlook and guidance

• Confident outlook for 2025, with anticipated commercialization of heart technology in Europe and Australia/NZ and first US liver study patient in Q3 2025.

• High global interest in EVLP and HOPE technologies; sales growth expected from US EVLP and European liver/kidney segments.

• Ongoing investments in regulatory approvals, commercial capacity, headcount, and inventory buildup to meet rising demand.

• XPS machine scarcity expected to ease in H2 2025, supporting increased production and sales.

• Long-term demand for transplant solutions remains strong, with machine perfusion and service models as key growth drivers.