XVIVO Perfusion (XVIVO) Q2 2024 earnings summary

Executive summary

• Achieved record Q2 2024 net sales of SEK 210.3 million, up 36% year-over-year, with 35% organic growth and strong performance across all segments.

• Gross margin remained robust at 75%, and adjusted EBITDA margin reached a record 24% for the quarter.

• Significant clinical milestones included a 61% reduction in severe PGD in heart trials and the first-ever transatlantic heart transplant using company technology.

• Growth was driven by increased activity from existing and new customers, with momentum following ISHLT 2024 and positive clinical trial results.

• Projects such as heart and production capacity scale-up are progressing on schedule, with key milestones met for Kidney Assist Transport.

Financial highlights

• Q2 net sales: SEK 210 million (up from SEK 141 million in Q2 2023); H1 net sales: SEK 396 million (up from SEK 295 million YTD 2023).

• Q2 gross margin: 75%; disposables gross margin: thoracic 85%, abdominal 63%.

• Q2 adjusted EBITDA: SEK 51 million (24% margin), up from SEK 29 million (19%) last year.

• Q2 adjusted EBIT: SEK 33 million (16% margin), up from SEK 14 million (10%) in Q2 2023.

• Cash and cash equivalents at period end were SEK 481 million.

Outlook and guidance

• Q3 is typically weaker due to seasonality, but long-term market opportunity remains significant, with demand for transplants 10x higher than supply.

• Focus areas include US heart trial, European and ANZ launch preparations, expanding lung market leadership, and ramping up production capacity.

• Margins in Abdominal expected to improve as US sales increase and new production facilities come online in 2025.