XVIVO Perfusion (XVIVO) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 were SEK 812.2 million, with 3% organic growth (8% adjusted for heart trial revenue), and a record Q4 EBITDA margin of 25%, reflecting scalability and cost optimization.

• Approximately 13,000 transplants were enabled in 2025, up by 1,000 from the previous year, demonstrating strong technology adoption.

• Strategic investments and restructuring initiatives were implemented to support future growth, especially in the U.S. market and service segment.

• The company ended the year with a strong financial position, positive operating cash flow, and continued investments in R&D and U.S. market expansion.

Financial highlights

• Q4 net sales: SEK 226.1 million, with 10% organic growth (12% excluding heart trial revenue); full-year gross margin: 74%.

• Q4 adjusted EBITDA: SEK 56.1 million (25% margin); full-year adjusted EBITDA: SEK 161.2 million (20% margin).

• Q4 adjusted EBIT margin: 16%; full-year adjusted EBIT margin: 11%.

• Q4 operating cash flow: SEK 87 million; year-end cash: SEK 280 million; SEK 120 million credit facility available.

• Q4 gross margin: 73% (total), 85% (thoracic), 56% (abdominal), 25% (services).

Outlook and guidance

• 2026 focus includes expanding U.S. sales force, partnerships, and service offerings, especially for EVLP and NRP, and commercializing heart technology in Europe.

• Continued investment in U.S. commercial organization and strengthening European leadership in liver perfusion.

• EBITDA margin for 2026 expected to be around 20%, not repeating Q4's 25% due to growth investments.

• Regulatory milestones anticipated: U.S. heart study presentation in April, FDA submission in Q2, and potential EU heart approval post-April.

• Long-term outlook highlights significant unmet demand for transplants and growth potential for machine perfusion.