XVIVO Interim Report January June 2026
Interim report January - June 2026
Second quarter 2026 (Apr-Jun)
• Net sales amounted to SEK 239.0 million (178.3), corresponding to a growth of 34 percent in SEK.
• Organic growth was 36 percent in local currencies. Excluding revenue from heart trials the organic growth was still 36 percent.
• Thoracic sales increased by 53 percent in local currencies and by 52 percent excluding revenue from heart trials.
• Abdominal sales increased by 26 percent in local currencies.
• Services sales decreased by -25 percent in local currencies.
• Total gross margin was 71 percent (74).
• Operating income (EBIT) amounted to SEK 25.0 million (7.1).
• Operating income before depreciation and amortization (EBITDA) amounted to SEK 45.0 million (23.6), corresponding to an EBITDA margin of 19 percent (13).
• Net profit amounted to SEK 16.3 million (1.6), impacted by exchange rate differences in cash and cash equivalents of SEK 3.6 million (-10.9). Earnings per share amounted to SEK 0.52 (0.05).
• Cash flow from operating activities was SEK 63.5 million (8.8), primarily impacted by an increase in sales. Total cash flow amounted to SEK -6.8 million (18.0), impacted mainly by investments in R&D projects of SEK -51.7 million (primarily related to regulatory processes for heart).
Significant events in the quarter
• Preliminary one-year follow-up data from the US PRESERVE heart preservation trial was presented at ISHLT. The trial met its pre-specified primary endpoints; overall success rate at 30 days and one-year patient survival.
• Results from first clinical trial using hypothermic oxygenated perfusion (HOPE) in direct procurement DCD heart transplantation was presented at ISHLT. The trial met its pre-specified primary endpoints on one-year patient survival.
• One-year follow-up results from XVIVO’s European multicenter heart trial published in the European Heart Journal
• Regulatory derogation and reimbursement in France enable life-saving use of XVIVO’s heart technology
The period 2026 (Jan-Jun)
• Net sales amounted to SEK 480.0 million (396.9), corresponding to a growth of 21 percent in SEK.
• Organic growth was 29 percent in local currencies. Excluding revenue from heart trials the organic growth was 26 percent in local currencies.
• Thoracic sales increased by 38 percent in local currencies and by 34 percent excluding revenue from heart trials.
• Abdominal sales increased by 25 percent in local currencies.
• Services sales decreased by -18 percent in local currencies.
• Total gross margin was 71 percent (74).
• Operating income (EBIT) amounted to SEK 56.9 million (33.6).
• Operating income before depreciation and amortization (EBITDA) amounted to SEK 96.0 million (66.6), corresponding to an EBITDA margin of 20 percent (17). The underlying EBITDA margin was 21 percent, excluding costs related to US heart go-to-market preparations in Q1.
• Net profit amounted to SEK 52.6 million (-10.8), impacted by exchange rate differences in cash and cash equivalents of SEK 12.1 million (-33.3). Earnings per share amounted to SEK 1.67 (-0.34).
• Cash flow from operating activities was SEK 128.8 million (-6.5), primarily impacted by an increase in sales. Total cash flow amounted to SEK 0.7 million (-59.2), impacted by investments in R&D projects of SEK -94.7 million (primarily related to regulatory processes for heart).
Significant events in the period
• Management change at XVIVO – CFO transitions to new role
CEO comment
“The strong business momentum we experienced in the first quarter continued into the second quarter, reflecting continued adoption of XVIVO’s leading technologies across our portfolio. Organic growth was 36 percent in local currencies, driven by strong development in Thoracic, which grew 53 percent. Despite an active quarter with significant commercial initiatives and continued investments in scaling our organization, profitability remained solid, with an EBITDA margin of 19 percent (13). I am also pleased to see that our focus on cash flow continues to deliver results. Operating cash flow amounted to SEK 63 million in the quarter and SEK 129 million for the first half of the year.
Looking ahead, our focus remains clear. We see significant opportunities to continue growing across our portfolio, supported by increasing adoption of our technologies and a growing presence in key markets. To capture these opportunities, we will continue to invest in our organization and strengthen the capabilities required to support sustainable growth for many years to come. Together with our customers and partners, we continue to take important steps toward fulfilling our vision that ‘nobody should die waiting for a new organ’.” - Christoffer Rosenblad, CEO