First quarter 2023 (Jan 1 – Mar 31)
• Net sales amounted to SEK 140.6 million (92.7), corresponding to an increase of 52 percent in SEK and 39 percent adjusted for currency effects. Organic growth accounted for 34 percent and acquired growth for 5 percent.
• All business areas delivered underlying growth adjusted for currency effects: Thoracic 23 percent, Abdominal 85 percent and Services 81 percent.
• The gross margin for disposables increased to 81 percent (79). The total gross margin rose to 75 percent (70).
• Operating income (EBIT) amounted to SEK 11.2 million (4.6). Adjusted EBIT amounted to SEK 12.5 million (5.3).
• Operating income before depreciation and amortization (EBITDA) amounted to SEK 23.6 million (14.7) corresponding to an EBITDA margin of 17 percent (16). Adjusted operating income before depreciation and amortization (EBITDA) amounted to SEK 24.9 million (15.4), corresponding to an adjusted EBITDA margin of 18 percent (17).
• Net income amounted to SEK 14.2 million (4.8).
• Earnings per share amounted to SEK 0.48 (0.16).
• Cash flow from operating activities was SEK -12.4 million (-9.3), primarily due to the payment of personnel related operating liabilities earned in 2022. Total cash flow amounted to SEK -48.4 million (-63.6), impacted by investments in R&D projects of SEK -22.6 million.

Väsentliga händelser under kvartalet
• Successful integration of Avionord M&P.
• Great interest in Australia and New Zealand for XVIVO's heart technology. Approximately 25 percent of the countries' heart transplants were performed using our technology during the quarter.
• In a pre-clinical study published in The Journal of Heart and Lung Transplantation, benefits of XVIVO's heart preservation technology have now been demonstrated also in donation after circulatory death (DCD).
• Strengthened proof of the benefits of cold oxygenized perfusion of liver in donation after brain death (DBD) demonstrated in large multicenter study published in Journal of Hepathology.

CEO Comment
“In summing up the first quarter, it can be concluded that our dedicated, focused efforts in recent years are paying off in the form of strong growth, good margins and the achievement of significant milestones in heart and liver. To continue this journey, the company will focus even more clearly on developing its current business, continue the launch of Kidney Assist Transport in the US and Europe, and obtain regulatory approval for our heart technology in the EU, Australia and the US as well as receiving a regulatory FDA approval for our liver technology in the US. We will strengthen our focus on enabling more patients’ lives to be saved and on one day achieving our vision that nobody should die waiting for a new organ.”
- Christoffer Rosenblad, CEO