This article first appeared on GuruFocus .
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Net Sales:SEK239 million, representing 36% organic growth in local currencies.
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EBITDA:SEK45 million, with an EBITDA margin of 19%.
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Gross Margin:71% overall; Thoracic segment at 83%, Abdominal segment at 57%.
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Thoracic Segment Sales:SEK58 million, with 53% organic growth.
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Abdominal Segment Sales:SEK65 million, with 26% organic growth.
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Services Segment Sales:SEK15 million, with a negative growth of 25%.
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Operating Cash Flow:SEK63 million for the quarter, SEK129 million year-to-date.
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Total Cash Flow:Essentially breakeven for the first half of the year.
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Cash Position:SEK305 million at the end of the quarter.
Release Date: July 14, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Xvivo Perfusion AB ( XVIPF ) reported a 36% organic top-line growth compared to the same quarter last year, indicating strong sales momentum.
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The company maintained a healthy EBITDA margin of 19%, demonstrating the scalability and profitability of its business model.
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Strong growth was observed in both the thoracic and abdominal segments, with significant contributions from lung and kidney sales.
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The company is expanding its sales force and commercial capabilities, particularly in North America, to drive future growth.
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Xvivo Perfusion AB ( XVIPF ) has a stable cash position with a neutral total cash flow for the third consecutive quarter, supporting its investment in growth initiatives.
Negative Points
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The services segment experienced a 25% decline in net sales, primarily due to lower organ recovery volumes.
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Gross margins in the abdominal segment were impacted by product mix and pricing conditions in certain markets, leading to a decrease from the previous year.
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Regulatory approval timelines remain uncertain, particularly for the heart and liver products in the US and Europe.
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The company faces increased competition in the liver segment in Europe, which could impact market share and pricing.
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Investments in sales force and regulatory activities are expected to drive higher operating expenses, potentially impacting short-term profitability.
Q & A Highlights
Q: Would it be fair to assume that sales in this quarter were boosted by new placements of heart boxes, or were revenues mainly from existing clients using consumables? A: The main sales were from disposables, with limited heart box sales in Q1 and Q2. However, there is an increasing uptake in Europe, indicating a growing interest in our heart technology. - Christoffer Rosenblad, CEO
Q: Can you help us understand the potential revenue impact of the OPOs signed for EVLP? A: We are in the pilot phase, so we need more time to provide exact data. However, the opportunity to evaluate lungs on the OPO side is significant, and we are seeing promising uptake. We expect to replicate this success across more OPOs. - Christoffer Rosenblad, CEO
Q: What are the expectations for investments in sales force as you approach a heart launch in Europe and the US? A: In Europe, investments will scale with customer growth. In the US, we plan to add approximately 10 to 13 commercial headcount, including sales reps and support staff, to meet demand. - Christoffer Rosenblad, CEO
Q: Can you elaborate on the heart sales in Europe and the contributing countries? A: Heart sales in Europe are primarily from countries that participated in the clinical trial, including France, Benelux, Germany, Sweden, and Denmark. We are pleased with the uptake in these regions. - Kristoffer Nordstrom, CFO
Q: How do you view the scalability of your business model in terms of OpEx and sales growth? A: While initial investments in sales force and backend support are necessary, we expect sales growth to eventually outpace these costs. The business model is highly scalable, and we are focused on maintaining disciplined cost control. - Christoffer Rosenblad, CEO
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
