This article first appeared on GuruFocus .
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Organic Top-Line Growth:23% for Q1 2026; 18% excluding US cap trial revenue.
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Net Sales:241 million SEK for Q1 2026.
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Gross Margin:71% overall; 83% for thoracic segment.
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EBITDA:21% for Q1 2026; 24% excluding non-recurring costs.
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Thoracic Segment Sales:160 million SEK; 27% organic growth, 19% excluding heart trial revenue.
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Abdominal Segment Sales:66 million SEK; 24% organic growth.
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Liver Sales:12% growth in local currencies.
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Kidney Sales:63% growth in local currencies.
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Services Segment Sales:60 million SEK; negative 10% organic growth.
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Cash Flow:Positive total cash flow for the second consecutive quarter; operating cash flow of 65 million SEK.
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Cash at Hand:308 million SEK at the end of Q1 2026.
Release Date: April 24, 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 23% organic top-line growth in Q1 2026, with a positive cash flow for the second consecutive quarter.
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The thoracic and abdominal segments are experiencing rapid growth in both North America and Europe.
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Strong kidney sales were reported, fueled by the Canadian launch and growing interest in the United States.
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The OPO hub pilot was successful, contributing to increased line sales and ahead of internal plans.
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The company is seeing high interest from trial centers for its heart technology, with plans to extend the CAP program.
Negative Points
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Gross margins in the abdominal and services segments were softer compared to thoracic margins.
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The organ recovery business showed negative growth, with a decrease in gross margin due to lower case volumes.
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There are ongoing regulatory challenges, with the company awaiting feedback for C-marking in Europe.
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The CAP program for heart technology is limited by FDA approvals, affecting the number of patients that can be treated.
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The abdominal gross margin was impacted by a larger portion of sales to lower-priced markets, such as Asia and Eastern Europe.
Q & A Highlights
Q: Could you provide more details on when you plan to submit the U.S. Heart file to the FDA? A: We are currently working on the file and expect to submit it to the FDA by the summer, not by the end of the year.
Q: What is the scope of hearts you plan to address in the U.S. with the HeartBox? A: We will target DCD hearts and extended criteria hearts, focusing on those with more than two-hour preservation or multiple risk factors. The exact scope will depend on the FDA's review process.
Q: Can you elaborate on the abdominal gross margins and any effects from moving manufacturing to Sweden? A: The lower gross margins are partly due to regional mix and the ongoing transition of production. We expect gradual improvement as we scale production and increase sales in higher-margin regions like the U.S.
Q: What are your ambitions for the upcoming FDA QSAP meeting regarding the liver assist? A: We aim to leverage European data for FDA approval, but we will also listen to FDA requirements. We plan to conduct a U.S. trial to replicate European data, as U.S. data is crucial for market success.
Q: How quickly can you expand the CAP program in the U.S. after recent interest? A: We are aiming for a quick expansion, but it depends on FDA review timelines. Interest from U.S. clinicians has increased significantly, especially after recent presentations.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
