XVIVO Perfusion (XVIVO) Q1 2026 earnings summary

Executive summary

• Achieved record net sales of SEK 241 million in Q1 2026, with 23% organic growth in local currencies (18% excluding US CAP/heart trial revenue), and 10% year-over-year growth.

• Strong performance in thoracic and abdominal segments, with significant growth in heart and kidney sales, and increased adoption of Heart Assist in Australia and Europe.

• Continued innovation leadership and scientific momentum in lung and heart transplantation, supported by strong clinical trial results and new publications.

• Positive cash flow for the second consecutive quarter, driven by sales momentum and disciplined cost management.

Financial highlights

• Net sales reached SEK 241 million in Q1, with gross margin at 71% and gross profit of SEK 171 million.

• EBIT margin was 13% and EBITDA margin 21%; underlying EBITDA margin (excluding non-recurring/US heart launch costs) was 24%.

• Operating cash flow was SEK 65 million; cash position at quarter-end was SEK 308 million.

• Earnings per share improved to SEK 1.15 from -0.39 year-over-year.

Outlook and guidance

• Focus on expanding sales force, partnerships, and commercial presence in the US, especially for EVLP, FlowHawk, and Organ Recovery.

• Regulatory submissions for Heart Assist to FDA planned for summer; CE mark in Europe expected soon.

• Continued investments in service offerings and clinical field force to capture market opportunities.

• Long-term market opportunity estimated at 100x current levels due to unmet transplant demand and machine perfusion adoption.