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1. Company Snapshot

1.a. Company Description

Xvivo Perfusion AB (publ), a medical technology company, develops solutions for organ, tissue, and cell preservation and perfusion in connection with transplantation in Sweden, the United States, North America and South America, Europe, the Middle East, Africa, and the Asia Pacific.The company offers XVIVO System (XPS), an integrated off-the-shelf cardiac bypass system that includes various components needed to safely run normothermic ex vivo lung perfusion (EVLP); XPS Disposable Lung Kit that contains disposables and pre-packed products to suit requirement for sterility; and STEEN Solution, a buffered extracellular solution optimally designed to perfuse the isolated donor lung during EVLP.It also provides Perfadex Plus, an extracellular, low potassium, dextran-based electrolyte preservation solution; XVIVO Silicone Tubing Set for rapid flushing of donor lungs during procurement; and XVIVO LS and XVIVO Disposable Lung Set, a device for EVLP.


In addition, the company offers XVIVO Organ Chamber, a single-use sterile disposable container intended to be used as a temporary receptacle for isolated lungs in preparation for eventual transplantation into a recipient; and XVIVO Lung Cannula Set, a single-use, sterile disposable product.The company was incorporated in 1998 and is headquartered in Gothenburg, Sweden.

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1.b. Last Insights on XVIVO

XVIVO Perfusion AB's recent performance was negatively impacted by the European market's decline, with the STOXX Europe 600 Index experiencing a slight downturn due to U.S. trade tariffs and fluctuating monetary policies. The company's Q1 2025 earnings were likely affected by this broader economic uncertainty. Additionally, the recent decline in European stocks, with XVIVO Perfusion AB trading below its fair value, suggests that the company's stock price may be undervalued.

1.c. Company Highlights

2. XVIVO Surges Past Expectations, Eyes FDA Heart Launch

XVIVO reported a record sales quarter of SEK 241 million, up 23% organically and 18% excluding the U.S. heart trial. EBITDA hit 21% of revenue, and EPS came in at SEK 1.18 versus analyst estimates of SEK 0.94, underscoring stronger-than-anticipated profitability. Cash flow turned positive, generating SEK 65 million and leaving SEK 308 million in cash. The company trades at a P/E of 116.94 and EV/EBITDA of 62.42, reflecting lofty growth expectations.

Publication Date: Apr -28

📋 Highlights
  • Record Sales Growth:: Net sales reached SEK 241 million, with 23% organic growth and 18% excluding heart trial revenue.
  • Strong EBITDA Performance:: EBITDA margin hit 21% (24% excluding US heart activities), with positive cash flow of SEK 65 million and SEK 308 million in hand.
  • Thoracic Segment Breakthrough:: Achieved SEK 160 million in sales with 27% organic growth, driven by 56% growth in EVLP disposables.
  • Abdominal Market Expansion:: Sales grew 24% (63% in kidney sales), though gross margins remained low due to regional mix and production ramp-up.
  • Regulatory & Market Milestones:: FDA submission for Heart Assist planned for summer 2024, with 52% DBD heart penetration in Australia and 4–5 OPOs in EVLP rollout pipeline.

Revenue Growth

Thoracic sales surged to SEK 160 million, a 27% organic increase, fueled by a 56% jump in EVLP disposable volumes. The abdominal segment grew 24%, with kidney sales jumping 63% in local currencies. Services net sales reached SEK 60 million, led by Flowhawk’s 62% rise, while Organ Recovery Services slipped 10%.

Profitability & Margins

Gross margin slipped to 18% from 21% due to lower organ recovery volumes, yet thoracic gross margins remained stable. EBITDA margin stood at 21% overall and 24% excluding non‑recurring U.S. heart costs, indicating resilient profitability as the company scales its EVLP and heart product lines.

Cash Flow & Capital Allocation

Positive cash flow for the second consecutive quarter, SEK 65 million, supports ongoing investments in sales, clinical field force, and regulatory activities. R&D spend was SEK 37 million, a baseline for future quarters, while CapEx is expected to taper in 2026 as product capacity stabilizes.

Regulatory Milestones

XVIVO is preparing a summer FDA submission for the Heart Assist device, leveraging robust U.S. PRESERVE trial data and European DCD procurement results. The CE‑marking process in Europe is progressing, with a launch plan ready and early‑summer approval anticipated, positioning the company for a broad U.S. label.

EVLP & Market Expansion

EVLP consumable sales set a new baseline, with a 56% growth in thoracic disposables and a 62% rise in Flowhawk services. Four to five OPOs are slated for integration, and the OPO EVLP hub pilot has proven successful, underpinning the company’s strategy to capture the expanding lung transplant market.

Heart Assist Outlook

The Heart Assist is already deployed in Australia with 52% DBD heart penetration and is in compassionate use in Europe. The company’s direct procurement of DCD hearts and forthcoming study by Filip Rega aim to standardize the approach, potentially accelerating adoption and confidence among transplant centers.

Valuation & Investment Thesis

With a P/S ratio of 10.35 and a P/B of 3.98, XVIVO’s valuation reflects high growth expectations. Net debt/EBITDA of –1.37 indicates a cash‑rich balance sheet, and ROIC of 3.28% signals modest efficiency. The company’s trajectory suggests continued revenue expansion (est. 31.6% next year) and margin improvement as EVLP and heart product volumes rise, justifying the premium pricing.

3. NewsRoom

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Bulletin from Annual General Meeting in XVIVO Perfusion AB (publ)

Apr -27

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Xvivo Perfusion AB (XVIPF) Q1 2026 Earnings Call Highlights: Strong Organic Growth and Positive ...

Apr -25

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Interim Report January - March 2026

Apr -24

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XVIVO Presents Encouraging Results From First Clinical Trial Using Hypothermic Oxygenated Perfusion (HOPE) In Direct Procurement DCD Heart Transplantation

Apr -22

Source: accessnewswire.com

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Preliminary One-Year Follow-up Data From the US Preserve Trial for XVIVO's Heart Technology Presented at ISHLT in Toronto

Apr -22

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Late-Breaking Data from PRESERVE Trial Evaluates XVIVO’s HOPE Preservation Approach in Heart Transplantation

Apr -22

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Conference Call on Interim Report January-March 2026

Apr -17

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The 12-Month Follow-up Results from XVIVO's European Multicenter Heart Trial is Now Published in the European Heart Journal

Apr -16

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.57%)

6. Segments

Thoracic

Expected Growth: 8.5%

Thoracic segment's 8.5% growth is driven by increasing adoption of Ex Vivo Lung Perfusion (EVLP) technology, rising lung transplantation rates, and growing demand for high-quality organs. Additionally, Xvivo Perfusion's innovative products and services, such as the XPS and STEEN Solution, are expanding the addressable market and driving revenue growth.

Abdominal

Expected Growth: 8.5%

Xvivo Perfusion AB's abdominal segment growth of 8.5% is driven by increasing demand for organ preservation and transplantation, advancements in perfusion technology, and expansion into new markets. Additionally, growing awareness of organ donation and government initiatives to increase transplantation rates contribute to the segment's growth.

Services

Expected Growth: 9.03%

Xvivo Perfusion AB's 9.03% growth is driven by increasing demand for organ preservation and transplantation, expansion into new markets, and strategic partnerships. The company's innovative perfusion technology and growing presence in the transplant market also contribute to its growth. Additionally, the rising need for organs and tissues, coupled with advancements in medical technology, further fuel the company's expansion.

7. Detailed Products

XPS

XPS is a heart preservation system designed to optimize the preservation of donor hearts for transplantation.

STEEN Solution

A specialized preservation solution used to optimize the preservation of organs for transplantation.

Xvivo Perfusion System

A system designed to optimize the preservation and transportation of organs for transplantation.

Liver Assist

A system designed to optimize the preservation and reconditioning of livers for transplantation.

Lung Assist

A system designed to optimize the preservation and reconditioning of lungs for transplantation.

8. Xvivo Perfusion AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Xvivo Perfusion AB (publ) operates in a niche market with limited substitutes, but there are some alternatives available, which reduces the threat of substitutes.

Bargaining Power Of Customers

The company's customers are primarily hospitals and research institutions, which have limited bargaining power due to the specialized nature of Xvivo's products.

Bargaining Power Of Suppliers

Xvivo Perfusion AB (publ) relies on a few key suppliers for its raw materials, which gives them some bargaining power, but the company's strong relationships with suppliers mitigate this risk.

Threat Of New Entrants

The barriers to entry in the organ preservation and perfusion market are relatively high, making it difficult for new entrants to compete with Xvivo Perfusion AB (publ)'s established products and expertise.

Intensity Of Rivalry

The organ preservation and perfusion market is moderately competitive, with a few established players, but Xvivo Perfusion AB (publ) has a strong market position and differentiated products.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 1.59%
Debt Cost 3.95%
Equity Weight 98.41%
Equity Cost 13.90%
WACC 13.74%
Leverage 1.62%

11. Quality Control: Xvivo Perfusion AB (publ) passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Medistim

A-Score: 5.3/10

Value: 0.9

Growth: 6.2

Quality: 9.2

Yield: 3.8

Momentum: 9.5

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
InMode

A-Score: 4.7/10

Value: 6.9

Growth: 6.9

Quality: 9.4

Yield: 0.0

Momentum: 2.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Revenio

A-Score: 4.1/10

Value: 1.3

Growth: 7.3

Quality: 7.1

Yield: 1.9

Momentum: 2.5

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
CellaVision

A-Score: 3.6/10

Value: 1.8

Growth: 6.7

Quality: 8.0

Yield: 1.9

Momentum: 1.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Xvivo Perfusion

A-Score: 3.0/10

Value: 0.8

Growth: 9.8

Quality: 5.8

Yield: 0.0

Momentum: 0.5

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
ReWalk Robotics

A-Score: 2.6/10

Value: 7.8

Growth: 3.9

Quality: 4.1

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

274.4$

Current Price

274.4$

Potential

-0.00%

Expected Cash-Flows