Interim Report January-September 2023

GOTHENBURG, SWEDEN / ACCESSWIRE / October 24, 2023 / XVIVO Perfusion AB (STO:XVIVO)(LSE:0RKL)(FRA:3XV)

Third quarter 2023 (July 1 - September 30)
• Net sales amounted to SEK 146.6 million (96.8), corresponding to an increase of 51 percent in SEK and 42 percent in local currencies. • Organic growth accounted for 37 percent and acquired growth for 5 percent.
• All business areas delivered underlying organic growth adjusted for currency effects: Thoracic disposables 23 percent, Abdominal disposables 100 percent and Services 68 percent.
• The gross margin for disposables increased to 80 percent (79). The total gross margin was 73 percent (72).
• Operating income (EBIT) amounted to SEK 5.3 million (-4.7).
• Adjusted EBIT amounted to SEK 14.4 million (-0.7).
• Operating income before depreciation and amortization (EBITDA) amounted to SEK 18.9 million (5.9), corresponding to an EBITDA margin of 13 percent (6).
• Adjusted operating income before depreciation and amortization (EBITDA) amounted to SEK 28.0 million (9.9), corresponding to an adjusted EBITDA margin of 19 percent (10).
• Net profit amounted to SEK 2.3 million (5.4).
• Earnings per share amounted to SEK 0.08 (0.18).
• Cash flow from operating activities increased to SEK 24.8 million (17.0), primarily due to strong operating income before depreciation and amortization. Total cash flow amounted to SEK 424.4 million (-18.4), mainly comprising net proceeds from a new issue of SEK 440 million, and investments in R&D projects totaling SEK -21.5 million (-27.9).

Significant events during the quarter
• A directed share issue raised SEK 440 million before transaction costs and was completed with no discount
• US FDA grants XVIVO approval to include DCD hearts in IDE Clinical Trial
• XVIVO's heart preservation technology was used in a second successful xenotransplant (heart from pig to human)
• Strategic collaboration with MTJ Aviation aimed at strengthening XVIVO's service for organ retrieval in the US
• Further patient inclusion in the PrimECC study concluded Study data will be analyzed and strategic opportunities evaluated

The period 2023 (January 1 - September 30)
• Net sales amounted to SEK 441.8 million (283.8), corresponding to an increase of 56 percent in SEK and 45 percent in local currencies.
• Organic growth accounted for 39 percent and acquired growth for 6 percent.
• All business areas delivered underlying organic growth adjusted for currency effects: Thoracic disposables 34 percent, Abdominal disposables 71 percent and Services 75 percent.
• Gross margin for disposables increased to 80 percent (79). The total gross margin was 74 percent (71).