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XVIVO presents interim report...

XVIVO presents interim report January-March 2022

Strong sales growth and key milestones achieved

First quarter 2022 (1 Jan – 31 Mar)
• Net sales amounted to SEK 92.7 million (58.3), corresponding to an increase of 59 percent in SEK and 47 percent in local currencies
• All business areas showed underlying organic growth. Adjusted for currency effects; Thoracic 35 percent, Abdominal 21 percent and Services 53 percent. Acquired growth was 15 percent.
• Three XPS-machines were sold during the quarter.
• Gross margin on disposables improved to 79 percent (76). Total gross margin was 70 percent (74) affected by productmix.
• Operating profit before depreciation and amortization (EBITDA) amounted to SEK 14.7 million (11.2), corresponding to an EBITDA margin of 16 percent (19). Adjusted EBITDA amounted to SEK 15.4 million (6.3), corresponding to an adjusted EBITDA margin of 17 percent (11).
• Operating profit (EBIT) amounted to SEK 4.6 million (3.2). Adjusted EBIT amounted to SEK 5.3 million (-1.8).
• Net profit amounted to SEK 4.8 million (6.0). Earnings per share amounted to SEK 0.16 (0.21).
• Cash flow from operating activities amounted to SEK -9.3 million (10.3), primarily due to payment of employee current liabilities relating to 2021. Total cash flow amounted to SEK -63.6 million (-10.2), effected by payment of final additional purchase price for the acquisition of XVIVO B.V. SEK -21.0 million, and investments in R&D projects SEK -27.1 million.

Significant events during the quarter
• XVIVO’s heart technology used in the world’s first ever successful heart xenotransplant (pig to human)
• Kidney Assist Transport receives 510(k) clearance by US FDA
• XVIVO obtains its first certificate under EU Medical Device Regulation (MDR) for Kidney Assist Transport
• Regulatory approval in China for PERFADEX® Plus obtained

CEO-comment
“It was an encouraging start to the year with a new sales record for a single quarter and significant interest in our XPS technology for lungs, which resulted in three sold XPS machines. Due to strong sales and margin improvements in both Thoracic and Abdominal, profitability in the quarter was good. Furthermore, the quarter delivered several key milestones including the xenotransplantation of a heart from a pig to a human, which had extensive media coverage, and the FDA clearance of Kidney Assist Transport in the US – the world’s largest market for kidney transplants.” – Dag Andersson, CEO XVIVO

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