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XVIVO presents Report on opera...

XVIVO presents Report on operations 2020

Fourth quarter 2020 (Oct-Dec) in summary
·        Total net sales (incl. durable goods) in the quarter amounted to SEK 60.3 (62.4) million, corresponding to a decrease by 3 percent in SEK and an increase by 2 percent in local currency. Net sales of non-durable goods in the quarter amounted to SEK 55.0 (59.4) million, corresponding a decrease by 8 percent in SEK and a decrease by 2 percent in local currency.
·        Sales from machine perfusion represented 57 percent (51) of total net sales and 52 percent (48) of sales of non-durable goods.
·        Operating income before depreciation and amortization (EBITDA), adjusted for costs for a share-based bonus program for employees outside Sweden and integration costs, amounts to SEK 6.8 (8.3) million, corresponding to a positive EBITDA margin of 11 percent (13). Reported EBITDA amounted to SEK -6.5 (8.5) million corresponding to an EBITDA margin of -11 percent (14).
·        Operating income (EBIT) amounted to SEK -14.3 (1.6) million, after depreciation and amortization of SEK 7.8 (6.9) million. Adjusted for the above-mentioned specific costs, operating profit amounted to SEK -1.0 million (1.4).
·        Net income amounted to SEK -19.6 (-1.9) million, which equals earnings per share of SEK -0.68 SEK (-0.07).
·        Cash flow from operating activities during the quarter amounted to SEK -22.0 (-7.2) million, primarily as a result of payments of acquired operating liabilities in Organ Assist and integration costs relating to the acquisition. Cash flow from investing activities amounted to SEK -222.2 (-26.3) million, of which SEK -201.3 million relates to the acquisition of Organ Assist. Cash and cash equivalents at the end of the quarter amounted to SEK 354.2 (160.0) million.
 
Significant events
·        The scientific journal The Lancet published the results of a European study showing better survival of transplanted kidneys after cold machine perfusion with added oxygen. The technology used in the study is CE marked and during 2021, XVIVO intends to submit an application to the FDA, aiming to receive regulatory approval on the US market.
·        The first patient in XVIVOs European Heart preservation study was transplanted. The patent protected heart preservation device, developed by Professor Stig Steen and commercialized by XVIVO, uses a novel technique for preservation of the donor heart during transport.
·        On an extraordinary general meeting, Lars Henriksson and Lena Höglund were appointed as new members of the Board of Directors.
 
The period 2020 (Jan-Dec) in summary
·        Total net sales (incl. durable goods) in the period amounted to SEK 179.9 (220.8) million, corresponding to a decrease by 19 percent in SEK and 17 percent in local currency. Net sales of non-durable goods in the period amounted to SEK 169.4 (206.9) million, corresponding to a decrease by 18 percent in SEK and 16 percent in local currency.
·        Sales from machine perfusion represented 43 percent (48) of total net sales and 40 percent (45) of sales of non-durable goods.
·        Operating profit before depreciation and amortization (EBITDA), adjusted for costs associated with organizational change, cost reservation for the share-based bonus programs for employees outside Sweden as well as integration and acquisition costs, amounts to SEK 20.2 million (35.8), corresponding to an EBITDA margin of 11 percent (16). Reported EBITDA amounted to SEK -15.6 million (28.8), corresponding to an EBITDA margin of -9 percent (13).
·        Operating income (EBIT) amounted to SEK -45.7 (3.9) million, after depreciation and amortization of SEK 30.0 (24.9) million. Adjusted for the above-mentioned specific costs, operating profit amounted to SEK -9.9 million (10.9).
·        Net income amounted to SEK -43.7 (4.9) million, resulting in earnings per share of SEK -1.61 (0.19).
·        Cash flow from operating activities during the period amounted to SEK -12.3 (29.5) million, primarily as a result of payments of acquired operating liabilities in Organ Assist and acquisition- and integration costs relating to the acquisition. Cash flow from investing activities amounted to SEK -266.5 (-83.8) million, of which SEK -201.3 million relates to the acquisition of Organ Assist. Cash flow from financing activities amounted to SEK 482.8 million (25.6) net and is primarily explained by a directed share issue of SEK 500 million less issuance costs of SEK 13.0 million. Cash and cash equivalents at the end of the period amounted to SEK 354.2 (160.0) million.
 
CEO’s comments
”The fourth quarter ends an eventful year where XVIVO has laid the foundation for a business that covers all major solid organ areas. Through the acquisition of Organ Assist, XVIVO progresses from addressing 10 percent to 98 percent of all major solid organs. A new organization has been implemented during the year and the commercial strategy has been clarified and strengthened through key recruitments and strategic decisions regarding pricing strategy and product range.“
 
Invitation to Conference Call
CEO Dag Andersson and CFO Kristoffer Nordström will present the report in a conference call today at 2.00 p.m. CET.
Telephone: Sweden; +46 (0) 8 5664 2651, UK: +44 333 300 0804, or USA: +1 631 913 1422. PIN: 37331004#
 
 
January 28, 2021
Gothenburg
 
Dag Andersson, CEO
XVIVO Perfusion AB (publ)
 
This is a translation of the Swedish version of the press release. When in doubt, the Swedish wording prevails.

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