{"id":2026,"date":"2023-07-13T05:30:00","date_gmt":"2023-07-13T05:30:00","guid":{"rendered":"https:\/\/www.xvivogroup.com\/us\/mfn_news\/xvivo-presents-interim-report-january-june-2023\/"},"modified":"2023-10-18T12:06:50","modified_gmt":"2023-10-18T12:06:50","slug":"xvivo-presents-interim-report-january-june-2023","status":"publish","type":"mfn_news","link":"https:\/\/www.xvivogroup.com\/us\/pressreleases\/xvivo-presents-interim-report-january-june-2023\/","title":{"rendered":"XVIVO presents interim report January-June 2023"},"content":{"rendered":"
\n

"Continued momentum for our business"<\/strong><\/p>\n<\/div>\n

\n

Second quarter 2023 (Apr 1 – Jun 30)<\/strong>
\u2022 Net sales amounted to SEK 154.6 million (94.3), corresponding to an increase of 64 percent in SEK and 52 percent in local currencies. Organic growth accounted for 46 percent and acquired growth for 6 percent.
\u2022 All business areas delivered underlying organic growth adjusted for currency effects: Thoracic disposables 47 percent, Abdominal disposables 40 percent and Services 79 percent.
\u2022 The gross margin for disposables increased to 80 percent (78). The total gross margin was 75 percent (72).
\u2022 Operating income (EBIT) amounted to SEK 3.8 million (4.1). Adjusted EBIT amounted to SEK 15.1 million (1.1).
\u2022 Operating income before depreciation and amortization (EBITDA) amounted to SEK 17.2 million (14.4) corresponding to an EBITDA margin of 11 percent (15). Adjusted operating income before depreciation and amortization (EBITDA) amounted to SEK 28.5 million (11.3), corresponding to an adjusted EBITDA margin of 19 percent (12).
\u2022 Net profit amounted to SEK 6.9 million (7.5). Earnings per share amounted to SEK 0.23 (0.26).
\u2022 Cash flow from operating activities increased to SEK 15.7 million (-1.6). Total cash flow amounted to SEK -34.5 million (-36.6), impacted by contingent consideration from the acquisition of Avionord (XVIVO S.r.l.) of SEK -10.9 million, the final part payment of the initial purchase consideration regarding the acquisition of STAR Teams of SEK -6.8 million and investments in R&D projects of SEK -22.7 million.<\/p>\n

\u00a0Significant events during the quarter<\/strong>
\u2022 IDE application for XVIVO\u2019s heart preservation technology was approved by the US FDA
\u2022 Patient inclusion completed in European clinical trial using heart preservation technology
\u2022 US service offering strengthened by commercial integration of STAR Teams
\u2022 Change in number of shares and votes in XVIVO Perfusion AB (publ)<\/p>\n

The period 2023 (Jan 1 – Jun 30)<\/strong>
\u2022 Net sales amounted to SEK 295.2 million (186.9), corresponding to an increase of 58 percent in SEK and 45 percent in local currencies. Organic growth accounted for 39 percent and acquired growth for 6 percent.
\u2022 All business areas delivered underlying organic growth adjusted for currency effects: Thoracic disposables 40 percent, Abdominal disposables 56 percent and Services 77 percent.
\u2022 Gross margin for disposables increased to 80 percent (78). The total gross margin was 75 percent (71).
\u2022 Operating income (EBIT) amounted to SEK 15.0 million (8.8). Adjusted operating income (EBIT) amounted to SEK 27.6 million (6.4).
\u2022 Operating income before depreciation and amortization (EBITDA) amounted to SEK 40.9 million (29.1), corresponding to an EBITDA margin of 14 percent (16). Adjusted operating income before depreciation and amortization (EBITDA) amounted to SEK 53.4 million (26.7), corresponding to an adjusted EBITDA margin of 18 percent (14).
\u2022 Net profit increased to SEK 21.1 million (12.3). Earnings per share amounted to SEK 0.71 (0.42).
\u2022 Cash flow from operating activities was SEK 3.3 million (-10.9). Total cash flow amounted to SEK -83.0 million (-100.2), impacted by contingent consideration from the acquisition of Avionord (XVIVO S.r.l.) of SEK -10.9 million, the final part payment of the initial purchase consideration regarding the acquisition of STAR Teams of SEK -6.8 million and investments in R&D projects of SEK -45.4 million.<\/p>\n

Significant events in the reporting period<\/strong>
\u2022 Successful integration of Avionord M&P
\u2022 A pre-clinical study published in The Journal of Heart and Lung Transplantation demonstrated advantages with XVIVO\u2019s heart preservation technology even in donation after circulatory death (DCD)
\u2022 Significant interest in XVIVO\u2019s heart technology in Australia and New Zealand. Approximately 25 percent of these countries\u2019 heart transplants were performed using our technology during the period
\u2022 A large multicenter study published in The Journal of Hepathology demonstrated improved evidence for the advantages of oxygenation cold perfusion of liver in donation after brain death (DBD)<\/p>\n

Significant events after the end of the period<\/strong>
\u2022 Strategic collaboration with MTJ Aviation aimed at strengthening XVIVO\u2019s service for organ retrieval in the US
\u2022 Further patient inclusion in the PrimECC study concluded. Study data will be analyzed and strategic opportunities evaluated<\/p>\n

CEO comment<\/strong>
\u201cThe positive trend for our business continued in the second quarter. In lung transplantation, we are seeing positive growth in our main market, the US and in Europe strong activity in liver perfusion continues. We also reached key regulatory milestones in heart preservation in the quarter. XVIVO is well equipped to capitalize on the opportunities continuously developing within machine perfusion. The key to success is our sharp focus on core operations, investments in increased production capacity, regulatory approval for heart preservation globally and liver perfusion in the US and continuing to build a world-class organization.\u201d
– Christoffer Rosenblad, CEO<\/p>\n<\/div>\n

\n

For further information, please contact:<\/strong><\/p>\n\n

Christoffer Rosenblad, CEO, +46 73 519 21 59, e-mail: christoffer.rosenblad@xvivogroup.com
Kristoffer\u00a0Nordstr\u00f6m, CFO, +46 73 519 21 64, e-mail:\u00a0kristoffer.nordstrom@xvivogroup.com<\/p>\n<\/div>\n

\n

Conference Call<\/strong><\/p>\n\n

Christoffer Rosenblad, CEO and Kristoffer Nordstr\u00f6m, CFO, will present the report in a conference call today at 2 PM CET. For registration to the conference call, see information in previous press release: https:\/\/www.xvivoperfusion.com\/mfn_news\/conference-call-on-interim-report-26<\/p>\n<\/div>\n

\n

About Us<\/strong><\/p>\n\n

Founded in 1998, XVIVO is the only medical technology company dedicated to extending the life of all major organs – so transplant teams around the world can save more lives. Our solutions allow leading clinicians and researchers to push the boundaries of transplantation medicine. XVIVO is headquartered in Gothenburg, Sweden, and has offices and research sites on two continents. The company is listed on Nasdaq and has the ticker symbol XVIVO. More information can be found on the website www.xvivogroup.com\/us.<\/p>\n<\/div>\n

\n

This information is information that XVIVO Perfusion AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-07-13 07:30 CEST.<\/em><\/p>\n<\/div>\n

\n

Attachments<\/strong><\/p>\n\n

XVIVO Interim Report January June 2023<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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