{"id":2687,"date":"2022-10-27T05:30:00","date_gmt":"2022-10-27T05:30:00","guid":{"rendered":"https:\/\/www.xvivogroup.com\/us\/mfn_news\/interim-report-january-september-2022\/"},"modified":"2022-10-27T05:30:00","modified_gmt":"2022-10-27T05:30:00","slug":"interim-report-january-september-2022","status":"publish","type":"mfn_news","link":"https:\/\/www.xvivogroup.com\/us\/pressreleases\/interim-report-january-september-2022\/","title":{"rendered":"Interim Report January – September 2022"},"content":{"rendered":"
\n

Third quarter 2022 (July 1 – September 30)<\/strong>
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 Net sales amounted to SEK 96.8 million (54.9), corresponding to an increase of 76 percent in SEK and 57 percent adjusted for currency effects. Organic growth accounted for 35 percent and acquired growth for 22 percent.
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 All business areas delivered underlying organic growth adjusted for currency effects: Thoracic 45 percent, Abdominal 1 percent (but 32 percent for disposables) and Services 22 percent.
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 The gross margin for disposables increased to 79 percent (73). The total gross margin was 72 percent (69).
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 Operating income before depreciation and amortization (EBITDA) amounted to SEK 5.9 million (4.2) corresponding to an EBITDA margin of 6 percent (8). Adjusted operating income before depreciation and amortization (EBITDA) amounted to SEK 9.9 million (5.3), corresponding to an adjusted EBITDA margin of 10 percent (10).
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 Operating income (EBIT) amounted to SEK -4.7 million (-4.0). Adjusted EBIT amounted to SEK -0.7 million (-2.9).
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 Net profit increased to SEK 5.4 million (-1.1). Earnings per share amounted to SEK 0.18 (-0.04).
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 Cash flow from operating activities increased to SEK 17.0 million (-8.5), a result of increased sales and less capital tied up in operating receivables. Total cash flow amounted to SEK -18.4 million (-30.0) after investments in R&D projects of SEK -27.9 million
\u00a0
Significant events during the quarter<\/strong>
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 XVIVO signs an agreement to acquire 100 percent of the shares in Avionord S.r.l\u2019s machines and perfusion business \u2013 the company\u2019s distributor in Italy. The acquisition is expected to be completed in the fourth quarter.
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 Liver Assist granted a Breakthrough Device Designation by the US FDA
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 XVIVO holds its second capital markets day
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 XVIVO\u2019s CEO, Dag Andersson, passes away and Christoffer Rosenblad takes over as Acting CEO<\/p>\n

The period 2022 (January 1 – September 30)<\/strong>
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 Net sales amounted to SEK 283.8 million (172.5), corresponding to an increase of 64 percent in SEK and 50 percent adjusted for currency effects. Organic growth accounted for 32 percent and acquired growth for 18 percent.
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 All business areas delivered underlying organic growth adjusted for currency effects: Thoracic 34 percent, Abdominal 22 percent and Services 37 percent.
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 The gross margin for disposables increased to 79 percent (75). The total gross margin was 71 percent (73) due to the segment mix.
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 Operating income before depreciation and amortization (EBITDA) amounted to SEK 35.0 million (13.9) corresponding to an EBITDA margin of 12 percent (8). Adjusted operating income before depreciation and amortization (EBITDA) amounted to SEK 36.6 million (20.0), corresponding to an adjusted EBITDA margin of 13 percent (12).
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 Operating income (EBIT) amounted to SEK 4.1 million (-10.2). Adjusted operating income (EBIT) amounted to SEK 5.7 million (-4.1).
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 Net profit increased to SEK 17.7 million (-4.0). Earnings per share amounted to SEK 0.60 (-0.14).
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 Cash flow from operating activities increased to SEK 6.1 million (-11.5). Total cash flow amounted to SEK -118.5 million (-76.3), and included a final additional purchase consideration payment relating to the acquisition of Organ Assist (XVIVIO B.V.) of SEK -21.0 million and R&D investments of SEK -85.4 million.<\/p>\n

Significant events in the reporting period<\/strong>
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 XVIVO\u2019s heart technology is used in the world\u2019s first ever successful heart xenotransplantation (pig to human)
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 Kidney Assist Transport granted 510(k) clearance by the US FDA
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 XVIVO obtains its first certificate under EU Medical Device Regulation (MDR) for Kidney Assist Transport
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 An IDE application for the heart preservation study in the US was submitted to the FDA
\u2022\u00a0\u00a0\u00a0\u00a0\u00a0 XVIVO gains regulatory approval in China for PERFADEX\u00ae<\/sup> Plus<\/p>\n

CEO comment<\/strong>
\u201cA month ago, XVIVO\u2019s CEO Dag Andersson suddenly passed away. Our thoughts are with Dag\u2019s family. A strong management team and organization have been established over the past two years. We are ready to deliver in line with the strategy presented at our capital markets day in September. Our path forward over the next few years is clear: We shall be the world-leader in organ transplantation. XVIVO has developed unique, innovative and world-leading products that put us in a very strong market position.<\/p>\n

The third quarter was yet another quarter presenting good sales growth and strong gross margins. We have presented three strong quarters in 2022 and look forward to finishing off the year in the same spirit. XVIVO has earned a reputation for presenting growth while being profitable and we shall continue as before.\u201d – Christoffer Rosenblad, Acting CEO<\/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. The information was submitted for publication, through the agency of the contact persons set out above, at 2022-10-27 07:30 CEST.<\/em><\/p>\n<\/div>\n

\n

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

Christoffer Rosenblad, Acting 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, Acting CEO and Kristoffer Nordstr\u00f6m, CFO, will present the report in a conference call today at 2 PM CET. Telephone UK: +44\u00a0333\u00a0300 0804, USA: +1\u00a0631\u00a0913 1422\u00a0or\u00a0Sweden:\u00a0+46\u00a08\u00a0566\u00a0426\u00a051 PIN: 82398789#<\/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

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

XVIVO Interim Report Jan Sep 2022<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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