{"id":2733,"date":"2022-01-27T06:30:00","date_gmt":"2022-01-27T06:30:00","guid":{"rendered":"https:\/\/www.xvivogroup.com\/us\/mfn_news\/xvivo-presents-report-on-operations-2021\/"},"modified":"2022-01-27T06:30:00","modified_gmt":"2022-01-27T06:30:00","slug":"xvivo-presents-report-on-operations-2021","status":"publish","type":"mfn_news","link":"https:\/\/www.xvivogroup.com\/us\/pressreleases\/xvivo-presents-report-on-operations-2021\/","title":{"rendered":"XVIVO presents Report on Operations 2021"},"content":{"rendered":"
\n

Year ends on strong quarter<\/strong><\/p>\n<\/div>\n

\n

Fourth quarter 2021 (October 1 – December 31)<\/strong>
\u2022 Net sales amounted to SEK 85.9 million (60.3), corresponding to an increase of 42 percent in SEK and 42 percent also in local currencies.
\u2022 Net sales of non-durable goods amounted to SEK 74.0 million (54.9), corresponding to an increase of 35 percent in SEK and 34 percent in local currencies.
\u2022 Organic growth amounted to 32 percent in local currencies.
\u2022 Machine perfusion accounted for 55 percent (56) of net sales.
\u2022 Operating profit before depreciation and amortization (EBITDA) amounted to SEK- 0.1 million (-6.5), corresponding to an EBITDA margin of 0 percent (-11). Adjusted EBITDA amounted to SEK 9.6 million (6.8), corresponding to an adjusted EBITDA margin of 11 percent (11).
\u2022 Operating profit (EBIT) amounted to SEK -8.3 million (-14.3). Adjusted EBIT amounted to SEK 1.4 million (-1.0).
\u2022 Net profit amounted to SEK 12.2 million (-19.6). Earnings per share amounted to SEK 0.42 (-0.68).
\u2022 Cash flow from operating activities amounted to SEK -0.6 million (-22.0). Total cash flow amounted to SEK 111.2 million (-245.9), primarily a net of proceeds from directed new share issue and the purchase price paid for acquisition and investments in R&D projects.
\u2022 Cash and cash equivalents at the end of the quarter amounted to SEK 398.7 million (354.2).<\/p>\n

Significant events during the quarter<\/strong>
\u2022 XVIVO acquired 100 percent of the shares in the US organ recovery company Star Teams. The acquisition took place at a purchase price of up to USD 26.1 million with an initial purchase price of USD 12.3 million and an additional potential earn-out of up to USD 13.8 million.
\u2022 The acquisition of STAR Teams was financed by a new share issue whereby the company raised SEK 250 million before transaction costs. In addition to strong support from existing shareholders, several new Swedish and international institutional investors participated.
\u2022 With XVIVO's heart preservation technology a donor heart could be kept alive for 7 hours and 18 minutes before being successfully transplanted. This means a record when using XVIVO's technology in a clinical trial and was achieved by an Australian clinic.
\u2022 XVIVO is accelerating the business operations in Brazil, the world's third largest organ transplantation market, by signing a partnership contract with Contatti Medical, market leader on Brazil\u2019s organ transplantation market.
\u2022 The North American organization has been strengthened further by the appointment of Fredrik Dalborg as Managing Director North America, and by the appointment of Jaya Tiwari as VP of Clinical and Regulatory Affairs for the US. Also, a new office was opened in Philadelphia.<\/p>\n

The period (January 1 – December 31)<\/strong>
\u2022 Net sales amounted to SEK 258.4 million (179.9), corresponding to an increase of 44 percent in SEK and 50 percent in local currencies.
\u2022 Net sales of non-durable goods amounted to SEK 234.0 million (169.4), corresponding to an increase of 38 percent in SEK and 45 percent in local currencies.
\u2022 Organic growth amounted to 27 percent in local currencies.
\u2022 Machine perfusion accounted for 53 percent (43) of net sales.
\u2022 Operating profit before depreciation and amortization (EBITDA) amounted to SEK 13.8 million (-15.6), corresponding to an EBITDA margin of 5 percent (-9). Adjusted EBITDA amounted to SEK 29.5 million (20.2), corresponding to an adjusted EBITDA margin of 11 percent (11).
\u2022 Operating profit (EBIT) amounted to SEK -18.5 million (-45.7). Adjusted EBIT amounted to SEK -2.7 million (-9.9).
\u2022 Net profit amounted to SEK 8.2 million (-43.7). Earnings per share amounted to SEK 0.28 (-1.61).
\u2022 Cash flow from operating activities amounted to SEK -12.1 million (-12.3). Total cash flow amounted to SEK 34.8 million (204.0), primarily a net of the proceeds from directed new share issue and the purchase price paid for acquisition and investments R&D projects.
\u2022 Cash and cash equivalents at the end of the period amounted to SEK 398.7 million (354.2).<\/p>\n

Significant events in the period<\/strong>
\u2022 Publication in reputable scientific journal The New England Journal of Medicine shows significant benefits of oxygenated cold machine perfusion prior to liver transplantation.
\u2022 Guidelines from NICE supporting EVLP as the standard lung preservation procedure were issued in the UK.
\u2022 Strategic focus areas were presented at XVIVO's first Capital Markets Day. These will support the company's goal to become the leading player in the transplant industry during the strategy period 2022-2026.
\u2022 A pilot project in advanced data analysis from liver perfusion was initiated with UMC Groningen as a partner.<\/p>\n

Events after the reporting period<\/strong>
\u2022 On January 7, 2022, XVIVO\u2019s innovative technology for heart preservation was used in the world\u2019s first ever successful pig to human heart xenotransplantation. A team at the University of Maryland School of Medicine, USA, performed the procedure.
\u2022\u00a0On January 21, 2022, XVIVO obtained 510(k) approval by the FDA for marketing and sales of the product Kidney Assist Transport on the US market. The product is a transport device for kidney and the features of the technology were highlighted in the scientific journal The Lancet in November 2020.
\u2022 The Board proposes no dividend to be paid for the 2021 financial year and retained earnings to be carried forward.<\/p>\n

CEO Comment<\/strong>
\u201cXVIVO\u2019s strong conclusion to 2021 generates positive prospects for the coming year. Fourth-quarter sales were solid and new sales records were set in all business areas. It was particularly pleasing that revenue from machine perfusion increased as activity intensified or restarted in several EVLP programs in clinics across the US and Europe. XVIVO acquired the groundbreaking organ recovery company STAR Teams in the quarter, a strategically significant acquisition on the key US market. The integration came off to an enthusiastic start and STAR Teams returned strong growth in the fourth quarter.\u201d – Dag Andersson, CEO XVIVO.<\/p>\n<\/div>\n

\n

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

Dag Andersson, CEO, +46 76 643 30 31, e-mail:\u00a0dag.andersson@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

CEO Dag Andersson och CFO Kristoffer Nordstr\u00f6m 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: 81618398#<\/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. The information was submitted for publication, through the agency of the contact persons set out above, at 2022-01-27 07:30 CET.<\/em><\/p>\n<\/div>\n

\n

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

XVIVO Report On Operations 2021<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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