{"id":3526,"date":"2023-10-24T05:30:00","date_gmt":"2023-10-24T05:30:00","guid":{"rendered":"https:\/\/www.xvivogroup.com\/us\/mfn_news\/interim-report-january-september-2023\/"},"modified":"2023-10-24T05:30:00","modified_gmt":"2023-10-24T05:30:00","slug":"interim-report-january-september-2023","status":"publish","type":"mfn_news","link":"https:\/\/www.xvivogroup.com\/us\/pressreleases\/interim-report-january-september-2023\/","title":{"rendered":"Interim report January-September 2023"},"content":{"rendered":"
\n

Third quarter 2023 (July 1 – September 30)<\/strong>
\u2022 Net sales amounted to SEK 146.6 million (96.8), corresponding to an increase of 51 percent in SEK and 42 percent in local currencies. \u2022 Organic growth accounted for 37 percent and acquired growth for 5 percent.
\u2022 All business areas delivered underlying organic growth adjusted for currency effects: Thoracic disposables 23 percent, Abdominal disposables 100 percent and Services 68 percent.
\u2022 The gross margin for disposables increased to 80 percent (79). The total gross margin was 73 percent (72).
\u2022 Operating income (EBIT) amounted to SEK 5.3 million (-4.7).
\u2022 Adjusted EBIT amounted to SEK 14.4 million (-0.7).
\u2022 Operating income before depreciation and amortization (EBITDA) amounted to SEK 18.9 million (5.9), corresponding to an EBITDA margin of 13 percent (6).
\u2022 Adjusted operating income before depreciation and amortization (EBITDA) amounted to SEK 28.0 million (9.9), corresponding to an adjusted EBITDA margin of 19 percent (10).
\u2022 Net profit amounted to SEK 2.3 million (5.4).
\u2022 Earnings per share amounted to SEK 0.08 (0.18).
\u2022 Cash flow from operating activities increased to SEK 24.8 million (17.0), primarily due to strong operating income before depreciation and amortization. Total cash flow amounted to SEK 424.4 million (-18.4), mainly comprising net proceeds from a new issue of SEK 440 million, and investments in\u00a0R&D projects totaling SEK -21.5 million (-27.9).<\/p>\n

Significant events during the quarter<\/strong>
\u2022 A directed share issue raised SEK 440 million before transaction costs and was completed with no discount
\u2022 US FDA grants XVIVO approval to include DCD hearts in IDE Clinical Trial
\u2022 XVIVO\u2019s heart preservation technology was used in a second successful xenotransplant (heart from pig to human)
\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

The period 2023 (January 1 – September 30)<\/strong>
\u2022 Net sales amounted to SEK 441.8 million (283.8), corresponding to an increase of 56 percent in SEK and 45 percent in local currencies.
\u2022 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 34 percent, Abdominal disposables 71 percent and Services 75 percent.
\u2022 Gross margin for disposables increased to 80 percent (79). The total gross margin was 74 percent (71).
\u2022 Operating income (EBIT) amounted to SEK 20.3 million (4.1).
\u2022 Adjusted operating income (EBIT) amounted to SEK 41.9 million (5.7).
\u2022 Operating income before depreciation and amortization (EBITDA) amounted to SEK 59.8 million (35.0), corresponding to an EBITDA margin of 14 percent (12).
\u2022 Adjusted operating income before depreciation and amortization (EBITDA) amounted to SEK 81.4 million (36.6), corresponding to an adjusted EBITDA margin of 18 percent (13).
\u2022 Net profit increased to SEK 23.3 million (17.7).
\u2022 Earnings per share amounted to SEK 0.78 (0.60).
\u2022 Cash flow from operating activities was SEK 28.2 million (6.1). Total cash flow amounted to SEK 341.4 million (-118.5), primarily comprising net proceeds from a new issue totaling SEK 440 million, payment of 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 -66.9 million (-85.4).<\/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 associated with XVIVO\u2019s heart preservation technology, even in DCD donations
\u2022 Significant interest in XVIVO\u2019s heart technology in Australia and New Zealand. Approximately 30 percent of these countries\u2019 heart transplants were performed using our technology in 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)
\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 During the period, the number of shares and votes in XVIVO Perfusion AB (publ) has increased by 1,667,551. As of September 30, 2023, there were a total of 31,499,470 shares and votes.<\/p>\n

Significant events after the end of the period<\/strong>
\u2022 First transplant completed in the US heart preservation trial<\/p>\n

CEO comment<\/strong>
\u201cThe company\u2019s growth in the first half-year continued into the third quarter, driven by increased use of machine perfusion. We completed a successful capital raising in the quarter, raising SEK 440 million before transaction costs. The strong support from our shareholders means that we are now ready to deliver on our strategy to achieve market leadership in all organs.\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-27<\/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 2023-10-24 07:30 CEST.<\/em><\/p>\n<\/div>\n

\n

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

\n

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

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