Interim Report January - September 2022

GOTHENBURG, SWEDEN / ACCESSWIRE / October 27, 2022 / XVIVO Perfusion AB (STO:XVIVO)(LSE:0RKL)(FRA:3XV)

Third quarter 2022 (July 1 - September 30)
• 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.
• 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.
• The gross margin for disposables increased to 79 percent (73). The total gross margin was 72 percent (69).
• 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).
• Operating income (EBIT) amounted to SEK -4.7 million (-4.0). Adjusted EBIT amounted to SEK -0.7 million (-2.9).
• Net profit increased to SEK 5.4 million (-1.1). Earnings per share amounted to SEK 0.18 (-0.04).
• 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

Significant events during the quarter
• XVIVO signs an agreement to acquire 100 percent of the shares in Avionord S.r.l's machines and perfusion business - the company's distributor in Italy. The acquisition is expected to be completed in the fourth quarter.
• Liver Assist granted a Breakthrough Device Designation by the US FDA
• XVIVO holds its second capital markets day
• XVIVO's CEO, Dag Andersson, passes away and Christoffer Rosenblad takes over as Acting CEO

The period 2022 (January 1 - September 30)
• 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.
• All business areas delivered underlying organic growth adjusted for currency effects: Thoracic 34 percent, Abdominal 22 percent and Services 37 percent.
• The gross margin for disposables increased to 79 percent (75). The total gross margin was 71 percent (73) due to the segment mix.
• 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).
• Operating income (EBIT) amounted to SEK 4.1 million (-10.2). Adjusted operating income (EBIT) amounted to SEK 5.7 million (-4.1).
• Net profit increased to SEK 17.7 million (-4.0). Earnings per share amounted to SEK 0.60 (-0.14).
• 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.

Significant events in the reporting period
• XVIVO's heart technology is used in the world's first ever successful heart xenotransplantation (pig to human)
• Kidney Assist Transport granted 510(k) clearance by the US FDA
• XVIVO obtains its first certificate under EU Medical Device Regulation (MDR) for Kidney Assist Transport
• An IDE application for the heart preservation study in the US was submitted to the FDA
• XVIVO gains regulatory approval in China for PERFADEX® Plus

CEO comment
"A month ago, XVIVO's CEO Dag Andersson suddenly passed away. Our thoughts are with Dag's 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.

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." - Christoffer Rosenblad, Acting CEO

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.

For further information, please contact:

Christoffer Rosenblad, Acting CEO, +46 73 519 21 59, e-mail: christoffer.rosenblad@xvivogroup.com
Kristoffer Nordström, CFO, +46 73 519 21 64, e-mail: kristoffer.nordstrom@xvivogroup.com

Conference Call

Christoffer Rosenblad, Acting CEO and Kristoffer Nordström, CFO, will present the report in a conference call today at 2 PM CET. Telephone UK: +44 333 300 0804, USA: +1 631 913 1422 or Sweden: +46 8 566 426 51 PIN: 82398789#

About Us

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.

Attachments

XVIVO Interim Report Jan Sep 2022

SOURCE: XVIVO Perfusion AB

View source version on accesswire.com:
https://www.accesswire.com/722581/Interim-Report-January--September-2022