GOTHENBURG, SWEDEN / ACCESS CABLE / July 13, 2022 / XVIVO Perfusion AB (STO:XVIVO)(LSE:0RKL)(FRA:3XV)
Strong sales growth and higher gross margins
Second quarter of 2022 (April 1 – June 30)
• Net sales amounted to SEK 94.3 million (59.3), which corresponds to an increase of 59 percent in SEK and 44 percent in local currencies.
• All business areas achieved underlying organic growth adjusted for currency effects; Thoracic 24 percent, Abdominal 51 percent and Services 40 percent. Acquired growth amounted to 16 percent.
• Disposables gross margin increased to 78 percent (76). Total gross margin was 72 percent (75) due to the combination of segments.
• Operating profit before depreciation and amortization (EBITDA) amounted to SEK 14.4 million (-1.5) corresponding to an EBITDA margin of 15 percent (-3).
• Adjusted operating profit before depreciation and amortization (EBITDA) amounted to SEK 11.3 million (8.4), corresponding to an adjusted EBITDA margin of 12 percent (14).
• Operating profit (EBIT) amounted to SEK 4.1 million (-9.3). Adjusted EBIT amounted to SEK 1.1 million (0.6).
• Net profit increased in the period and amounted to SEK 7.5 million (-8.9). Earnings per share amounted to SEK 0.26 (-0.31).
• Cash flow from operating activities increased to SEK -1.6 million (-13.4) and comprised payments attributable to the share-based incentive program for employees abroad of SEK 5.8 million. Total cash flow amounted to SEK -36.6 million (-36.1) affected by investments in R&D projects of SEK -30.5 million.
Significant events of the quarter
• The first Kidney Assist Transports were delivered to US hospitals.
• An IDE application for the US Heart Preservation Study has been submitted to the US FDA. Additional documentation in preparation
• Partnered with the Cleveland Clinic for advanced perfusion data analysis
• The number of shares and votes in XVIVO Perfusion AB (publ) increased by 63,301 after the exercise of guarantees under the 2020/2022 incentive program
The period 2022 (January 1 – June 30)
• Net sales amounted to SEK 186.9 million (117.6), which corresponds to an increase of 59 percent in SEK and 45 percent in local currencies.
• All business areas achieved underlying organic growth adjusted for currency effects; Thoracic 29 percent, Abdominal 33 percent and Services 46 percent. Acquired growth amounted to 15 percent.
• Disposables gross margin increased to 78 percent (76). Total gross margin was 71 percent (74) due to the combination of segments.
• Operating profit before depreciation and amortization (EBITDA) amounted to SEK 29.1 million (9.7) corresponding to an EBITDA margin of 16 percent (8).
• Adjusted operating profit before depreciation and amortization (EBITDA) amounted to SEK 26.7 million (14.7), corresponding to an adjusted EBITDA margin of 14 percent (12).
• Operating profit (EBIT) amounted to SEK 8.8 million (-6.2). Adjusted EBIT amounted to SEK 6.4 million (-1.2).
• Net profit increased and totaled SEK 12.3 million (-2.9). Earnings per share amounted to SEK 0.42 (-0.10).
• Cash flow from operating activities was SEK -10.9 million (-3.0). Total cash flow amounted to SEK -100.2 million (-46.3), and included an additional last purchase consideration payment related to the acquisition of Organ Assist (XVIVO BV) from SEK -21 million and investments in R&D projects from SEK -57.5 million.
Significant events in the reporting period
• XVIVO’s heart technology used in the world’s first successful heart xenotransplantation (pig to human)
• Kidney Assist Transport receives 510(k) clearance from the US FDA.
• XVIVO obtains its first certificate under the EU Medical Device Regulation (MDR) for the transport of renal assistance
• XVIVO obtains regulatory approval in China for PERFADEX® Plus
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“Once again, XVIVO delivered a quarter with good sales growth in all business areas. Sales in the second quarter amounted to SEK 94 million (59), equivalent to a growth of 59 percent. Organic growth amounted to 28 percent adjusted for currency effects.
Given the current inflationary climate and the current uncertainty in the world, I am convinced that a profitable core business is key, now more than ever. So it’s gratifying that we continue to generate strong gross margins on disposables. Thoracic margins increased to 82 percent (80) and Abdominal margins increased to 56 percent (50), which were driven by price increases incorporated in all markets along with the focus on profitability of the production.
The launch of Kidney Assist Transport in the US has begun and we are seeing a lot of interest from kidney clinics. We have a concept and structure in Europe that has allowed us to become the market leader in liver transplants in Europe and I am excited to start the same journey in the US with kidney transplants. ” – Dag Andersson, XVIVO CEO
For more information contact:
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 enable leading physicians and researchers to push the boundaries of transplant 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 xvivogroup.com.
This information is information that XVIVO Perfusion AB is required to make public under the EU Market Abuse Regulations and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons indicated above, on 2022-07-13 07:30 CEST.
FONT: XVIVO Perfusion AB
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